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Personal Loan Interest Rates Comparison
A quick guide to help you find the best personal loan option
An interest rate for personal loans is usually high as compared to other type of loans. The best way to get a low rate is by doing an exhaustive personal loan interest rates comparison taking into consideration all the factors related to personal loans and all the benefits offered by all the lenders in the market. A comparative analysis will help you identify, which bank, lender or NBFC has the best personal loans to offer. Here’s a quick guide:
Everyone wants to save money wherever they can. This fact is truer when you are taking a personal loan. Think about it. What’s the first thing that comes to your mind when you are about to take a personal loan? Personal loan interest rate, right? You want the best rate of interest so that you can save some money. Well, you’re not alone. Everybody taking a personal loan want to squeeze the most out of their loan by paying as low interest rate as possible.
Which bank is the best for personal loans?
Going purely by the interest rates, Yes Bank is currently offering the lowest interest rate of 10.75%. Apart from this HDFC, RBL Bank, Tata Capital, IIFL, Citibank are the best banks to get personal loans from. These banks offer interest in the range of 10.99-16% and the money is disbursed within 1-2 days.
Personal Loan Interest Rates Comparison 2023:
Best Personal Loan Interest Rates
Bank
Personal Loan Interest Rates
Yes Bank
10.75%
HDFC Bank Personal Loan
10.99%
Citi Bank
10.99%
Standard Chartered Bank
10.99%
IndusInd Bank
11.00%
Indian Bank
11.05%
ICICI Bank Personal Loan
11.25%
Axis Bank
11.25%
Federal Bank
11.49%
IDFC Bank
11.50%
Kotak Bank
11.50%
Andhra Bank
11.55%
Bank of Baroda
11.60%
Tata Capital
11.75%
Bajaj Finserv
11.99%
PNB
12.00%
SBI Personal Loan
12.50%
Vijaya Bank
12.50%
Union Bank of India
12.65%
Indian Overseas Bank
12.70%
Corporation Bank
12.95%
IIFL
12.98%
Allahabad Bank
13.00%
Canara Bank
13.00%
Dena Bank
13.00%
IDBI Bank
13.20%
Syndicate Bank
13.40%
Karur Vysya Bank
13.90%
RBL Bank
13.99%
HDB Financial
13.99%
Bank of Maharashtra
15.10%
Fullerton India
17.25%
* The table above shows an approximate amount to be repaid assuming the interest rate is at its lowest and processing fee is at its minimum.
What do you understand by personal loan interest rate?
Simply put, the interest rate is the percentage of your loan balance that you need to pay in addition to the amount you borrowed. Lenders charge you interest with each scheduled repayment.
Therefore, you monthly repayment is divided into two parts: an interest payment and a repayment on your balance. The interest amount decreases as your loan balance gets lower.
What exactly is the best rate of interest on personal loans?
The amount you pay every year to repay your loan depends upon the Annual Percentage Rate (APR). So, what’s an Annual Percentage Rate? APR is the amount of interest on your total loan amount that you’ll pay annually. The lower the APR, the better for you. So, the best interest rate for you will be the one where the APR is the lowest.
Read on for more information about personal loans and their rate of interest to help you figure out the best interest rate. You can also use a personal loan interest rate calculator to help you choose the best personal loan offer.
What factors affect personal loan interest rates?
The rate of interest for personal loans vary from individual to individual and it is based on several factors, such as credit score, job history, income, past loan repayment history, etc. The factors are essentially put in place to ensure that the borrower has the financial capability to repay the loan. Some factors affecting the interest rates are as follows:
CIBIL Score
Personal Income
Relationship with the Bank
Employer Brand
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