Know All Personal Loan Interest Rates, Charges, and EMIs

Business Tejas Maheta 30 August 2018

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:

Categories	Interest Rate	EMI	Processing Fees
Allahabad Bank Pensioners	8.45%	Rs. 2,049	NIL
Other Pensioners	10.45%	Rs. 2,147	NIL
All Other Categories	12.95%	Rs. 2,273	1.06% of loan amount (Minimum Rs. 1,068)

#2. Bank of Baroda Personal Loan:

Categories	Interest Rate	EMI	Processing Fees
For existing customers having account relationship of minimum 6 months	9.60%	Rs. 2,105	2% of Loan amount (Minimum Rs.1000 to Maximum Rs.10,000)
All Other Categories	11.60%	Rs. 2,204	2% 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:

Categories	Interest Rate	EMI	Processing Fees
UCO Cash	11.30% – 11.55%	Rs. 2,189 – Rs. 2,202	1% of loan amount (Minimum Rs. 750 to Maximum Rs. 1000)
UCO Pensioners	12.70%	Rs. 2,260	NIL
UCO Shopper Loan Scheme	9.70% – 10.70%	Rs. 2,110 – Rs. 2,159	1% 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:

Categories	Interest Rate	EMI	Processing Fees
XPRESS CREDIT	11.25% – 15.25%	Rs. 2,187 – Rs. 2,392	1% of the loan amount + applicable tax
XPRESS BANDHAN	12.25% – 15.25%	Rs. 2,237 – Rs. 2,392	1% of the loan amount + applicable tax
XPRESS CREDIT – IT EMPLOYEES SCHEME	13.15% – 15.15%	Rs. 2,283 – Rs. 2,387	1% 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. 2,250	1% of the loan amount + applicable tax
Xpress Credit – Non-Permanent Employees (NPEs)	12.65% – 15%	Rs. 2,257 – Rs. 2,379	1% of the loan amount + applicable tax
Other Unsecured Personal Loans	11.70% – 16.80%	Rs. 2,209 – Rs. 2,475	1% 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:

Categories	Interest Rate	EMI	Processing Fees
For Pensioners	11.25%	Rs. 2,187	NIL
Others	12% – 15%	Rs. 2,224 – Rs. 2,379	1.80% 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!

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