Check Personal Loan Interest Rates All Banks Here

A personal loan at a desirable rate is all that a borrower would want. If you are also looking for different options where you can get a suitable rate, you must know that some of the top banks in India such as SBI, HDFC Bank, ICICI Bank, Bajaj Finserv are offering personal loans at a very low rate of interest. In this article, you can check the rates offered by each of the lenders and later check the calculation done for EMI.

It is very important that you compare all the deals in advance so that you can repay the loan without any hurdle. You can check the personal loan interest rates at some of the top banks in India.

ICICI Personal Loan Interest Rate

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.

Bajaj Finserv Personal Loan Interest Rate

On personal loans, the rate of interest offered by Bajaj Finserv is available starting from 10.99% per annum. The maximum loan amount you can get is ₹25 lakhs. There is also an option of flexi loans the details of which can be checked on the official website of Bajaj Finserv.

SBI Personal Loan Interest Rates

The bank offers personal loans at floating rate of interest based on 2-year MCLR which is presently 8.10% p.a. At present, the starting rate of interest for personal loans is 11.35% per annum.

Kotak Mahindra Bank Personal Loan Interest Rate

A personal loan at Kotak Bank is available at the starting rate of 10.99% per annum.

HDFC Personal Loan Interest Rate

HDFC bank offers personal loan interest rates starting from 10.99% per annum up to 20.75 % per annum.

Axis Bank Personal Loan Interest Rate

The interest rate is one of the lowest interest rates on a personal loan and presently ranges from 15.50% to 24% per annum.

How can you calculate personal loan EMI?

EMI or equated monthly installment is calculated with the help of loan calculator. This tool is used to know the payments that a borrower is liable to pay to the lender. The EMI 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
  • Tenure
  • 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:

EMI: ₹36,080

Total Interest Outgo- ₹6,64,787

Total Amount (Interest + Principal) – ₹21,64,787

How can you apply for the loan?

You can apply for a personal loan through the official website of the bank. All you have to do is follow the below steps:

  • Fill up the loan application form with correct personal details like the name of the applicant/s, the income of the person who wants to take the loan and the profession, etc.
  • Submit the form along with the required documents and submit online

What are the documents required to apply for the loan?

The documentation process is simple and quick so as to make it convenient. Since there is no security needed, the process includes the below-listed document verification:

For Salaried:

  • Signed loan application form with photograph
  • Identity Proof- Copy of Passport/Voter ID Card/Driving License/PAN Card/Aadhar Card
  • Processing fee cheque
  • Latest 3 months bank statement (where salary/income is credited)
  • Last 3 months salary slips

For Self-employed:

  • Signed loan application form with photograph
  • Identity Proof- Copy of Passport/Voter ID Card/Driving License/PAN Card/Aadhar Card
  • Processing fee cheque
  • Latest 6 months bank statement
  • Income proof with last 2 years audited financials