Latest personal loan interest rates for December 2024 — see what HDFC, SBI, and top banks offer
Personal loans: When considering a personal loan, interest rates are crucial as they determine borrowing costs. Rates vary by lender, with options ranging from 9.99% to 24% per annum for loans up to ₹50 lakhs, depending on the bank and tenure.
If you are planning to get a personal loan, one key factor to keep in mind is the interest rate. The interest rate is the cost of borrowing money, expressed as a percentage of the total amount of the loan. A low interest rate will signify a low cost of borrowing, whereas a high interest rate would have a higher cost of borrowing. Therefore, borrowers mostly look for lenders providing low interest rates.
There are several factors that determine the interest rate on a personal loan.
- Employment and income: A stable employment status with a steady income assures the lender of your ability to repay the loan. They might offer a low interest rate when you have a stable source of income.
- Credit history: Lenders take into account your credit history to approve your loan. A good credit history will symbolise your repayment capacity. Lenders might charge low interest rates after the ability to repay your debt on time.
- Lender: Personal loan interest rate will depend on your relationship with the lender. If you have a reputation of paying dues on time, the lender will offer low interest rates and favorable repayment terms.
Personal loan interest rates for December 2024
HSBC Bank personal loan
Interest rate: 9.99% to 16% per annum
Processing fee: 2% of the loan amount
Tenure: Up to 5 years
Loan amount: ₹75,000 to ₹30 lakhs
HDFC Bank personal loan
Interest rate:10.75% to 24% per annum
Processing fee: ₹4,999 and GST
Loan amount: Up to 40 lakhs
Tenure: 12 to 60 months
IndusInd Bank personal loan
Interest rate: 1.49% per annum onwards
Processing fee: 3.5% of the loan amount
Loan amount: Up to 50 lakhs
Tenure: 12 months to 7 years
ICICI Bank personal loan
Interest rate:10.85% to 16.25% per annum
Processing fee: 2% of the loan amount
Loan amount: ₹50 lakh
Tenure: 12 to 72 months
Yes Bank personal loan
Interest rate: 11.25% to 21% per annum
Processing fee: Up to 5% of the total loan amount
Loan amount: Up to ₹35 lakhs
Tenure: 12 to 60 months
Axis Bank personal loan
Interest rate: 11.25% to 22% per annum
Processing fee: 2% of the total loan amount
Loan amount: Up to 40 lakhs
Tenure: 12 to 84 months
State Bank of India personal loan
Interest rate: 11.45% to 14.60% per annum
Processing fee: 1.50%
Loan amount: Up to ₹30 lakh
Tenure: Up to 6 years.
Bank of Baroda personal loan
Interest rate: 11.40% to 18.75% per annum
Processing fee: Up to 2%
Loan amount: Up to 20 lakhs
Tenure: Up to 5 years
South Indian Bank personal loan
Interest rate: 13.1% to 20.6% per annum
Processing fee: Up to 2%
Loan amount: Up to 20 lakhs
Tenure: Up to 60 months
Bank of India personal loan
Interest rate: 10.85% per annum onwards
Processing fees: Up to 2%
Loan amount: Up to ₹25 lakh
Tenure: 12 to 60 months
Please note that the processing fee will include taxes. Kindly contact your lender to know about the exact processing cost and other features about specific personal loans.
(Note: Raising a personal loan has its own risks)
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