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What is Personal Loan ?

Personal loan is a loan that can be used by an individual for any generic purpose. Some examples of end use are: Marriage / Education /Medical emergency /Home renovation / Vacation/Holiday /Consumer goods /Consolidation of other debts
Personal Loan cannot be used for Investment in stock market, Any other speculative(high risk of loss) purposes, Illegal activities

Feature ?

  • No Hidden Charges, Reasonable processing fees
  • Special Offers for women borrowers/Cat A Companies
  • No Security / No Collateral
  • Flexible tenures upto 72 months.
  • Interest Rates starts from 11.00% p.a*

Interest Rates – Personal Loan

Interest rates on any loan plays an important part so always choose the lowest one is beneficial. Personal loan interest rates for most of the banks starts from 11.49% to 22.00%. Some banks offer special interest rates to its customer on the basis of Company, Profile, Residential status, Income per month. Banks offer lowest rates to only CAT A based company employees. So have a look at major banks personal loan interest rates below

Bank Interest Rates Processing Fees Fore Closure Charges
HDFC Bank 11.29% – 20.00% 2% – 2.5% + Service Tax Zero above 10 lakh, Otherwise 4.00%
Aditya Birla 11.50-13.00 1%  + Service Tax After 6 M- 4%, 12M-3%, 24M-2%
Bajaj Finserv 15.00% – 16.00% 2% – 2.5% + Service Tax Upto 4.00%
Fullerton India 14.00% – 30.00% 2% – 4.0% + Service Tax Upto 4.00%
ICICI Bank 11.49% – 20.00% 2% – 2.5% + Service Tax Zero above 10 lakh & 12 EMI Paid, Otherwise 5.00%
Axis Bank 12.00% – 24.00% 2% – 2.5% + Service Tax Nil after 1st Installment
TATA Capital 14.50% – 20.00% 2% – 2.5% + Service Tax After 1 year 4.5%
Capital First 14.00% – 45.00% 2% – 4.0% + Service Tax Upto 4.00%
RBL Bank 14.00% – 20.00% 2% – 2.5% + Service Tax Zero  after 12 EMI Paid

Processing Fees And Charges

Normally bankers charge a processing fee of 2% to 3% of the loan amount, which may vary based on credit profile.

If you repay your personal loan earlier than the agreed time frame, also other important part lenders charge with pre-closure or default penalty of about 4% of the pre-closed loan amount.

The minimum loan seasoning is six months means you cannot foreclose your loan before six months.

Personal Loan FAQ

  • How can I apply for a Personal Loan?
  • What is the maximum tenure under Personal Loan?
  • Personal Loan EMI Calculator
  • Is there any security or guarantor required for availing Personal Loan?
  • What is the minimum and maximum amount of Personal Loan that I can get?

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