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Comparing Personal Loan Interest Rates: Which Bank Offers the Lowest Rates?

When it comes to taking out a personal loan, finding the bank or NBFC that offers the lowest interest rates is crucial. Lower interest rates mean lower monthly payments and less overall interest paid over the life of the loan. In this article, we will compare the interest rates offered by various banks and NBFCs to help you find the best deal.

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Axis Bank: Starting from 10.49% onwards

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Axis Bank is known for offering competitive interest rates on personal loans. With interest rates starting from 10.49% onwards, they are among the banks that offer some of the lowest rates in the market. Whether you need funds for a wedding, medical emergency, or any other personal expense, Axis Bank can be a good option to consider.

IndusInd Bank: Starting from 10.49% onwards

IndusInd Bank is another bank that offers personal loans at attractive interest rates. With rates starting from 10.49% onwards, they are on par with Axis Bank in terms of affordability. IndusInd Bank provides flexible repayment options and quick loan disbursal, making them a popular choice among borrowers.

Also Read: Your Personal Financial Guide: Recommended Financial Products Based on Your Needs (Credit Card, Personal Loan, Saving Account, Instant Loan)

IDFC First Bank: Starting from 10.75% onwards

IDFC First Bank is a relatively new player in the banking sector but has gained popularity for its competitive interest rates on personal loans. With rates starting from 10.75% onwards, they offer a good deal for borrowers looking for affordable financing options. IDFC First Bank also provides personalized loan offers based on the borrower’s credit profile.

HDFC Bank: Starting from 10.50% onwards

HDFC Bank is one of the leading private sector banks in India and offers personal loans at competitive interest rates. With rates starting from 10.50% onwards, HDFC Bank provides affordable loan options for various purposes. They have a simplified loan application process and quick loan approval, making them a preferred choice for many borrowers.

ICICI Bank: Starting from 10.80% onwards

ICICI Bank is a well-established bank that offers personal loans at competitive interest rates. With rates starting from 10.80% onwards, ICICI Bank provides affordable financing options for a wide range of needs. They also offer pre-approved personal loans to eligible customers, making the loan application process even more convenient.

Kotak Mahindra Bank: Starting from 10.99% onwards

Kotak Mahindra Bank is known for its customer-centric approach and offers personal loans at competitive interest rates. With rates starting from 10.99% onwards, they provide affordable financing options for various purposes. Kotak Mahindra Bank also offers flexible repayment options and quick loan disbursal, ensuring a hassle-free borrowing experience.

Tata Capital: Starting from 10.99% onwards

Tata Capital is a trusted NBFC that offers personal loans at competitive interest rates. With rates starting from 10.99% onwards, they provide affordable financing options for individuals with different credit profiles. Tata Capital also offers personalized loan offers and flexible repayment options to suit the borrower’s needs.

Bajaj Finserv: Starting from 11.00% onwards

Bajaj Finserv is a leading NBFC that offers personal loans at competitive interest rates. With rates starting from 11.00% onwards, they provide affordable financing options for various purposes. Bajaj Finserv also offers quick loan approval and disbursal, making them a popular choice among borrowers.

Federal Bank: Starting from 11.49% onwards

Federal Bank is a well-established bank that offers personal loans at competitive interest rates. With rates starting from 11.49% onwards, they provide affordable financing options for individuals with different credit profiles. Federal Bank also offers flexible repayment options and quick loan disbursal, ensuring a hassle-free borrowing experience.

DMI Finance: Starting from 12.00% – 40.00%

DMI Finance is an NBFC that offers personal loans with interest rates ranging from 12.00% to 40.00%. While their interest rates might be higher compared to the banks mentioned above, DMI Finance caters to individuals with different credit profiles, including those with less-than-perfect credit. They provide customized loan offers and flexible repayment options.

It’s important to note that the interest rates mentioned above are indicative and may vary based on factors such as the borrower’s credit score, income, loan amount, and repayment tenure. It is advisable to check with the respective banks or NBFCs for the most accurate and up-to-date interest rates before applying for a personal loan.

Also Read: Top 5 Things to Consider Before Taking a Personal Loan in India

Current Interest Rate on Personal Loans

Banks/NBFCsInterest Rates(p.a.)
Axis Bank10.49% onwards
IndusInd Bank10.49% onwards
IDFC First Bank10.75% onwards
HDFC Bank10.50% onwards
ICICI Bank10.80% onwards
Kotak Mahindra Bank10.99% onwards
Tata Capital10.99% onwards
Bajaj Finserv11.00% onwards
Federal Bank11.49% onwards
DMI Finance12.00% – 40.00%
L&T Finance12.00% onwards
Kreditbee16.00% – 29.95%
MoneyTap13.00% onwards
Piramal Finance12.99% onwards
Aditya Birla13.00% onwards
Moneyview15.96% onwards
Cashe27.00% onwards

In conclusion, several banks and NBFCs offer competitive interest rates on personal loans. Axis Bank, IndusInd Bank, IDFC First Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Tata Capital, Bajaj Finserv, Federal Bank, and DMI Finance are among the institutions that provide affordable financing options. When considering a personal loan, it’s essential to compare the interest rates, repayment terms, and other factors to make an informed decision.

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