Personal Loan Interest Rates: In 2024

Think of an online personal loan as a flexible financial tool that you can use for different things. It's helpful when you need money fast. However, keep in mind that personal loans are easier to get but personal loan interest rates might be higher compared to other types of loans.

You can easily check personal loan interest rates online on our GroMo app or by reaching out to your bank or credit union. Make sure to look at the annual percentage rate (APR) when comparing various loans. This includes the interest rate as well as any additional fees linked to the loan.

Before picking a personal loan, it's crucial to compare personal loan interest rates. The interest rate is the extra money you pay on top of the loan amount. If the personal loan interest rates are lower, you'll end up paying less overall. So, check out the below-mentioned personal loan interest rates to make a wise choice.

Picking the correct personal loan can help you save money on personal loan interest rates. By checking out the personal loan interest rates offered by various banks and apps, you can discover the most suitable option for your requirements.

Borrowers are continually on the lookout for the lowest interest rate personal loan, and we're here to assist you. In this article, we will dispel any doubts surrounding this topic.

Let's get started.

Best Personal Loan In India (Banks)

The question of "Which bank is best for a personal loan?" is a common one that often lingers in people's minds. Today, we aim to provide an answer to this pressing query.

1. HDFC Personal Loan

• Loan amount: You can borrow up to ₹40 lakhs with an HDFC personal loan.
• Interest rate: The personal loan interest rates on HDFC personal loans vary depending on your credit score, loan amount, and repayment term. However, personal loan interest rates are typically between 10.5% and 24% per annum. It is the lowest interest rate personal loan that you can find.
• Repayment term: You can repay your HDFC personal loan over a term of 12 to 60 months.
• Fees: HDFC personal loan charges a processing fee of up to 2.5% of the loan amount, plus a GST of 18%. There is also a prepayment penalty of 2% of the outstanding loan amount if you repay your loan in full before the end of the term.
• Features and benefits: HDFC personal loans offer a number of features and benefits, including:
  • Quick and easy application process
  • Flexible repayment terms
  • No collateral required
  • Competitive interest rates
  • Variety of loan products to choose from
  • 24/7 customer service

HDFC Personal Loan is among the best personal loan in India, with not just a high trust value but also very competitive personal loan interest rates.

Also, check these out:

1. Personal Loan: What Is Personal Loan?
2. Personal Loan Meaning: Understanding and Utilizing Personal Loans
3. Top Providers of Personal Loans: 10 Providers In India
4. Best Personal Loan In India: 10 Best Options

2. ICICI Personal Loan

• Eligibility: To be eligible for an ICICI personal loan, you must:
  • Be an Indian resident
  • Be in the age range of 21 to 65 years.
  • Have a job for at least 1 year, with a minimum of 6 months with your current employer
  • Have a net income of at least ₹25,000 per month
• Loan amount: You can borrow up to ₹50 lakh with an ICICI personal loan.
• Interest rate: ICICI Bank's personal loan interest rates fluctuate based on factors like your credit score, loan amount, and repayment duration. Generally, personal loan interest rates fall within the range of 10.50% to 16.00% per annum.
• Repayment term: You can repay your ICICI personal loan over a term of 12 to 60 months.
• Fees: ICICI Bank applies a processing fee of a maximum of 2.5% of the loan amount, along with an 18% GST. Additionally, there exists a 3% prepayment penalty if you decide to settle the loan entirely before its term concludes.
• Features and benefits: ICICI personal loan offers a number of features and benefits, including:
  • Streamlined and straightforward application procedure
  • Adaptable repayment options
  • Unsecured loans, no need for collateral
  • Attractive interest rates
  • An array of loan offerings to select from
  • Round-the-clock customer support

ICICI Personal Loan is among the best personal loan in India, with not just a high trust value but also very competitive personal loan interest rates.

3. YES Bank Personal Loan

• Eligibility: To be eligible for a YES Bank personal loan, you must:
  • Be an Indian resident
  • Be between 21 and 65 years of age
  • Have a job for at least 1 year, with a minimum of 6 months with your current employer
  • Have a net income of at least ₹25,000 per month
• Loan amount: You can borrow up to ₹50 lakh with a YES Bank personal loan.
• Interest rate: The personal loan interest rates on YES Bank personal loans vary depending on your credit score, loan amount, and repayment term. However, it is typically between 10.99% and 20% per annum.
• Repayment term: You can repay your YES Bank personal loan over a term of 12 to 60 months.
• Fees: YES Bank charges a processing fee of up to 2% of the loan amount, plus a GST of 18%. There is also a prepayment penalty of 2% of the outstanding loan amount if you repay your loan in full before the end of the term.
• Features and benefits: YES Bank personal loans offer a number of features and benefits, including:
  • Simplified and speedy application procedure
  • Adaptable repayment options
  • No need for collateral
  • Competitive and attractive interest rates
  • A Diverse range of loan products is available
  • Round-the-clock customer support

Yes Bank Personal Loan is among the best personal loan in India, with not just a high trust value but also very competitive personal loan interest rates.

Best Personal Loan App

The Best personal loan app outshines traditional banks in various ways, offering unparalleled benefits such as convenience, swiftness, transparency, and enhanced competition.

You can apply for a loan anywhere, anytime, with less paperwork and faster processing.

The Best personal loan app distinguishes itself by maintaining transparent terms and fee structures, fostering healthy competition among similar apps. This ultimately translates into improved rates and terms for borrowers.

List of best personal loan app in India:

1. KreditBee

KreditBee is among the best personal loan app that offer personal loans to salaried and self-employed individuals. It has competitive interest rates, but it also charges a lot of additional fees.

• Interest rate: 15-30% per annum
• Loan amount: Rs. 10,000 to Rs. 4 lakhs
• Repayment tenure: 3 to 24 months
• Eligibility criteria: Indian citizen aged 21-50 years with a minimum monthly income of Rs. 10,000 and 3 months of work experience in the current company
• Approval and disbursal time: 1-2 days

KreditBee provides convenient and fast online personal loans, but it's crucial to note the extra charges involved.

While the interest rates are competitive, borrowers should pay close attention to the fees, as they could potentially increase the overall loan cost beyond expectations.

It's advisable to thoroughly examine the loan's terms and conditions before proceeding with the application.

2. Moneyview

MoneyView is among the best Personal Loan App that provides collateral-free loans to salaried and self-employed individuals at competitive interest rates and flexible repayment terms. It doesn't charge foreclosure fees, but only after a certain number of EMIs have been paid.

• Interest rate: 16-22% per annum
• Loan amount: Rs. 5,000 to Rs. 5 lakhs
• Repayment tenure: 3 to 60 months
• Documents required: Proof of identity, income, address, a mobile number linked to an Aadhaar Card, and a selfie.
• Eligibility criteria: Salaried or self-employed individuals aged 21-57 years with a minimum income of Rs. 13,500 and a minimum CIBIL score of 600.
• Approval and disbursal time: 1-2 days
• Other fees charged: Processing and late payment fees

MoneyView online Personal Loan App is a convenient option for borrowers who need a quick and easy loan.

It offers competitive personal loan interest rates, flexible repayment terms, and no foreclosure fees after a certain number of EMIs have been paid.

However, borrowers should be aware of the processing and late payment fees that are charged.

3. Tata Capital

Tata Capital online personal loan is a good option for salaried individuals who are looking for a reliable lender with competitive personal loan interest rates and flexible repayment terms.

However, the processing fees and late payment fees can be high. Additionally, the minimum loan amount is Rs. 40,000, which may be too high for some borrowers.

• Interest rate: 11-28% per annum
• Loan amount: Rs. 40,000 to Rs. 35 lakhs
• Repayment tenure: 6 to 84 months
• Documents required: Proof of identity, income, and address; employment certificate and salary slips
• Eligibility criteria: Salaried employees aged 22-58 years with a minimum income of Rs. 20,000 and a credit score of 750 or above
• Approval and disbursal time: 1-2 days for approval and 2-3 days for disbursal
• Other fees charged: Processing fees, late payment fees, and foreclosure fees

Tata Capital's online personal loans are a suitable choice for individuals seeking a trustworthy lender with attractive online personal loan interest rates and adaptable repayment conditions.

Additionally, it's important to take note of any processing fees and late payment charges that may apply.

Personal Loan Eligibility Criteria

Personal loan eligibility criteria in India are very easy to qualify for, you must typically:

• Be at least 21 years old.
• Be an Indian citizen or resident.
• Be a salaried employee with a minimum monthly income of Rs. 25,000.
• Have a good credit score.
• To apply for an online personal loan, you will need to submit an application to a lender. The application will require you to provide your personal information, such as your name, address, and income. You may also need to provide your credit score.

The lender will review your application and decide whether or not to approve you for a loan.

If you are approved, the lender will offer you a loan amount and an interest rate. If you accept the loan offer, the lender will disburse the loan amount to you. You will then be responsible for repaying the loan according to the terms of the loan agreement.

There are many personal loan eligibility calculators available online where you can check whether you are eligible or not.

Also, check these out:

1. How To Get Personal Loan: Things To Keep In Mind
2. Lowest Interest Rate Personal Loan: Top 5 Banks
3. Instant Loans: What Are Instant Loans?
4. Top Providers Of Instant Loans: 27 Instant Loan Providers

Personal Loan for Low CIBIL Score

Obtaining a personal loan for a low CIBIL score is feasible, but it can pose certain challenges and costs. Lenders typically favor borrowers with good credit scores as they represent lower risk.

Nevertheless, there are specialized lenders catering to individuals with poor credit histories. These lenders might impose elevated interest rates and fees, and they could enforce stricter repayment conditions.

How to Improve your CIBIL Score?

CIBIL score is a three-digit number that shows your creditworthiness. It is important because it can affect your ability to get a loan, credit card, or other form of credit.

A higher CIBIL score means you are more likely to be approved for loans and credit at lower interest rates.

Improve your CIBIL score with these tips:

1. Pay bills promptly: Timely payments are crucial for a positive score.

2. Maintain low credit usage: Aim for under 30% credit utilization.

3. Be cautious with new credit: Too many applications can temporarily lower your score.

4. Diversify credit types: lend credit cards and loans to enhance your score.

5. Check your credit report annually: Dispute any errors you discover.

A higher CIBIL score leads to the lowest loan interest rate. Start building your financial reputation today.

Personal Loan Interest Rate Calculator

The online personal loan interest rate calculator can help you estimate the monthly payments and total interest you will pay on a personal loan.

The online personal loan interest rate calculator typically takes into account the following factors:

• Loan amount
• Interest rate
• Loan Tenure

The online personal loan interest rate calculator will then display the estimated monthly payments, total interest you will pay on the loan, and total payment (Principal + Interest)

To use a personal loan interest rate calculator, simply download our Free GroMo app.

Key Takeaways

1. HDFC Personal Loan offers rates ranging from 10.5% to 24% p.a. with a processing fee of up to 2.5% and a 2% prepayment penalty.

2. ICICI Personal Loan offers Interest rates ranging from 10.50% to 16.00% p.a., with a processing fee of up to 2.5% and a 3% prepayment penalty applies.

3. YES Bank Personal Loan offers interest rates typically ranging from 10.99% to 20% p.a. with a processing fee of up to 2%.

4. KreditBee, a personal loan app, offers loan amounts ranging from Rs. 10,000 to Rs. 4 lakhs with interest rates of 15-30% per annum.

5. The MoneyView Personal Loan App provides loans with interest rates of 16-22% per annum and loan amounts ranging from Rs. 5,000 to Rs. 5 lakhs.

6. Tata Capital offers personal loans with interest rates ranging from 11% to 28% per annum and loan amounts varying from Rs. 40,000 to Rs. 35 lakhs.