Best Personal Loans in India
Personal loan pricing is dispersed in a way home loan pricing is not — the same applicant can be quoted 10% by their salary bank and 18% by an app, for identical money.
Floor rates apply to high-score salaried applicants at large ticket sizes.
The lender you already bank with is genuinely the best first call, because they can see your salary credits and price on evidence rather than on a bureau score alone.
Floor rates apply to high-score salaried applicants at large ticket sizes.
Data as of 15 Aug 2026Source: Lender rate cards and published comparisons, August 2026Pending issuer verification
Beyond the table
Compare on total cost, not rate. Processing fees on personal loans run to 2–3% plus 18% GST, deducted upfront — so a ₹5 lakh loan at a 2% fee disburses about ₹4.88 lakh while you pay interest on the full ₹5 lakh. That gap is worth 50–100 basis points on the effective rate, which is often larger than the rate difference you were shopping for.
Watch for the bundled insurance. Many personal loan sanctions attach a single-premium credit protection policy, financed inside the loan, presented as improving your approval odds. It is optional. If you want the cover, a term policy bought separately costs a fraction and does not accrue loan interest for five years.
Your numbers
- Principal48%
- Interest52%
- Principal
- ₹50,00,000
- Total interest
- ₹54,13,879
- Total payable
- ₹1,04,13,879
- Interest as % of principal
- 108.28%
What this means.Over 20 years you repay more in interest than you borrowed. Cutting the tenure or prepaying early changes this sharply.
View the full breakdown (20 rows) →
At ₹50,00,000 over 20 years, Bank of Baroda holds the lowest advertised floor on our board.
Only these figures travel with you.
Questions
What is a good personal loan interest rate in India?
Anything under about 12% is competitive for a salaried applicant with a strong credit score. Above 18% you are being priced as high risk, and it is worth asking whether a secured alternative — a loan against fixed deposit, a gold loan, or a top-up on an existing home loan — is available instead.
Which bank gives a personal loan most easily?
Usually the bank where your salary is credited, because it can underwrite on observed cash flow rather than on the bureau alone. That also tends to produce the fastest disbursal. It does not automatically produce the cheapest rate, so it is worth getting one competing quote.
Does applying to several lenders hurt my credit score?
Yes, if you actually submit applications — each is a hard enquiry, and a cluster of them in a short window reads as credit hunger. Use eligibility checkers that perform a soft enquiry to shortlist, then formally apply to one or two.
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Sources
Every figure on this page is traced to the document it came from. Where a claim rests on a regulator or an institution’s own rate card, that is the link below — not a summary of it.
- [2]Understanding your CIBIL score and report— TransUnion CIBILPrimary
- [3]Home, personal, vehicle and education loan rate cards — August 2026— Lender published rate cardsas of 15 August 2026