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Compare Personal Loan Schemes in India

Personal Loans

Fulfiling dreams and short term goals can look difficult with your savings money. In order to cater to this issue, banks provide personal loans that are specific for various purposes such as travel, marriage, house renovation, big ticket purchase, wedding, and much more.

Today bank offers short term loans for all your personal needs be it your daughter’s wedding or family holiday. Now live your life without worrying much about finances as there are top banks offering personal...

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TATA CAPITAL
  • Interest RateRange : 11.49% - 21.00
  • Processing Fee : 0
  • Loan Amount : Rs. - Rs. 20 L
  • Tenure Range : 1 - 6 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
CAPITAL FIRST
  • Interest RateRange : 12.00% - 18.00
  • Processing Fee : Up to 1.5%
  • Loan Amount : Rs. - Rs. 15 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
STANDARD CHARTERED
  • Interest RateRange : 11.99% - 14.49
  • Processing Fee : 0
  • Loan Amount : Rs. - Rs. 30 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
CITIBANK
  • Interest RateRange : 10.99% - 15.99
  • Processing Fee : Up to 2%
  • Loan Amount : Rs. - Rs. 30 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
HDBFS
  • Interest RateRange : 13.99% - 16.99
  • Processing Fee : 0
  • Loan Amount : Rs. - Rs. 20 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
ICICI
  • Interest RateRange : 10.99% - 17.99
  • Processing Fee : 2.25% (min. Rs. 1499 + applicable tax)One time fee
  • Loan Amount : Rs. - Rs. 20 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
ORIENTAL BANK
  • Interest RateRange : 10.70% - 11.70
  • Processing Fee : 0.5%
  • Loan Amount : Rs. 50 K - Rs. 10 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Apply Now
HDFC BANK
  • Interest RateRange : 10.99% - 19.80
  • Processing Fee : Up to 2%One time fee
  • Loan Amount : Rs. - Rs. 25 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
INDUSIND
  • Interest RateRange : 12.00% - 19.00
  • Processing Fee : Up to Rs. 3000
  • Loan Amount : Rs. - Rs. 25 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
FULLERTON
  • Interest RateRange : 14.00% - 33.00
  • Processing Fee : 1.5% to 6.0%
  • Loan Amount : Rs. - Rs. 15 L
  • Tenure Range : 1 - 4 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
KOTAK MAHINDRA
  • Interest RateRange : 11.00% - 16.49
  • Processing Fee : Up to 2.5%
  • Loan Amount : Rs. - Rs. 15 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
ADITYA BIRLA
  • Interest RateRange : 11.75% - 13.73
  • Processing Fee :
  • Loan Amount : Rs. - Rs. 30 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
HDBFS
  • Interest RateRange : 15.95% - 18.95
  • Processing Fee : 2%One time fee
  • Loan Amount : Rs. - Rs. 20 L
  • Tenure Range : 1 - 3 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
KOTAK MAHINDRA
  • Interest RateRange : 12.99% - 14.50
  • Processing Fee : 0.99% to 2%
  • Loan Amount : Rs. 0 - Rs. 45 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
ALLAHABAD BANK
  • Interest RateRange : 13.00% -
  • Processing Fee : 1.22% (min. Rs. 1228)
  • Loan Amount : Rs. 50 K - Rs. 7.5 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
BANK OF BARODA
  • Interest RateRange : 11.35% - 16.35
  • Processing Fee : Rs 1,000 to Rs. 10,000
  • Loan Amount : Rs. 1 L - Rs. 10 L
  • Tenure Range : 0 - 4 Years
Eligibility
Documents
Key NOTE
Apply Now
BOM
  • Interest RateRange : 12.75% -
  • Processing Fee : 1% (min. Rs. 1000)
  • Loan Amount : Rs. - Rs. 1.5 L
  • Tenure Range : 1 - 3 Years
Eligibility
Documents
Apply Now
BANK OF INDIA
  • Interest RateRange : 12.90% - 13.90
  • Processing Fee : Rs 1,000 to Rs. 10,000 + applicable tax
  • Loan Amount : Rs. 10 K - Rs. 5 L
  • Tenure Range : 1 - 3 Years
Eligibility
Documents
Apply Now
CANARA BANK
  • Interest RateRange : 12.70% - 13.70
  • Processing Fee : Rs 1,000 to Rs. 5,000
  • Loan Amount : Rs. - Rs. 3 L
  • Tenure Range : 0 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
CENTRAL BANK
  • Interest RateRange : 11.40% -
  • Processing Fee : Rs 500 + applicable tax
  • Loan Amount : Rs. - Rs. 10 L
  • Tenure Range : 0 - 4 Years
Eligibility
Documents
Apply Now
DENA BANK
  • Interest RateRange : 13.00% - 14.00
  • Processing Fee : 1%
  • Loan Amount : Rs. 15 K - Rs. 1 L
  • Tenure Range : 1 - 3 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
IDBI BANK
  • Interest RateRange : 12.55% -
  • Processing Fee : 1% + applicable tax
  • Loan Amount : Rs. 50 K - Rs. 10 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now
INDIAN BANK
  • Interest RateRange : % -
  • Processing Fee : 0.51% (max. Rs. 510)
  • Loan Amount : Rs. 50 K - Rs. 1 L
  • Tenure Range : 0 - 3 Years
Eligibility
Documents
Apply Now
IOB
  • Interest RateRange : 13.55% -
  • Processing Fee : 1.01% to 1.10%
  • Loan Amount : Rs. 1 L - Rs. 15 L
  • Tenure Range : 1 - 5 Years
Eligibility
Documents
Apply Now
KARUR VYSYA
  • Interest RateRange : 13.20% - 15.70
  • Processing Fee : 0.40%
  • Loan Amount : Rs. - Rs.
  • Tenure Range : 1 - 3 Years
Eligibility
Documents
Apply Now
SOUTH INDIAN BANK
  • Interest RateRange : % - 13.00
  • Processing Fee : 0.50%
  • Loan Amount : Rs. - Rs. 10 L
  • Tenure Range : 1 - 4 Years
Eligibility
Documents
Apply Now
SBI
  • Interest RateRange : 12.90% - 14.90
  • Processing Fee : 1% + applicable taxOne time fee
  • Loan Amount : Rs. 25 K - Rs. 15 L
  • Tenure Range : 0 - 5 Years
Eligibility
Documents
Apply Now
TMB
  • Interest RateRange : 14.10% - 16.10
  • Processing Fee : 1%
  • Loan Amount : Rs. - Rs. 2 L
  • Tenure Range : 1 - 5 Years
Eligibility
Documents
Apply Now
UCO BANK
  • Interest RateRange : 11.35% - 11.60
  • Processing Fee : 1% (min. Rs. 750)
  • Loan Amount : Rs. - Rs. 10 L
  • Tenure Range : 0 - 5 Years
Eligibility
Documents
Apply Now
UNION BANK
  • Interest RateRange : % - 14.40
  • Processing Fee : 0.5% (min. Rs. 500)
  • Loan Amount : Rs. - Rs. 5 L
  • Tenure Range : 1 - 5 Years
Eligibility
Documents
Apply Now
VIJAYA BANK
  • Interest RateRange : % - 13.50
  • Processing Fee : 0.75% + applicable tax
  • Loan Amount : Rs. - Rs. 10 L
  • Tenure Range : 1 - 5 Years
Eligibility
Documents
Apply Now
YES BANK
  • Interest RateRange : % - 14.00
  • Processing Fee :
  • Loan Amount : Rs. - Rs. 20 L
  • Tenure Range : 1 - 5 Years
Features
Eligibility
Documents
Key NOTE
Apply Now

Compare Personal Loan Interest Rates of All Banks in India

Position Bank Interest Rate Loan Amount Tenure Range Rating
1 CITIBANK 10.99% - 15.99 Rs. - Rs. 30 L 1 - 5 Years 4.5
2 Bank Of Baroda 11.35% - 16.35 Rs. 1 L - Rs. 10 L 0 - 4 Years 4.5
3 Bank Of India 12.90% - 13.90 Rs. 10 K - Rs. 5 L 1 - 3 Years 4.5
4 Canara Bank 12.70% - 13.70 Rs. - Rs. 3 L 0 - 5 Years 4.5
5 Central Bank 11.40% - Rs. - Rs. 10 L 0 - 4 Years 4.5
6 Indian Bank % - Rs. 50 K - Rs. 1 L 0 - 3 Years 4.5
7 IOB 13.55% - Rs. 1 L - Rs. 15 L 1 - 5 Years 4.5
8 Karur Vysya 13.20% - 15.70 Rs. - Rs. 1 - 3 Years 4.5
9 South Indian Bank % - 13.00 Rs. - Rs. 10 L 1 - 4 Years 4.5
10 TMB 14.10% - 16.10 Rs. - Rs. 2 L 1 - 5 Years 4.5

Personal Loans

Fulfiling dreams and short term goals can look difficult with your savings money. In order to cater to this issue, banks provide personal loans that are specific for various purposes such as travel, marriage, house renovation, big ticket purchase, wedding, and much more.

Today bank offers short term loans for all your personal needs be it your daughter’s wedding or family holiday. Now live your life without worrying much about finances as there are top banks offering personal loans at low interest rates to make your dream come to life.

It is an unsecured loan form that has the flexibility of medium to short term loan tenure. It is very commonly used to meet the short or medium term financial goals. This loan is very commonly preferred as it has flexible eligibility criteria, minimum documentation and instant approvals tagged with it. The key factors considered to offer a personal loan are

Income – It is mandatory for the applicants to provide income proof and have a source of income whether – salaried or self-employed. This give helps the banks to trust you that you have an active source of income to be able to repay.

Credit history – A good credit history makes you more likely to get your loan approved as this clearly reflects that you have made all your credit payments on or before time. Since a personal loan is an unsecured loan form of loan, the borrower is not required to provide any form of collateral or mortgage.

Documents - It is very important to keep all your documents in place as the banks require only documents and your income proof to offer a good personal loan scheme at a low interest rate to you.

What are the benefits of a Personal Loan?

A personal loan comes stacked with benefits and features to be considered below are a few that can be looked into:

Flexible interest rate – The interest rates that are applicable on a personal loan are flexible as per the eligibility of the applicant. The eligibility criteria for a personal loan are very basic.


Top Private Banks Offering Personal Loan:
 

Bank Name

Interest Rate

Processing Fee

HDFC Bank

10.99% p.a.

2.50% of the loan amount

ICICI Bank

10.99% p.a.

2.25% of the loan amount

SBI

11.40% p.a.

2.00% of the loan amount

Axis Bank

15.50% - 24% p.a.

1.50% of the loan amount

Kotak Bank

11.50% - 25% p.a.

2.5% of the loan amount

Standard Chartered

11.99% p.a.

2.25% of the loan amount

Indian Bank

14.20% p.a.

.50% of the loan amount

Yes Bank

10.25% p.a.

NA

PNB Bank

11.90% p.a.

1.80% of the loan amount

**The companies are ordered as per the lowest interest rate and for the year 2017 – 2018 and follows in a descending order.

Types of Personal Loans

There are several types of personal loans available today, with each of these loans serving a different purpose. All of these categories of loans offer different tenure periods, with different interest rate. Short Term loans have relatively higher interest rates, whereas long term loans have an average interest rate. You can choose between these personal loan alternatives based on your individual needs. Applicants can also apply for short term loans for emergency issues. Banks have really erased the financial issues from the common man’s life. Here are a few types of personal loans you can choose according to personal needs.

Various Purpose to Apply For a Personal Loan:

Travel – It is more satisfying when you wish to travel with your family and sponsor their expenses. It is always a dream to make your parents and spouse travel together during your early life that you wish to fulfil. However, not every time you have that kind of money or it is affordable to pay through your savings. It is best if your avail a personal loan by comparing various banks and get choose the best available as per your requirements.

Marriage – It is one of the most expensive affair of a person’s life. Getting married or getting your kids married, a good financial planning is a must before taking any step. The best way to deal with the situation is to avail a personal loan from one of the top banks that offer loans at low interest rates.

Education – We all have the aspiration to educate ourselves and our kids till and help them achieve the best quality of education. An individual may not be able to fulfil his educational goals with his savings, therefore it highly advisable to avail a personal loan and get the desired education.

Asset Purchase – Willing to go on a big ticket shopping spree? A personal loan may help you not spend from your savings and repay back later in small installments.

Festivals – The festivals are the most awaited events in India as it is the time when we shop, not just for ourselves but for our friends, relatives, etc. It is the time when we gift our close ones and get gifted in return. The expenses are sometimes so high that it becomes difficult to manage them through the money that we have in our bank account. It is therefore advisable to apply for a personal loan from Indiashopps and repay later at very low interest rates.

What does EMI mean?

An EMI or Equated Monthly Installment can be defined as a fixed payment which is made by borrower to the lender every month on a specific date till the full amount of loan is paid off. This EMI amount includes both the principal amount as well as the interest rate.

If you opt for the lowest EMI rates available to you, you will end up increases your tenure period. Similarly short tenures will demand you to pay a hefty amount off your salary every month. So make sure to sign the contract, based on your preferred EMI amount.

How to Calculate EMI on a Personal Loan?

Your Personal Loan EMI = [P x R x (1+R) ^N]/ [(1+R) ^N-1]

Here P stands for the principal amount of loan, R is the monthly interest rate (in case the per annum interest rate is 11%, then you can calculate the rate of interest by 11/ (12 x 100)) and N stands for monthly installments.

How many types of interest rates do bank offer for Personal Loans?

Personal loans interest rate can be divided into two categories, secured and unsecured. A secured loan, usually involves the applicant submitted one of his asset, car or home, as a guarantee with the financer. And due to this collateral the interest rate on such loan is significantly lower compared to unsecured loans, because of the lack of security involved in it. Further the interest rate on these forms of loans can be divided into the following:

Variable Interest Rate: This is a form of interest rate, which is subject to change based on the market. This is considered as a riskier alternative because of this uncertainty, as the interest rate can adjust without notice at different intervals based on the economy in the market till the repayment of the loan.

Fixed Interest Rate: Unlike the uncertainty of variable interest rate, fixed interest rate is safer option, as the applicant is subject to pay the same interest amount throughout the loan repayment duration. It is not affected by the fluctuations in the market or change in the policies. Most banks offer some of best interest rates in this alternative. Most people opt for a fixed interest rate, while applying for a secured loan, to keep the burden off their chest, while paying lower and fixed interest amount. 

Things to consider while applying for a Personal loan

Applying for a personal loan can help you fulfill your financial goals. However there are a couple of things that should be kept in mind before applying for a Personal Loan. So, we have mentioned a few things to consider before applying for a Personal Loan.

Eligibility Criteria

Typically, the eligibility criteria of applying and getting a personal loan can be different for every bank, the basic requirements include occupation, age, income, residence and repayment capacity of the applicant are the major factors determined while sanctioning a loan.

In order to avail a personal loan, the applicant needs to have a permanent regular source of income, whether he/she is a self-employed professional or a salaried professional. The creditability and eligibility of an applicant can also be affected by their work history, company they are associated with and credit score.

Loan Duration

Personal loans are unsecured form of loan schemes and hence, they are usually offered for short to medium term. The average loan tenure of a personal loan scheme ranges between 1 to 10 years. The interest rates have decreased this to an average of 11% p.a.

Disbursal of Personal Loan

Usually a Personal loan might take 4 to 7 working days to get disbursed after the loan application is submitted and rechecked by financer. Once approved, the applicant is given the loan amount in the form of draft/ cheque or is directly transferred into his/her account electronically.

Loan Amount Limitations

The amount of money that can be borrowed by an applicant depends on his/her income, which is further determined by whether you are a self-employed professional or salaried professional. Banks usually restrict loan amount in which EMI rate is kept lower than 40-50% of the applicant’s monthly income.

Banks also calculate the credit score of the applicant, by considering his existing loans, calculating the capacity of the customer to pay back the loan. Self-employed applicants, creditability are determined by their monthly and annual profit ratios. Their business balance sheet is thoroughly checked by bank officers, which helps them consider their current liabilities as well. You can compare personal loan services of these banks and know more about their policies by referring to our website, and setting filters according to your preference.

Credit Score

Credit score is an important factor that is checked by any financer or bank, before sanctioning the loan to the applicant. Credit score can be defined as a 3 digit number, which can range from 300 to 850. Having a higher credit score can help you get your loan faster. So ensure to check your credit score before applying for a loan.

Terms and Conditions

No matters of what type of loan you are applying for always make sure to go through all the policies of the bank you planning to opt. Do your research and solve all your confusion with the bank officer before signing any document. You can also refer and compare the bank policies with other banks to get the best deal.

Documents required  -

Your loan application is incomplete without submitting complete documents and clearing through the document verification process. Below are the important documents required to apply for a Personal Loan:

Identity Proof - Aadhaar Card, Voter ID card, PAN card, Passport, Driving License.

Proof of Age - Voter ID card, Aadhaar Card, PAN card, Passport or Driving License.

Proof of Residence - Ration card, Utility bill, Passport or Aadhaar Card.

Income Proof - Salary Slips, Last 6 months bank statement

Salaried Individuals: Latest Salary slips of 3 months and Form 16, 6 months bank statement.

Self Employed Individuals: Bank statement of last 1 year saving and current account. Income Proof (audited letters from past two years), Office address Proof, Business Continuity Proof.

Other Loan Documents (if any)

It is a hassle to run behind each bank to know the interest rates of the personal loan schemes offered by them. Therefore, you may click on personal loans at our website to get a clear understanding of the interest rates and charges applicable to the loan schemes. This exercise would help you apply for the best personal loan scheme at lowest interest rate p.a.

Our website provides instant online services, approving your loan within 7 working days if all your documents are 100% authentic. You can click on ‘Personal Loan’ on our website to compare various banks offering personal loan schemes, based on the best interest rates and other charges applicable.