Personal Loan Interest Rate: A personal loan is an unsecured loan offered by banks and financial institutions for various personal expenses. It requires no collateral and is granted based on income, credit score, and repayment capacity.
These funds can be required for any reason, whether it is medical treatment, renovation of the house, planning for future education or a holiday. When taking a personal loan, consider factors like interest rate, loan tenure, EMI affordability, credit score, processing fees, prepayment charges, and lender credibility.
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State Bank of India (SBI) offers interest rates starting from 11.45%, with a loan amount of up to ₹30 lakh and a repayment tenure of up to 6 years.
ICICI Bank offers interest rates starting from 10.85%, with a maximum loan amount of ₹50 lakh and a tenure of up to 6 years.
Axis Bank offers interest rates starting from 11.1%, with a maximum loan amount of ₹40 lakh and a tenure of up to 7 years.
Kotak Mahindra Bank offers interest rates starting from 10.99%, with a maximum loan amount of ₹35 lakh and a tenure of up to 6 years.
IDFC FIRST Bank offers interest rates starting from 10.99%, with a maximum loan amount of ₹1 crore and a tenure of up to 7 years.
Bank of Baroda offers interest rates starting from 11.15%, with a maximum loan amount of Rs 20 lakh and a tenure of up to 7 years.
Yes Bank offers interest rates starting from 11.25%, with a maximum loan amount of Rs 40 lakh and a tenure of up to 5 years.
Punjab National Bank (PNB) offers interest rates starting from 11.40%, with a loan amount of up to Rs 20 lakh and a tenure of up to 7 years.
To be eligible for a personal loan, you must be at least 21 years old, with a maximum age of 60 for salaried individuals and 65 for non-salaried applicants. A credit score of 700 or above is typically required for favorable terms. Additionally, you must be an Indian resident with valid address proof.
If you take a personal loan of ₹5 lakh from HDFC bank for a period of 5 years at an interest rate of 10.85% per annum, your monthly EMI will be Rs 10,834. The EMI amount depends on the loan amount, interest rate, and tenure, with higher interest rates or longer tenures affecting the repayment amount.
Disclaimer: (Interest rates and loan terms are subject to change with time. Check with the respective banks for the latest information.)
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