Personal loan interest rates March 2024: Which bank is offering lowest interest rate on personal loans?

A personal loan availed is to be repaid in equated monthly instalments (EMIs) and you can mandate the lender to directly debit the same through auto debit mandate or if you have an alternate bank account, then it can done through a NACH mandate. Normally this can include a few months to a few years in EMIs.
Some banks allow you to prepay or foreclose your Personal Loan after the payment of at least one EMI. However, charges (and taxes) will be applicable for foreclosing a personal loan.

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The banks will standardise a personal loan pricing matrix, which will be used to calculate interest rates based on each client's individual characteristics.

Personal loan interest rate in March 2024

PERSONAL LOAN — RATES AND CHARGESName of LenderInterest rate
(p.a %)EMI (Rs)
Loan amount- 5 lakh
Tenure — 5 yearsEMI (Rs)
Loan amount- 1 lakh
Tenure — 5 yearsProcessing fee
(% of loan amount)HDFC Bank10.50 onwards10,747 onwards2,149 onwardsUp to Rs 4,999Tata Capital10.99 onwards10,869 onwards2,174 onwardsUp to 5.5%State Bank of India11.15-15.3010,909-11,9742,182-2,3951.5% (Rs 1,000-Rs 15,000)ICICI Bank10.65 onwards10,784 onwards2,157 onwardsUp to 2.50%Bank of Baroda11.05-18.7510,884-12,9022,177-2,580Up to 2% (minimum Rs 1,000 and maximum Rs 10,000)Axis Bank10.49 onwards10,744 onwards2,149 onwardsUp to 2%Kotak Mahindra Bank10.99 onwards10,869 onwards2,174 onwardsUp to 3%Bank of India10.75-14.7510,809-11,8292,162-2,366Up to 1% (Maximum Rs 5,000)Canara Bank10.95-16.4010,859-12,2662,172-2,4530.50% (Maximum Rs 2,500)Punjab National Read more on economictimes.indiatimes.com