Personal loans with rates starting at 10.5% Interest Rates.*

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What is Personal Loan?


A personal loan is a type of loan that individuals can borrow from banks, credit unions, or other financial institutions to fund various personal expenses, such as home renovations, medical bills, or consolidating high-interest debts. Unlike loans that are taken out for specific purposes like a mortgage or a car loan, personal loans are unsecured, meaning they do not require collateral such as a car or house to secure the loan.

Personal loans typically come with a fixed interest rate and a fixed repayment term, which means borrowers will know exactly how much they need to pay back each month and when the loan will be paid off. The loan amount and terms will vary depending on the lender's requirements and the borrower's creditworthiness, income, and debt-to-income ratio.

Who can apply for a Personal loan?

Anyone who meets the eligibility criteria can apply for a personal loan. Generally, lenders require borrowers to meet the following requirements:

  • Age: The borrower must be at least 18 years old or the minimum age required by the lender.
  • Income: The borrower must have a regular source of income to demonstrate that they can repay the loan. Some lenders may have a minimum income requirement.
  • Credit history: The borrower's credit history and credit score will be evaluated to determine their creditworthiness. A good credit score and history make it easier to qualify for a personal loan and secure a lower interest rate.
  • Debt-to-income ratio: Lenders also look at the borrower's debt-to-income ratio, which is the percentage of monthly income that goes toward debt payments. A lower debt-to-income ratio indicates that the borrower has a better chance of repaying the loan.
  • Citizenship and residency: Borrowers must be citizens or permanent residents of the country where they are applying for the loan.

It's essential to note that each lender may have its own eligibility criteria, and meeting the requirements does not guarantee loan approval. Therefore, it's important to shop around and compare rates and terms from different lenders before applying for a personal loan.

Check Personal Loan Interest Rates of all major banks*


Banks Rate of Interest Processing Fee Loan Amount Prepayment Charges Disbursal Time Part Payment Option
HDFC Bank 10.99% - 20.99% Rs.1999 - 2.5% Min. 50,000 Max. as per eligibility Nil (For Loan amount>10 lakhs and 12 EMI paid), else 4% 3 - 4 Days No
ICICI Bank 11% - 17.50% Rs.999 for Special offers otherwise 1% - 2.5% Rs.50,000 - Rs.20,00,000 Nil (For Loan amount >10 lacs & 12 EMI paid), else 5% 3 - 4 working days No
Citibank 11.49% to 16.50% Upto 2.0% + 0.5% (waiver on PF)
Special surprise gift from Citi Bank
Rs.1,00,000 - Rs.30,00,000 Upto 3% 48 hours Yes
Bajaj Finance 11.99% - 16% Upto 2% Upto Rs.25 Lacs Upto 4% post 1st EMI clearance Approval In 48 Hours Yes
Tata Capital 11.99% - 17% Rs.999-2.50% Rs.75,000 - Rs.15 Lacs Part Prepayment Charges: Nil (Allowed Post 6 months, Once a year, 25% of Principal Outstanding) Loan disbursement in 3-4 days Yes
Standard Chartered 12% - 17% 0 - 1% Rs.1,00,000 - Rs.30,00,000 Upto 5% 3-4 Working days Yes
IndusInd Bank 12.99% - 20% 0.5% -2% Rs.1,00,000 - Rs.25,00,000 4% 4 working days No
Kotak Bank 13.75% - 19.99% 0.99% - 2.5% Rs.100,000 - Rs.20,00,000 Zero (if loan Amount is more than 10 lakhs) Else 5% 3 - 4 working days Yes
HDB Financial Services 16% - 21% up to 2% Rs.100,000 to Rs.15,00,000 Nil for Selected Corporates Employees (CAT A & B). 
4% For Rest
2 days - 7 days No
Fullerton India 19.50% - 37% 2% Rs.50,000 - Rs.15,00,000 Upto 7.00%, 0% after 3 years 2-8 days No

Please Note*: The figures provided in the table above are indicative only and are subject to change from time to time.