Personal Loan Comparison Tool
Compare personal loans from top banks in India. Find the best interest rates, lowest processing fees, and most suitable loan terms for your needs.
Choosing the right personal loan can save you thousands of rupees in interest payments. Our comparison tool helps you evaluate loans from India's top banks based on interest rates, processing fees, loan amounts, and eligibility criteria. Use the checkboxes below to select up to 4 loans for side-by-side comparison.
Personal loans in India typically range from 10.30% to 22% per annum, with loan amounts up to ₹50 lakhs. The interest rate you receive depends on your credit score, income, employment type, and relationship with the bank. Use our Personal Loan EMI Calculator to estimate your monthly payments before applying.
Compare Personal Loans
How to Use This Tool
Select up to 4 personal loans using the checkboxes below to compare them side-by-side. The comparison table will show interest rates, fees, loan amounts, and key features to help you make an informed decision.
| Feature | HDFC Bank Personal Loan | ICICI Bank Personal Loan | SBI Personal Loan | Axis Bank Personal Loan |
|---|---|---|---|---|
| Interest Rate | 10.50% - 21.00% | 10.75% - 19.00% | 10.30% - 15.50% | 10.49% - 22.00% |
| Processing Fee | Up to 2.5% | Up to 2.25% | 1.50% + GST | Up to 2% |
| Maximum Loan Amount | ₹40 Lakhs | ₹50 Lakhs | ₹20 Lakhs | ₹40 Lakhs |
| Loan Tenure | 12 - 60 months | 12 - 72 months | 6 - 72 months | 12 - 60 months |
| Minimum Income | ₹25,000/month | ₹30,000/month | ₹15,000/month | ₹25,000/month |
| Credit Score Required | 750+ | 700+ | 685+ | 750+ |
| Disbursal Time | 48 hours | 24 hours | 7 days | 48 hours |
| Prepayment | Allowed after 6 months | Allowed after 12 months | Allowed with charges | Allowed after 6 months |
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How to Choose the Best Personal Loan
Compare Interest Rates
Even a 1% difference in interest rate can save you thousands over the loan tenure. Use our EMI calculator to see the exact impact on your monthly payments.
Check Processing Fees
Processing fees typically range from 1.5% to 2.5% of the loan amount. On a ₹5 lakh loan, this could mean ₹7,500 to ₹12,500 upfront cost. Factor this into your decision.
Consider Disbursal Time
If you need funds urgently, choose lenders offering 24-48 hour disbursal. ICICI and HDFC typically offer the fastest processing for pre-approved customers.
Review Prepayment Terms
Check prepayment charges and lock-in periods. Some banks allow free prepayment after 6 months, while others charge 2-5% of the outstanding amount.
Key Factors Affecting Your Loan
Credit Score Impact
Your credit score is the most important factor determining your interest rate. Here's how it affects your loan:
- 750+: Best rates (10.30% - 12.00%) with quick approval
- 700-749: Good rates (12.00% - 15.00%) with standard processing
- 650-699: Higher rates (15.00% - 18.00%) with additional documentation
- Below 650: Limited options with rates above 18%
Income Requirements
Most banks require a minimum monthly income of ₹15,000 to ₹30,000. Your loan amount is typically capped at 10-15 times your monthly income. For example, with a ₹50,000 monthly income, you can expect approval for ₹5-7.5 lakhs.
Employment Type
Salaried employees from reputed companies get better rates and faster approval compared to self-employed individuals. Government employees often receive the most favorable terms due to job stability.
Related Tools & Resources
Frequently Asked Questions
Which bank offers the lowest personal loan interest rate?
SBI currently offers the lowest starting rate at 10.30% for customers with excellent credit scores (750+). However, HDFC and ICICI offer faster processing and may have better rates for pre-approved customers.
How much personal loan can I get on a ₹50,000 salary?
With a ₹50,000 monthly salary, you can typically get a personal loan of ₹5-7.5 lakhs, depending on your credit score, existing obligations, and the lender's policies. Banks usually offer 10-15 times your monthly income.
Can I prepay my personal loan without charges?
Most banks allow prepayment after a lock-in period of 6-12 months. HDFC and Axis allow prepayment after 6 months, while ICICI requires 12 months. SBI charges 2-3% for prepayment. Always check the terms before applying.
What is the fastest way to get a personal loan?
ICICI Bank offers the fastest disbursal at 24 hours for pre-approved customers. If you have an existing relationship with the bank and a good credit score, you can get instant approval and same-day disbursal.