A personal loan is a type of unsecured loan that you can borrow from a bank or financial institution when you need funds to meet your financial needs.
Personal loan details
| Interest Rate | 10.40% p.a. onwards |
| Loan Amount | Up to Rs.1 crore |
| Loan Tenure | Up to 7 years |
| Processing Fees | 0% – 6% of the loan amount + GST |
The best personal loan programs and offers
You can visit the bank’s official website to apply for a personal loan directly or visit SarathiFinance.com to compare different loans and then apply for the loan that suits you best.
| Bank Name | Best For | Loan Overview |
| HDFC Personal Loan | Self-Employed Professional | Check Eligibility |
| Kotak Mahindra Personal Loan | Quick Turnaround Time | Check Eligibility |
| Tata Capital Personal Loan | Flexible Interest Rates | Check Eligibility |
| Standard Chartered Personal Loan | Short-term Requirement | Check Eligibility |
| IDFC First Personal Loan | Top-Up Loans | Check Eligibility |
| SMFG India Credit Personal Loan | Quick Approval | Check Eligibility |
| IIFL Personal Loan | Easy Eligibility Checks | Check Eligibility |
| HDBFS Personal Loan | Special Offers | Check Eligibility |
| SBI Personal Loan | Different Income Categories | Check Eligibility |
| PNB Personal Loan | Affordable Interest Rates | Check Eligibility |
| Yes Bank Personal Loan | Quick Approval | Check Eligibility |
Personal loan interest rates in India
A personal loan, like other personal loans, is accessible to people who have a stable income and need immediate capital to finance their needs. There are many financial institutions in India that charge a fixed rate of interest on the principal amount from the beginning with equal monthly installments on personal loans.
As retail price inflation continues to take hold, the Reserve Bank of India (RBI) has suspended interest rate hikes, while most banks have left interest rates unchanged. personal loans.
Personal loan interest rates of public sector banks
| Bank & Company Name | Interest Rate | Applicable Processing Fees |
| Bank of Baroda (Floating) | 11.40% to 18.75% | Nil to 2% |
| Bank of India | Starts from 11.85% | 0.50% to 1% |
| Bank of Maharashtra | 10% to 12.30% | 1% |
| Canara Bank | 13.25% to 16.25% | 0.50% |
| Central Bank of India | 12% onwards | 1% |
| Indian Overseas Bank | 10.85% to 13% | 0.40% to 0.50% |
| Punjab and Sind Bank | 10.75% to 13.50% | 0.50% to 1% |
| Punjab National Bank | 11.40% to 16.95% | Up to INR 500 |
| State Bank of India | 11.15% to 14.30% | Nil to 1.50% |
Personal loan interest rates of private sector banks
| Bank & Company Name | Interest Rate | Applicable Processing Fees |
| Axis Bank (Fixed RoI) | 10.99% to 22% | Up to 2% |
| CSB Bank (Unsecured) | 10.25% to 22% | Up to 1% |
| Federal Bank (Fixed RoI) | 11.49% to 14.49% | As applicable |
| HDFC Bank | 10.75% to 24% | Up to INR 5,000 |
| ICICI Bank | 10.80% to 16.15% | Up to 2.50% |
| IDBI Bank | 13.25% onwards | 1% |
| IDFC First Bank (Fixed RoI) | 10.90% to 36% | Up to 3.5% |
| IndusInd Bank (Q3 2023-24) | 10.25% to 26% | Up to 3.5% |
| Karnataka Bank | 13.43% onwards | As applicable |
| Kotak Mahindra Bank | 10.99% onwards | Up to 3% |
| South Indian Bank | 14.80% onwards | Up to 2% |
Low interest personal loans with fair credit
A fair credit score, as defined by FICO, is a credit score between 580 and 669. Although you can get a loan with a score below 670, you shouldn’t expect the most favorable terms. High credit limits and low interest rates are generally reserved for those with the highest credit scores.
But don’t be discouraged. Lenders are still willing to provide you with financing even if your score is between 580 and 669.
Personal loans online with low interest rates
If you need money in an emergency, you can apply for a personal loan to get it in the easiest and quickest way. It is easy to understand and can be paid in a few equal monthly installments (EMI). Borrowers can apply for a personal loan online or offline at a financial institution or bank. Furthermore, it is not necessary to provide collateral to benefit from a personal loan.
The interest rate measures the cost a financial organization, such as a bank, incurs when lending you money. Having the lowest interest rate on a personal loan is beneficial because it reduces the total amount you have to pay the lender.
According to Paisabazaar, these are the best banks that offer the cheapest interest rate for personal loans.
| Lender Name | Interest rate (p.a %) | EMI (Rs)Loan amount- 5 lakhTenure – 5 years | EMI (Rs)Loan amount- 1 lakhTenure – 5 years | Processing fee(% of loan amount) |
| HDFC Bank | 10.50 onwards | 10,747 onwards | 2,149 onwards | Up to Rs 4,999 |
| Tata Capital | 10.99 onwards | 10,869 onwards | Up to 5.5% | Up to 5.5% |
| State Bank of India | 11.15-15.30 | 10,909-11,974 | 2,182-2,395 | 1.50%(Minimum Rs 1,000 to Maximum Rs 15,000) |
| ICICI Bank | 10.80 onwards | 10,821 onwards | 2,164 onwards | Up to 2.50% |
| Bank of Baroda | 11.05-18.75 | 10,884-12,902 | 2,177-2,580 | Up to 2% (minimum Rs 1,000 and maximum Rs 10,000) |
| Axis Bank | 10.49 onwards | 10,744 onwards | 2,149 onwards | Up to 2% |
| Kotak Mahindra Bank | 10.99 onwards | 10,869 onwards | 2,174 onwards | Up to 3% |
| Bank of India | 10.85-14.85 | 10,834-11,856 | 2,167-2,371 | 0.50%-1% (Minimum Rs 250 and Maximum Rs 10,000) |
| Canara Bank | 10.95-16.40 | 10,859-12,266 | 2,172-2,453 | 0.50% (Maximum Rs 2,500) |
| Punjab National Bank | 10.40-17.95 | 10,772-12,683 | 2,144-2,537 | Up to 1% |
| HSBC Bank | 9.99-16.00 | 10,621-12,159 | 2,124-2,432 | Up to 2% |
| Federal Bank | 11.49 onwards | 10,994 onwards | 2,199 onwards | Up to 3% |
| Union Bank of India | 11.35-15.45 | 10,809-11,505 | 2,192-2,403 | Up to 1% (Maximum Rs 7,500) |
| Bajaj Finserv | 11.00 onwards | 10,871 onwards | 2,174 onwards | Up to 3.93% |
| Punjab & Sind Bank | 10.75-13.50 | 10,809-11,505 | 2,162-2,301 | 0.50%-1% |
| South Indian Bank | 12.85-20.60 | 11,338-13,414 | 2,268-2,683 | Up to 2% |
| UCO Bank | 12.45-12.85 | 11,236-11,338 | 2,247-2,268 | Up to 1% (Minimum Rs 750) |
| IDFC First Bank | 10.99 onwards | 10,869 onwards | 2,174 onwards | Up to 2% |
| Bank of Maharashtra | 10.00-12.80 | 10,624-11,325 | 2,125-2,265 | 1% (Rs 1,000-Rs 10,000) |
| Karnataka Bank | 13.43 | 11,487 | 2,297 | Up to 2% of loan amount (Min. Rs 2,500 & Max. Rs 8,500) |
| IndusInd Bank | 10.49 onwards | 10,744 onwards | 2,149 onwards | 1.5% -3.5% |
Unsecured personal loan interest rate
There are two main types of loans: secured and unsecured. However, this difference has nothing to do with their level of security – at least for the borrower. Unlike secured loans, unsecured loans are not based on any type of property.
But how exactly do unsecured loans work? And what are the differences between the various unsecured loans available on the market today? And perhaps most importantly: is taking out an unsecured loan a smart financial decision?
Personal loan – get an instant loan online
Apply for a personal loan online today to unlock a world of possibilities and start your journey to financial freedom.
Discover the convenience of a personal loan – your ultimate solution for all your financial needs. Whether it’s planned events like weddings, vacations, home renovations, or unexpected emergencies like medical procedures, our personal loan makes your life easier.
- Through an online process, we ensure quick and easy access to funds.
- This makes it the ideal loan option for you.
Best bank for personal loans
| Banks | Interest Rates | Loan Processing Fee |
| SBI Personal Loan | 9.60% – 15.30% p.a. | 1% of the loan amount + applicable tax |
| ICICI Bank Personal Loan | 10.50% to 18.49% p.a. | Up to 2.25% p.a. of loan amount + GST |
| HDFC Bank Personal Loan | From 10.50% to 21.50% p.a. | Up to 2.5% of the loan amount with a minimum of Rs. 1,999 |
| Kotak Mahindra Bank Personal Loan | From 10.50% – 20.99% | Up to 2.5% of the loan amount + GST and other applicable statutory levies |
| Axis Bank Personal Loan | From 12% – 24% p.a. | 1.5% to 2% + GST as applicable |
| Citibank Personal Loan | From 9.99% to 18.99% p.a. | Up to 3% |
| Bajaj Finserv Personal Loan | From 13% to 16% p.a | 2.25% to 3% |
| Bank of Baroda Personal Loan | From 10.50% to 16.60% p.a. | 2% |
| Tata Capital Personal Loan | From 11.49% to 19% p.a | 2% |
| Standard Chartered Personal Loan | From 11.25% to 19% p.a. | 1% |
Personal loan without income proof online
Let’s face it: Getting a personal loan without proof of income can be difficult, as most lenders require proof of income to ensure the borrower can repay the loan. However, some lenders may offer instant personal loans without proof of income, but may charge a higher interest rate or require additional collateral.
Instant personal loan online for low cibil score
You can get a personal loan easily and quickly, this is what we call an unsecured loan. One of the main advantages of a personal loan is that it is not necessary to provide collateral on the loan amount. However, most credit agencies require a high CIBIL score.
CIBIL score is provided by CIBIL rating agency. So how to check CIBIL score?
The score is between 300 and 900 points. A high CIBIL score between 750 and 900 means you have high chances of getting a personal loan with a low interest rate, high amount and flexible tenure. You can check CIBIL score by analyzing income, expenses, loans and liabilities, and payment history.
It is difficult for a borrower to easily access a personal loan with a CIBIL score below 550.
A CIBIL score of 550 is considered low. This does not mean that borrowers cannot get a loan with low CIBIL scores.
It is wrong to think that there is no such thing as a personal loan against a low CIBIL score. Many financial institutions offer personal loans with a CIBIL score of 550. There are some steps you can follow to apply for an instant loan with a low CIBIL score.
Personal loan apply online without salary slip
Getting a personal loan without salary may seem difficult, but it is not impossible. Several credit institutions, including ICICI Bank, offer individuals the possibility of obtaining a personal loan even without the traditional proof of income. Most personal loans require proof of a regular source of income, usually confirmed by pay stubs or bank statements. However, there are several alternative routes that can help people obtain a personal loan without payroll.
Personal loan eligibility check
While there are several factors to consider when determining your eligibility for a personal loan, there are a few ways to improve your chances of getting approved for a loan.
Eligibility Criteria
- Nationality: Indian
- Age: 21 – 60 years
- Income: Minimum Rs 15,000 per month for salaried candidates
- Credit score: 685 or higher
- Employed by: Public, private or multinational companies
- Monthly Salary: Starting Rs. 25,000 depending on the city you live in
Document required
- Identity proof/address proof (copy of passport/voter ID/driving license/Aadhaar card)
- Bank statement for the last 3 months (booklet for the last 6 months)
- Two payrolls/salary certificates updated with the most recent model 16
