Personal Loan

Personal Loan Interest Rates

Bank Name	Interest Rates	Processing Fee	EMI Per Lakh
SBI	9.60%	1.00%	₹ 1,832
HDFC Bank	10.25%	Upto 2.50%	₹ 2,137
ICICI Bank	10.50%	Upto 2.25%	₹ 2,149
Bajaj Finserv	12.99%	1.50% - 3%	₹ 2,275
IDFC First Bank	10.49%	Upto 2.00%	₹ 2,149
Axis Bank	10.49%	Rs.4,999	₹ 2,149
Tata Capital	11.25%	Upto 2.50%	₹ 1,916
Fullerton India	11.99%	2%	₹ 2,633
Kotak Bank	10.25%	From Rs.1999	₹ 2,548
RBL Bank	14.00%	Upto 3.5%	₹ 2,327
IDBI Bank	12.00%	1.00%	₹ 2,224

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Important Info

When it comes to having a flexible financing option, personal loans are usually preferred given their flexibility of usage, minimum required documentation, quick processing time, and shorter repayment tenure of 1-5 years. So far as the Annual Percentage Rate, or APR, for a personal loan is concerned, it is determined based on the profile of the loan applicant as well as the lender. The rate may vary from 11.29% to 35%.

For instance, if a person applies for a loan of Rs. 4.5 lakhs at 15.5% to be repaid in 3 years, the EMI will come to Rs. 15, 710. This means, at the end of 3 years, the person will have to pay a total of Rs. 5,63,553, which will include the total payable interest of Rs 1,15,553. The amount that you finally pay, however, will not include any other applicable charges like a loan processing charge of 2%, which is equal to Rs. 9000 in this case, documentation charge of Rs. 500, and amortization schedule charge of Rs. 200.

In addition, if there is any change in the mode of payment or there is any kind of swapping of a post-dated cheque, the additional fees are applicable accordingly. The prepayment options, which may or may not be available, and the applicable charges may vary based on the provisions of the lending institution.

Personal Loan Fees and Charges

Processing Fees:-

Along with Personal Loan Interest Rates, banks also charge processing fees on a personal loan. A processing fee on a personal loan is a one-time fee levied on the loan amount to process the application.

Foreclosure Charges:-

If you want to prepay or close your personal loan account before the predetermined loan tenure, you need to bear fees for prepayment & foreclosure. These charges can range from nil to up to 6% of the outstanding balance.

Late Payment Charges:-

Banks also charge a penalty on late payment of EMIs if you delay on your Personal EMI.

Other Charges after loan disbursal: -

A few other charges that the bank levies on personal loan customers post disbursement can include cheque bounce charges, fees for duplicate statements or loan switch fees. These charges are not to be paid by all customers and are applicable only when that event happens.

Bank Name	Processing Fee	Foreclosure Charges	Penalty
HDFC Bank	Upto 2.50% Min Rs. 999	2 - 4%	2%
Kotak Bank	Starting from Rs.1999	5% foreclosure charges	3% per month
Axis Bank	Rs.4,999	1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%	24% per annum
IndusInd Bank	Min 0.75% to Max 1.75%	4%	Rs 150/- , Per EMI delay beyond 5 days
Federal Bank	0.5%, Min Rs. 500	Nil prepayment charges	N.A
IDFC First Bank	Upto 2.00%	5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan	2% of the unpaid EMI or Rs 300 whichever is higher
ICICI Bank	Upto 2.25% of Loan Amount	5%	24% per annum
Bank of Baroda	2%, Min Rs. 250	Nil	N.A
Yes Bank	1499	Up to 4%	24% per annum
Indian Overseas Bank	Rs. 204 Per Lakh	Nil prepayment charges	N.A

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All the services provided by eMax at the time of applying for a loan against property were fantastic. Be its quick turnaround time, fast processing, excellent guidance, etc. The entire… Read more “1”

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Personal Loan Interest Rates

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12

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Important Info