Personal Loan Interest Rates India 2026

10.30%

Lowest Rate (SBI)

₹40L

Max Loan Amount

2 hrs

Fastest Disbursal

84 mo

Max Tenure

🏆 Lowest Rate

SBI Personal Loan

10.30%

p.a. onwards

10.30%

Interest Rate

Processing Fee

₹20L

Max Amount

3–7 days

Disbursal Time

⚡ Fastest Bank

HDFC Personal Loan

10.50%

p.a. onwards

10.50%

Interest Rate

2.5%

Processing Fee

₹40L

Max Amount

2–4 hrs

Disbursal Time

ICICI Personal Loan

10.65%

p.a. onwards

10.65%

Interest Rate

2.25%

Processing Fee

₹25L

Max Amount

3 hrs

Disbursal Time

🚀 Highest Amount

Bajaj Finserv

11.00%

p.a. onwards

11.00%

Interest Rate

Up to 3.93%

Processing Fee

₹35L

Max Amount

2 hrs

Disbursal Time

Kotak Mahindra Bank

10.99%

p.a. onwards

10.99%

Interest Rate

Up to 2.5%

Processing Fee

₹25L

Max Amount

1–2 days

Disbursal Time

Axis Bank

10.49%

p.a. onwards

10.49%

Interest Rate

Processing Fee

₹15L

Max Amount

1 day

Disbursal Time

✅ Best Self-Employed

Tata Capital

10.99%

p.a. onwards

10.99%

Interest Rate

2.75%

Processing Fee

₹35L

Max Amount

Same day

Disbursal Time

📱 App-Only | Higher Rate

KreditBee / MoneyTap

16–28%

p.a. (varies)

16–28%

Interest Rate

2–4%

Processing Fee

₹5L

Max Amount

10 min

Disbursal Time

📊 Side-by-Side Rate Table

Lender	Interest Rate	Processing Fee	Max Tenure	Min Income	Disbursal	Best For
SBI	10.30% LOWEST	1% (max ₹9,999)	72 months	₹15,000/mo	3–7 days	Govt/PSU employees
Axis Bank	10.49%	2% + GST	60 months	₹25,000/mo	1 day	Axis salary holders
HDFC Bank	10.50%	2.5% (max ₹25K)	60 months	₹25,000/mo	2–4 hrs ⚡	Speed + highest limit
ICICI Bank	10.65%	2.25% + GST	60 months	₹30,000/mo	3 hrs ⚡	MNC/corporate staff
Kotak Bank	10.99%	2.5% + GST	84 months LONGEST	₹25,000/mo	1–2 days	Self-employed professionals
Tata Capital	10.99%	2.75% + GST	72 months	₹20,000/mo (ITR ok)	Same day ⚡	Self-employed + ITR
Bajaj Finserv	11.00%	Up to 3.93%	84 months	₹20,000/mo	2 hrs ⚡	High amount, rural
KreditBee / Fintechs	16–28% AVOID	2–4%	36 months	₹10,000/mo	10 min ⚡	Emergency only

💡 Personal Loan — What You Must Know Before Applying

CIBIL Score is Everything
Score 750+: you get best rates (10.3–11%). Score 700–749: add 1–2%. Score below 700: most banks reject. Check your CIBIL free at CIBIL.com before applying.

Processing Fee is Non-Refundable
On a ₹5L loan at 2.5%, that's ₹12,500 gone even if you repay early. Negotiate to 0–1% or choose low-fee lenders like SBI.

Prepayment Penalty Exists
Unlike home loans, personal loan pre-payment charges of 2–5% apply at most banks. Only NBFC-regulated loans allow free foreclosure after 6 months.

Don't Apply at Multiple Banks Simultaneously
Each hard inquiry drops your CIBIL by 3–5 points. Too many inquiries = rejection. Use BankBazaar to check soft eligibility first, then apply to 1–2 banks only.

EMI Should Not Exceed 40% of Salary
Banks check FOIR (Fixed Obligation to Income Ratio). If existing EMIs + new EMI > 40–50% income, expect rejection. Calculate your EMI capacity first.

Tax Benefit: Only for Business/Education
Personal loan interest is not tax deductible for personal expenses. Only if used for business (Schedule C) or home renovation (Sec 24). Keep proof of end-use if claiming deduction.

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