Be it any loan, the comparison is very important. The reason is that when you compare different lenders for the same product, you get to know different offers based on your requirement and then choose the one that suits your needs. Personal loans are generally available for the maximum tenure of 5 years which is common among all top banks. The rate of interest and loan amount, however, is subject to vary from one bank to another.
The loan amount and rate is decided on the basis of your repayment capacity. By comparison, we mean that you calculate the EMIs depending on the different rate of interest and loan amount being offered to you by different lenders. In this article, we have brought in personal loan rates offered by top banks of India.
Personal Loan Interest Rates All Banks
- HDFC Bank- 99%-20.7% per annum
- Standard Chartered Bank – 99%-14.50% per annum
- ICICI Bank – 10.99%-18.49% per annum
- Bajaj Finserv – 10.99%-16% per annum
- Kotak Mahindra Bank – 10.99%-17.99% per annum
- SBI – 85%-15.10% per annum
- Axis Bank – 50%-24% per annum
What is the interest rate for ICICI Personal Loan?
ICICI Bank calculates the final interest rate on the basis of MCLR and Base Rate. Presently, the rates are one of the lowest personal loan interest rates in India with the rates from 10.99% per annum onwards.
How much rate can you get on SBI Personal Loan?
SBI personal loans are available at floating rate of interest based on 2-year MCLR which is presently 8.10% p.a. The personal loan interest rates are starting from 11.85% per annum.
What is interest rate offered by HDFC Bank?
If you want to apply for a personal loan at HDFC Bank, you can get the lowest rate of 10.99% per annum. The bank has recently reduced the rate and is offering a higher loan amount as well.
How much rate is offered by Bajaj Finserv?
You all know that when it comes to personal loans, Bajaj Finserv/Finance is an unbeatable match. The lender offers personal loans to salaried individuals only and is presently offering the loan at the starting rate of 10.99% per annum.
What is the personal loan rate at Kotak Mahindra Bank?
Kotak Mahindra Bank has not only made its way in the market by taking an initiative of Kotak 811 plans (the facility to open an account via mobile app) but is also one of the best personal loan providers in India. At present, the loan is offered at the starting rate of 10.99% per annum with the facility of a higher loan amount.
How can you calculate personal loan EMI?
EMI or equated monthly installment is calculated with the help of loan calculator. The monthly installment applicable on a loan is dependent on the interest and principal each month for a particular period of time that is the loan tenure. This tool works on the basis of the following details:
- Loan Amount
- Rate of Interest
Let us suppose that you have applied for a personal loan at Axis Bank and want to check your future so as to be prepared for the payment and manage your finances accordingly. Your loan amount is ₹15 lakhs, the tenure of 5 years and has been offered the interest rate of 15.50% p.a. by Axis Bank that is:
- Loan Amount- ₹15,00,000
- Tenure-5 years
- Interest Rate- 15.50% p.a.
The payments from your end will be as follows:
Total Interest Outgo- ₹6,64,787
Total Amount (Interest + Principal) – ₹21,64,787
Now, another lender is offering you the rate of 12% per annum for the same loan amount, your EMI would be:
Total Interest Outgo- ₹4,56,369
Total Amount (Interest + Principal) – ₹19,56,369
Thus, you can notice the difference which would help you finalize the offer where you can manage smoother loan repayment. So, the importance of comparing personal loan interest rates all banks is quite visible.