July-2015:Best and Lowest Personal Loan Interest Rates in India

Best and Lowest Personal Loan Interest Rates in India5 Best and Lowest Personal Loan Interest Rates in India ( (Updated: July-2015)


One of the ways to get a loan for an emergency is taking Personal Loans from Banks and Financial Institutions. With Personal Loan Interest Rates shooting up, everyone would be eager to choose a cheap personal loan interest rate when they are taking the loan. From this month, I would be providing latest personal loan interest rates in India so that a loan seeker can choose best personal loan interest rates.

Why people choose personal loan?


While home loan, car loan, etc. are meant for a specific purpose, personal loans on the other hand does not mean for any specific thing. You can take a personal loan for any of your financial obligations like child education, child marriage expenses, payment in advance to home, purchase of plot (where loans are not eligible), home emergencies etc. Banks and Financial Institutions charge very high interest rates on personal loans. Hence, once should be wise in choosing a best personal loan interest rate that suits them.

Also Read: Cheapest Home Loan Interest Rates in India

Top 5 Best Personal Loan Interest Rates in India


1) Kotak Bank Personal Loan Scheme

Kotak Bank offers one of the lowest personal loan interest rates in India.

  • The interest rates range between 14.5% to 15.3%, depending on which company an employee is working.  
  • The processing fees charged is up to 1.5%. Kotak Bank offers 0% processing fee for MNC/large companies for a limited period of time.
  • Zero charges for pre-payment of a personal loan
  • You can pay up to 25% of loan in any financial year as part-payment
  • Loan approvals within 24 hours after documentation is provided
  • Special personal loan interest rates for Govt employees and professionals like Doctors.

2) Indus Ind Bank Personal Loan Scheme

Indus Ind bank offers personal loan at attractive interest rates.

  • The interest rates range between 13% to 16.5%, depending on where the employee is working
  • The processing fees charged is up to 2% of the loan amount.
  • Loan approvals between 2-7 working days after documents are provided

3) Bank of Baroda Personal loan

Bank of Baroda offers personal loans with several benefits.

  • The interest rates are 14.75% for all employees and business individuals.
  • The processing fees charged is Nil.
  • Zero pre-payment closure charges.
  • Loan approvals between 2-5 working days after documents are provided

4) Bank of India Star Personal loan Scheme

Bank of India offers personal loans with some additional concessions to women.

  • The interest rates are 15%.
  • Special interest rate concession of 0.5% for women.
  • The processing fees charged is up to 2% of the loan amount.
  • Zero pre-payment closure charges.
  • Loan approvals between 2-5 working days after documents are provided

Also Read: What are the Best Alternatives for Personal Loans

5) Canara Bank Personal loan Scheme

Canara Bank offers cheapest personal loan interest rates and lowest processing fees.

  • The interest rates are 15%.
  • The processing fees charged is up to 0.3% of the loan amount.
  • Loan approvals within 24 hours after documents are provided.

Latest Personal Loan Interest rates in India with processing charges are enclosed below (Updated: July-2015)


Top and Best Personal Loan Interest Rates in India-July-2015

If you enjoyed this article, share this with your friends and colleagues through Facebook and Twitter.

Suresh
Best and Lowest Personal Loan Interest Rates in India

9 comments

  • Pankaj Singh

    Thank you Suresh… This will help me a lot while choosing the bank for home loan. The idea of comparison was simply awesome, Simple and easy to understand. Looking at the table, I think ING vysya bank is best as compared to others.

  • Mohit

    Looking at the table, I feel that Indian Bank is the best of all but you had not mentioned in the top 5 lists!

  • Anand Sagar

    Dear Suresh,

    Requesting you to please provide an insight on " Smart Monthly Income Plan from Canara HSBC OBC Bank".

    One has to pay for 15 years & 11th year 1st month onwards the individual will get monthly income for another 15 years. The Life cover is 25 years & premium payment is for 15 years.

    Please share your valuable opinion on this.

    Thanks & Regards,

    Anand 

  • ARUNKUMAR

    Thats a good info  🙂 

  • Sri

    Thanks for the article. If you have a credit card with HDFC and/or works with certain MNCs then they provide Personal loan with interest rate @ 13.2% (inclusive of all taxes, charges, etc) and Rs.0 as processing fee.

    We need to bargain the interest rate, processing fee and pre-closure charges while taking personal loans to get good offers. I got an offer from citibank interest rate @ 14%, processing fee – 0.5% and preclosure charges 0.5%

    and with Standard chartered bank I got an offer like interest rate @15%, processing fee 0, preclosure charges 0.

    Getting loan from public sector banks are very hard.

    If you have HDFC Credit cards you can get personal loan within few mins. Before you put off the phone the amount will be credited to your bank a/c (as long as you have a/c with them and eligibility, etc.)

Leave a Reply

Your email address will not be published. Required fields are marked *