Know All Personal Loan Interest Rates, Charges, and EMIs

Know All Personal Loan Interest Rates, Charges, and EMIs

A Personal Loan can often prove to be an exciting way to get access to the additional fund that you may require, when you ought to meet certain financial obligations, and do not have the necessary means to do so. Whether it is that you wish to renovate your home or want to sponsor your child’s higher education, a Personal Loan can easily come in handy.

The aspect which makes a Personal Loan the preferred choice for many is that unlike the case of car loans or Home Loans, the process of application is much simpler. Moreover, if the documents are in place, loan approval and disbursal takes as little as 1-3 days. Besides, once you get access to the loan amount, you are free to use it in the way you deem fit, and not necessarily towards a single purpose.

It is this convenience and flexibility of a Personal Loan that makes it a go-to option for most people. Add to it the fact that most Personal Loans are unsecured, and you have the most befitting loan alternative!

That being said, the interest rates charged on Personal Loans vary widely, and are dependent on numerous factors, including but not limited to:

  • Your income
  • Your credit score
  • Your repayment history
  • Your age

Then again, most Personal Loans accrue higher interest rates as compared to the other loan types, thus, making them the costliest of them all. Hence, before you Opt for Personal Loans, here are some of the most cost-efficient loans you can lay your hands on.

As must be evident, the following banks are known to offer Personal Loans at the most reasonable rates. Besides, thanks to the comparatively cheaper processing fee, these loans prove to be quite cost-efficient.

For the purpose of convenience, all the details mentioned below are considering that you are taking a loan worth Rs. 1 Lakh for the tenure of 5 years;
#1. Allahabad Bank Personal Loan:
CategoriesInterest RateEMIProcessing Fees
Allahabad Bank Pensioners8.45%Rs. 2,049NIL
Other Pensioners10.45%Rs. 2,147NIL
All Other Categories12.95%Rs. 2,2731.06% of loan amount (Minimum Rs. 1,068)
#2. Bank of Baroda Personal Loan:
CategoriesInterest RateEMIProcessing Fees
For existing customers having account relationship of minimum 6 months9.60%Rs. 2,1052% of Loan amount (Minimum Rs.1000 to Maximum Rs.10,000)
All Other Categories11.60%Rs. 2,2042% of Loan amount (Minimum Rs.1000 to Maximum Rs.10,000)
 
  • Additional Feature – The bank does not levy any processing fee for pensioners.
 #3. UCO Bank Personal Loan:
CategoriesInterest RateEMIProcessing Fees
UCO Cash11.30% – 11.55%Rs. 2,189 – Rs. 2,2021% of loan amount (Minimum Rs. 750 to Maximum Rs. 1000)
UCO Pensioners12.70%Rs. 2,260NIL
UCO Shopper Loan Scheme9.70% – 10.70%Rs. 2,110 – Rs. 2,1591% of loan amount (Minimum Rs. 750 to Maximum Rs. 1000)
 
  • Additional Feature – The bank does not charge processing fee from pensioners.
 #4. Dhanlaxmi Bank Personal Loan:
  • Interest Rate – 10.20% to 10.70%
  • EMI – Rs. 2,135 to Rs. 2,159
  • Processing Fee – Up to 2.5% of sanctioned loan amount, subject to a minimum of Rs. 1,250.
 #5. Oriental Bank of Commerce Personal Loan:
  • Interest Rate – 10.25% to 12.25%
  • EMI – Rs. 2,137 to Rs. 2,237
  • Processing Fee – 0.50% of loan amount or minimum Rs. 500.
 #6. Indian Bank Personal Loan:
  • Interest Rate – 10.45% – 11.05%
  • EMI – Rs. 2,147 to Rs. 2,177
  • Processing Fee – 0.51% or maximum Rs. 510.
 #7. Syndicate Bank Personal Loan:
  • Interest Rate – 10.50% to 13.50%
  • EMI – Rs. 2,149 to Rs. 2,301
  • Processing Fee – 0.50% or minimum Rs. 500.
 #8. State Bank of India:
CategoriesInterest RateEMIProcessing Fees
XPRESS CREDIT11.25% – 15.25%Rs. 2,187 – Rs. 2,3921% of the loan amount + applicable tax
XPRESS BANDHAN12.25% – 15.25%Rs. 2,237 – Rs. 2,3921% of the loan amount + applicable tax
XPRESS CREDIT – IT EMPLOYEES SCHEME13.15% – 15.15%Rs. 2,283 – Rs. 2,3871% of the loan amount + applicable tax
XPRESS ELITE SCHEME  10.75% – 12.25% (SBI Salary Package A/C Holders)   11% – 12.50% (Other than Salary Package A/c Holders)Rs. 2,162 – Rs. 2,237       Rs. 2,174 – Rs. 2,2501% of the loan amount + applicable tax
Xpress Credit – Non-Permanent Employees (NPEs)12.65% – 15%Rs. 2,257 – Rs. 2,3791% of the loan amount + applicable tax
Other Unsecured Personal Loans11.70% – 16.80%Rs. 2,209 – Rs. 2,4751% of the loan amount + applicable tax
                                                                                                                                                                                                              
  • Additional Feature – The bank does not charge processing fee from Defence Pensioners.
#9. Yes Bank Personal Loan:
  • Interest Rate – 10.75% to 17.50%
  • EMI – Rs. 2,162 to Rs. 2,512
  • Processing Fee – Up to 2.5% or minimum Rs. 999.
 #10. HDFC Bank Personal Loan:
  • Interest Rate – 15% to 20.99%
  • EMI – Rs. 2,379 to Rs. 2,705
  • Processing Fee – Up to 2.50%, subject to a minimum of Rs. 1,999 and maximum Rs. 25,000.
 #11. ICICI Bank Personal Loan:
  • Interest Rate – 10.99 to 20%
  • EMI -Rs. 2,174 to Rs. 2,649
  • Processing Fee – Up to 2.25% of the loan amount + GST
 #12. Kotak Mahindra Bank Personal Loan:
  • Interest Rate – 10.99 to 24%
  • EMI – Rs. 2,174 to Rs. 2,877
  • Processing Fee – Up to 2.50% of the loan amount + GST
 #13. IndusInd Bank Personal Loan:
  • Interest Rate – 10.75% to 30.50%
  • EMI – Rs. 2,162 to Rs. 3,266
  • Processing Fee – Up to 2.50% of the loan amount
 #14. Punjab National Bank Personal Loan:
 
CategoriesInterest RateEMIProcessing Fees
For Pensioners11.25%Rs. 2,187NIL
Others12% – 15%Rs. 2,224 – Rs. 2,3791.80% of loan amount (Rs. 270 – Rs. 450)
#15. Axis Bank Personal Loan:
  • Interest Rate – 15.5% – 24%
  • EMI – Rs. 2,405 to Rs. 2,877
  • Processing Fee – 1.50 to 2% + GST as applicable
  *Please note that the above data is taken from respective products’ websites as on 25.07.2018.

Now that you know all the leading Personal Loans available in India, complete with their interest rates, EMI, and processing charges, we are sure that you will be able to make a well-informed decision!

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

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Tejas Maheta
Tejas Maheta

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