Personal loan is an unsecured loan facility, which can be availed by both salaried and self-employed individuals.
| Key Highlights | |
| Interest Rates | 10.49% p.a. onwards; some PSUs may offer lower rates |
| Loan Amount | Up to Rs 40 lakh; some lenders may offer higher loan amounts |
| Tenure | Up to 5 years (some lenders offer repayment period till 8 years) |
| Processing Fee | 0.5% to 4% of loan amount (may vary across lenders) |
Personal Loan Interest Rate
The interest rates offered on a personal loan is determined based on the applicant’s credit profile and the lenders’ credit risk-based pricing model, cost of funds, etc. As the interest rates on your personal loan primarily influences the total cost of your borrowing, one must always look for best interest rates available on their credit profile.
For this, consumers should first check offers from lenders with whom they already have deposit, credit card and/or loan account(s). Then, they should visit online financial marketplaces to compare interest rates offered by other banks and NBFCs.
