A Personal Loan is the first option that strikes our mind when we urgently need money. And after that the first thing that strikes us is the Personal Loan Interest Rate. Whether its the extravagant cruise trip that you have been planning for a long time now or a medical urgency that requires urgent money, Personal Loan takes care of it all! The reason why going for a Personal Loan is so convenient because:
- They are easily available
- They do not require a lot of documentation
- They come with attractive and affordable interest rates
- They are usually unsecured and hence do not require a collateral
- The loan tenure is usually quite liberal
- The borrower can use this money as per his/ her will
- People from different nature of profession can apply for this loan
Which Bank Is Best For Personal Loan?
Personal Loans are provided by all the major banks and NFBCs in the country at very competitive rates and facilities. The competition has reached a cut-throat stage with new and unique facilities being provided by these institutions. This has made it very difficult for the applicants to decide the apt bank for themselves. Below listed are some of the more influential banks in the country. Take a look at what they have on offer in the Personal Loan segment and decide for yourself!
HDFC Personal Loan Interest Rates
HDFC Personal Loan Interest Rates stand to be in 15.75% to 20% slab, depending upon the loan amount, the borrower’s profile and the tenure of the loan. The loan processing charges are up to 2.50% of the loan amount which must range between a minimum of ₹ 1,000 to a maximum of ₹ 25,000, along with the applicable Service Tax. In case of a prepayment, HDFC doesn’t allow the prepayment of a Personal Loan before first 12 EMIs. After that, the bank charges a prepayment charge ranging between 2% to 4% of the principal amount based on the pending loan tenure.
The bank offers a Personal Loan of a maximum amount of ₹ 25 lakhs to the salaried professionals and up to ₹ 15 lakhs to the self-employed individuals.
SBI Personal Loan Interest Rates
SBI Personal Loan Interest Rates are calculated on the basis of MCLR which stands for Marginal Cost of Lending Rate. The concept of MCLR is usually used while the calculation of Home Loan interest rates. But SBI maintains a clear distinction between the two by pricing the SBI Personal Loan Interest Rate differently. The MCLR for SBI Personal Loan is for 2 years whereas that for the Home Loan is 1 year. One can easily check the current MCLR in the quarterly review of the bank where the rate for different time periods is mentioned. Hence, the interest rate for SBI Personal Loan differ as per the changing MCLR.
The bank offers a maximum of ₹ 15 lakhs to both salaried professionals as well as the self-employed individuals.
Personal Loan Interest Rates Axis Bank
Personal Loan Interest Rates for Axis Bank are between 15.50% to 24%. The loan processing charges levied by the bank range between 1.50% to 2%, along with the applicable Service Tax. The personal loan tenure provided by the bank ranges between 12 months to 60 months. Personal Loan Axis Bank is provided up to ₹ 15 lakhs to both salaried professionals as well as self-employed individuals. In case of the prepayment of the loan, the bank does not levy any prepayment charges on the applicant.
Personal Loan Interest Rates ICICI Bank
Personal Loan Interest Rates of ICICI Bank range between 11.59% to 22%. The loan processing charges levied by the bank are about 2.25% per annum along with the applicable Service Tax. In case of the prepayment of the loan, the bank charges a prepayment fee of about ₹ 100 per schedule along with the applicable Service Tax. The bank provides a Personal Loan up to ₹ 20 lakhs for the salaried individuals, ₹ 30 lakhs for the self-employed individuals and up to ₹ 40 lakhs for the doctors.
Personal Loan Interest Rates Kotak Mahindra Bank
Personal Loan Interest rates of Kotak Mahindra Bank range from 11.29% to 24%. The processing fee charged by the bank is about 2.5% along with the applicable Service Tax. In case of a loan prepayment, the bank does not allow the applicant to do so for the first 12 months of the loan. After that, the bank levies a foreclosure charge of about 5% on the principal outstanding along with the applicable Service Tax.
Kotak Mahindra Bank provides a Personal Loan from a minimum of ₹ 50,000 to ₹ 15,00,000, depending upon the borrower’s profile and loan tenure.
Personal Loan Interest Calculator
A Personal Loan Interest Calculator is a very useful tool when the applicant wants to calculate the amount of EMIs and the total interest payable towards his/ her Personal Loan. The tool asks for basic information pertaining to the loan such as the rate of interest levied by the bank, loan tenure and the amount of loan sought by the applicant. Making use of this information, the tool churns out the amount of the monthly installment that is to be paid by the borrower. It also shows results about the total interest payable by the borrower throughout the loan tenure and the net amount that needs to be repaid by the borrower.