Top 10 banks offering most competitive personal loan interest rates; check full list here
When faced with a sudden financial shortfall, many people turn to personal loans to meet their immediate needs. While personal loans typically come with higher interest rates, they provide a quick and convenient solution to obtain the necessary funds.
Obtaining a personal loan is particularly straightforward for salaried employees. The required documents usually include the past three months' salary slips, bank statements, and identification proof such as a driving licence or Aadhaar card.
Before settling on a specific lender, it is wise to compare the interest rates offered by different institutions to find the best option for your needs. In general, lenders tend to charge lower interest rates for borrowers with high credit scores, while those with lower scores may face higher rates.
Here we list out the current interest rates charged by top banks as they reveal on their official websites.
Bank name
Current interest rate on personal loan
HDFC Bank
10.75% to 24%
ICICI Bank
10.65% to 16.00%
SBI
11.15% to 11.90%
Kotak Mahindra
10.99%
Axis Bank
10.65% to 22%
IndusInd Bank
10.25% to 26%
Bank of Baroda
11.40% to 18.75%
Punjab National Bank
11.40% to 12.75%
Union Bank of India
11.35% to 15.45%
IDBI Bank
10.50% to 13.25%
(Source: Banks’ websites)
To get the lowest interest rate on a personal loan, it is important to have a high credit score. Applicants with a credit score over 750 are more likely to be offered low interest rates. It is also important to avoid missing loan or credit card payments, as your repayment history is taken into account by loan providers.
Keeping an eye out for special offers during festive occasions can also help in getting a lower interest rate. Comparing interest rates offered by different
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