Personal Loan: Interest Rates: Overview

Interest rates charged on personal loans vary across various banks. There are primarily 3 kinds of interest rates, most commonly offered by banks are:

  • Fixed interest rate
  • Floating interest rate
  • Flat rate

Of the rates offered, flat rates can be considered the most expensive as in other cases, the reducing balance method is used for calculation. 

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Compare 51 PersonalLoan providers
*City:   *Mandatory
  • Search for the best deals
  • Calculate eligibility based on existing loan EMI
  • Compare processing fees - they CAN make a difference
  • 'Flat' rate? No thanks! Learn about the effective rate
     

Tools and Calculators

Personal Loan Comparator

Compare various personal loan lenders as per your specifications.


EMI Calculator
Calculates probable EMI given the loan amount, tenure and interest rate.

Personal Loan Eligibility Calculator

Calculates your eligible loan amount.

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Personal Loan Interest Rates as on 11 Jun, 2009

 

Banks Category Salaried Employer A Category Salaried Employer B Category Salaried Employer C Salaried / Un-approved Category Self-Employed / Professionals Self-Employed / Non-Professionals
Abhyuday Co-op Bank Ltd 16.0 16.0 16.0 NA 16.0 NA
ABN Amro 17.0 - 22.0 17.0 - 22.0 17.0 - 22.0 NA 17.0 - 22.0 NA
Allahabad Bank 13.25 13.25 13.25 NA 13.25 NA
Andhra Bank 16.0 - 16.25 16.0 - 16.25 16.0 - 16.25 NA 16.0 - 16.25 NA
Apna Sahakari Bank Ltd 16.0 16.0 16.0 NA 16.0 NA
Axis Bank 15.0 18.0 22.0 23.0 15.0 - 18.0 23.0
Bank of Baroda 14.5 14.5 14.5 NA 14.5 NA
Bank of India 12.25 12.25 12.25 NA 12.25 NA
Bank of Maharashtra 14.75 14.75 14.75 NA 14.75 NA
Canara Bank 15.0 15.0 15.0 NA 15.0 NA
Catholic Syrian Bank 17.25 17.25 17.25 NA 17.25 NA
Central Bank of India 12.0 - 13.0 12.0 - 13.0 12.0 - 13.0 NA 12.0 - 13.0 NA
Chola DBS Finance 19.0 - 30.0 19.0 - 30.0 19.0 - 30.0 NA 21.0 - 35.0 NA
Citi Bank 15.0 - 16.5 16.5 - 18.0 20.0 - 22.0 NA 14.5 - 19.0 19.0 - 24.0
Corporation Bank 14.5 14.5 14.5 NA 12.0 NA
Dena Bank 15.0 15.0 15.0 NA 15.0 NA
Deutsche Bank 15.0 - 16.0 16.5 - 17.5 18.0 - 20.0 20.0 - 22.0 15.0 - 16.0 19.0 - 21.0
Federal Bank 16.25 16.25 16.25 NA 16.25 NA
HDFC Bank 16.0 - 16.5 16.0 - 16.5 16.0 - 16.5 NA 16.0 - 16.5 NA
ICICI Bank 12.0 - 16.0 16.0 - 18.0 20.0 - 22.0 20.0 - 24.0 14.0 - 19.0 19.0 - 24.0
IDBI Bank 16.4 - 18.4 17.4 - 19.4 20.4 NA 16.4 - 19.4 19.4 - 22.4
Indian Bank 14.5 14.5 14.5 NA 14.5 NA
Indian Overseas Bank 13.25 13.25 13.25 NA 13.25 NA
J&K Bank 16.0 16.0 16.0 NA 16.0 NA
Karnataka Bank 13.25 - 14.25 13.25 - 14.25 13.25 - 14.25 NA 13.25 - 14.25 NA
Oriental Bank of Commerce 13.0 13.0 13.0 NA 13.0 NA
Punjab National Bank 14.0 - 15.0 14.0 - 15.0 14.0 - 15.0 NA 14.0 - 15.0 NA
Reliance Consumer Finance 16.0 - 23.0 16.0 - 23.0 16.0 - 23.0 NA 16.0 - 19.0 19.0 - 23.0
Saraswat Bank 15.0 15.0 15.0 15.0 15.0 15.0
SBI 16.5 16.5 16.5 NA 16.5 NA
State Bank of Bikaner& Jaipur 13.75 - 14.75 13.75 - 14.75 13.75 - 14.75 NA 13.75 - 14.75 NA
State Bank of Hyderabad 14.5 - 15.5 14.5 - 15.5 14.5 - 15.5 NA 14.5 - 15.5 NA
State Bank of Mysore 14.75 - 15.25 14.75 - 15.25 14.75 - 15.25 NA 14.75 - 15.25 NA
State Bank of Patiala 14.5 - 15.0 14.5 - 15.0 14.5 - 15.0 NA 14.5 - 15.0 NA
State Bank of Travancore 15.75 15.75 15.75 NA 15.75 NA
Syndicate Bank 13.75 13.75 13.75 NA 13.75 NA
Tamilnad Mercantile Bank Ltd 17.75 17.75 17.75 NA 17.75 NA
The Ratnakar Bank 16.0 16.0 16.0 NA 16.0 NA
UCO Bank 13.5 13.5 13.5 NA 13.5 NA
Union Bank of India 15.0 15.0 15.0 NA 15.0 15.0
Vijaya Bank 13.75 13.75 13.75 NA 13.75 NA

 

 

Interest rates for personal loans given above are indicative in nature. It is based on periodic market research conducted by Apnaloan Research Bureau. To enable the comparisons certain set of data has been reorganized / restructured / tabulated. This information is made available for users to get an idea of the personal loan interest rates in the market place, helping them to strike a better personal loan deal by providing critical information, and getting banks to compete for their business. The actual rates at which an individual will be able to get a personal loan will vary widely, depending on the individual's financial profile and negotiating ability, among other factors. Apnaloan.com does not take any responsibility for any sudden, uninformed changes in actual interest rates.