Home Banking Best Bank for Personal Loan at lowest rate

Best Bank for Personal Loan at lowest rate

personal loan

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?

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.


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


  • 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

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Bank or NBFC Personal Loan Interest Rates

BankInterest RateProcessing Fee
SBI Bank9.60-13.85%0% (after 31 jan 2022)
HDFC Bank10.25-21.00%up to 2.5% (Maximum 25,000)
ICICI Bank10.50-19.00%up to 2.5%
Bank of Baroda10.00-15.60%up to 2% (Maximum 10,000)
AXIS Bank10.25%1.5-2%
Central Bank of India9.60-13.85%2%
Kotak Mahindra Bank10.25%up to 2.5%
Bank of India9.35-12.35%up to 2%
Punjab National Bank7.90-14.45%up to 1%
Union Bank of India8.90-13.00%up to 0.5%
Canara Bank10.20-13.90%up to 1%
Citi Bank9.99-16.49%up to 3%
Indian Bank9.05-13.65%1%
IDBI Bank9.50-14.00%1%
UCO Bank10.05-10.45%up to 1%
Punjab & Sind Bank9.50-11.50%up to 1%
Indian Overseas Bank11.30-12.05%up to 0.75%
Bank of Maharashtra8.45-12.80%up to 1%
South Indian Bank10.30-18.05%2%
HSBC Bank9.50-14.50%up to 1%
Federal Bank10.49-17.99%up to 3%
Bajaj Finserv13%4%
IDFC First Bank10.49-23.00%up to 3.50%
Dhanlaxmi Bank11.90-15.70%up to 2.5%
Indusind Bank11.00%up to 3%

Hope the information provided by me will be of great help.

SBI Personal Loan


Best Bank for Personal Loan?
If we talk about the best bank, then the best is the one that gives you the loan at the lowest/best interest rate.
What should be the CIBIL for a Personal loan?
Salaried Person: 700
Self Employed: 780+
How to Apply for a Personal Loan?
here you can apply for a loan by two methods, one is Online, and the second is Offline (Visit Bank). If you are eligible then get it easily.
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