The interest rate on personal loans is the annual borrowing cost on a particular loan scheme that banks/NBFCs charge from their borrowers. The interest rate is usually expressed as a percentage of the principal loan amount. The personal loan interest rates vary from lender to lender.
Even for a particular lender, the final interest rates offered to its personal loan applicants depend on their credit scores and other aspects of their credit profile, income, repayment capacity, etc.
Personal loan interest rates offered by top private sector lenders usually start from 10.49% p.a. However, some public sector banks may offer lower interest rates for personal loan schemes.
Lenders offering personal loans finalize interest rates depending on their cost of funds, net interest margins, etc. along with the credit risk assessment of their loan applicants.
Compare Personal Loan Interest Rates 2024
| Interest Rates | Range (p.a.) |
| SBI Personal Loan Interest Rate | 11.45% – 14.85% |
| HDFC Personal Loan Interest Rate | 10.75% onwards |
| Axis Bank Personal Loan Interest Rate | 11.25% onwards |
| ICICI Personal Loan Interest Rate | 10.85% onwards |
| BOB Personal Loan Interest Rate | 11.15% – 18.75% |
| PNB Personal Loan Interest Rate | 10.40% – 16.95% |
| Canara Bank Personal Loan Interest Rate | 10.95% – 16.40% |
| IDFC Personal Loan Interest Rate | 10.99% – 23.99% |
| Yes Bank Personal Loan Interest Rate | 10.99% onwards |
| Navi Personal Loan Interest Rates | 9.90% – 45.00% |
| Union Bank Personal Loan Interest Rates | 11.35% – 15.45% |
| Indian Bank Personal Loan Interest Rate | 10.00% – 15.05% |
| Bank of India Personal Loan Interest Rate | 10.85% – 16.10% |
| Tata Capital Personal Loan Interest Rate | 10.99% onwards |
| Kotak Personal Loan Interest Rate | 10.99% onwards |
| Bandhan Bank Personal Loan Interest Rates | 9.47% onwards |
