If you want to take a personal loan, then you must know which bank is giving a personal loan at what percentage of interest. So that you can take advantage of a personal loan. Different banks in India charge different interests for personal loans. So let’s know which bank charges what percentage of interest.
What is Personal Loan?
Table of Contents
Personal Loan Bank provides you for personal needs like – Wedding, Tour Travel, Medical Loan, Home Renovation, Consumer Durable Loans, etc. With this loan, you can fulfill your personal needs but for this, you have to pay interest to the bank.
The bank offers you the loan amount of 10,000 to 4500000 lakhs for a PL. The bank gives you 1 to 5 years to pay off the loan amount. The bank charges you loan processing free at the time of giving the loan which is 5% of your loan amount.
Recommend also: WHAT IS SIP? TYPES OF SIP & HOW IT WORKS
What are the documents required for a personal loan?
Salaried Person
- Age: Minimum 18 Years Maximum 60 Years
- Filled application form with passport size photograph
- Identity Proof: Passport, Voter ID, Driving License, Aadhar Card
- Address Proof: Utility Bill, Driving License, Passport, Voter ID
- Income Proof: Last 3 month’s bank statement and salary slip and recent Form 16
- Monthly Net Income: Minimum 15,000rs per month
- Minimum work experience: 1 year with 6 months working with current employer/company
- Minimum Credit Score(CIBIL SCORE): Usually 650
Self-employed
- Age: Minimum 21 years and Maximum 65 years
- Business Incorporation Certificate
- Business address and vintage proof
- Copy of ITR of last 2 years
- Copy of sale deed and agreement
- Professional degree, if applicable
- Minimum work experience: 1-5 years business vintage, depending on the bank/loan institution
- Minimum Credit Score (CIBIL SCORE): Usually 700
Recommend for reading: HOW TO APPLY HDFC BANK CHEQUEBOOK IN 2022
Bank or NBFC Personal Loan Interest Rates
| Bank | Interest Rate | Processing Fee |
| SBI Bank | 9.60-13.85% | 0% (after 31 jan 2022) |
| HDFC Bank | 10.25-21.00% | up to 2.5% (Maximum 25,000) |
| ICICI Bank | 10.50-19.00% | up to 2.5% |
| Bank of Baroda | 10.00-15.60% | up to 2% (Maximum 10,000) |
| AXIS Bank | 10.25% | 1.5-2% |
| Central Bank of India | 9.60-13.85% | 2% |
| Kotak Mahindra Bank | 10.25% | up to 2.5% |
| Bank of India | 9.35-12.35% | up to 2% |
| Punjab National Bank | 7.90-14.45% | up to 1% |
| Union Bank of India | 8.90-13.00% | up to 0.5% |
| Canara Bank | 10.20-13.90% | up to 1% |
| Citi Bank | 9.99-16.49% | up to 3% |
| Indian Bank | 9.05-13.65% | 1% |
| IDBI Bank | 9.50-14.00% | 1% |
| UCO Bank | 10.05-10.45% | up to 1% |
| Punjab & Sind Bank | 9.50-11.50% | up to 1% |
| Indian Overseas Bank | 11.30-12.05% | up to 0.75% |
| Bank of Maharashtra | 8.45-12.80% | up to 1% |
| South Indian Bank | 10.30-18.05% | 2% |
| HSBC Bank | 9.50-14.50% | up to 1% |
| Federal Bank | 10.49-17.99% | up to 3% |
| Bajaj Finserv | 13% | 4% |
| IDFC First Bank | 10.49-23.00% | up to 3.50% |
| Dhanlaxmi Bank | 11.90-15.70% | up to 2.5% |
| Indusind Bank | 11.00% | up to 3% |
Hope the information provided by me will be of great help.
