Personal Loans in India 2025: Compare Interest Rates & Apply Online
Compare personal loan interest rates from 25+ banks and NBFCs. Get instant approval, lowest EMI, and flexible repayment options. Updated daily with latest rates and offers.
Personal loans have become one of the most popular financial products in India, with over ₹8.5 lakh crore disbursed in 2024 alone. Whether you need funds for a wedding, medical emergency, home renovation, or debt consolidation, personal loans offer quick access to unsecured credit without requiring collateral. With interest rates ranging from 10.49% to 24% per annum, choosing the right lender can save you lakhs of rupees over the loan tenure.
At Credsir, we've analyzed personal loan offerings from 25+ banks and NBFCs to help you make an informed decision. Our comparison includes real-time interest rates, processing fees, eligibility criteria, and customer reviews. Use our Personal Loan EMI Calculator to estimate your monthly payments and total interest outgo before applying.
Key Factors to Consider
- Interest Rate: Even a 0.5% difference can impact your total cost significantly. Compare rates across multiple lenders.
- Processing Fees: Typically 1-3% of loan amount. Some banks waive this during promotional periods.
- Prepayment Charges: Check if the lender allows part-payment or foreclosure without penalties.
- Credit Score Impact: A score above 750 qualifies you for the best rates. Check your credit score for free.
The personal loan market has evolved significantly with digital lending platforms offering instant approvals within minutes. However, traditional banks still dominate with competitive rates for salaried employees. According to RBI data, the average personal loan ticket size in India is ₹3.2 lakhs with a tenure of 36 months. Our analysis shows that borrowers who compare at least 3-4 lenders save an average of ₹45,000 in interest costs over the loan period.
Before applying, ensure you understand the total cost of borrowing including processing fees, GST, and any hidden charges. Use our Loan Prepayment Calculator to see how making extra payments can reduce your interest burden. For those considering multiple loans, our Loan Refinance Calculator can help determine if consolidating debts makes financial sense.
Personal Loan Interest Rates Comparison 2025
| Lender | Interest Rate | Processing Fee | Loan Amount | Tenure | Rating | Action |
|---|---|---|---|---|---|---|
🏦 IndusInd Bank Lowest Rate | 10.49% per annum | 2.00% | ₹0.3L - ₹50.0L | 12-60 months | 4.2★ | |
10.5% per annum | 2.50% | ₹0.5L - ₹40.0L | 12-60 months | 4.5★ | ||
10.75% per annum | 2.00% | ₹0.5L - ₹50.0L | 12-72 months | 4.4★ | ||
10.99% per annum | 2.00% | ₹0.5L - ₹40.0L | 12-60 months | 4.4★ | ||
10.99% per annum | 2.50% | ₹0.5L - ₹35.0L | 12-60 months | 4.3★ | ||
10.99% per annum | 2.00% | ₹0.5L - ₹40.0L | 12-60 months | 4.2★ | ||
10.99% per annum | 2.75% | ₹0.8L - ₹35.0L | 12-72 months | 4.2★ | ||
11% per annum | 3.00% | ₹1.0L - ₹35.0L | 12-60 months | 4.3★ | ||
11.15% per annum | 1.50% | ₹0.3L - ₹20.0L | 6-72 months | 4.3★ | ||
11.49% per annum | 2.50% | ₹0.5L - ₹40.0L | 12-60 months | 4.1★ |
Top Personal Loan Lenders in India
Personal Loan Application Process
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Related Resources & Tools
Frequently Asked Questions
Most banks require a minimum credit score of 750 for personal loan approval. However, some lenders may approve loans with scores as low as 650, though at higher interest rates. A score above 750 qualifies you for the best rates and terms.
Typically, banks offer personal loans up to 10-15 times your monthly salary. For example, if your monthly salary is ₹50,000, you may be eligible for a loan of ₹5-7.5 lakhs. However, the final amount depends on your credit score, existing obligations, and the lender's policies.
Most banks allow prepayment of personal loans without any charges. However, some lenders may charge a prepayment penalty of 2-5% if you close the loan within the first 12 months. Always check the loan agreement for prepayment terms before applying.
Standard documents include: Identity proof (Aadhaar/PAN), Address proof, Salary slips (last 3 months), Bank statements (last 6 months), Form 16 or ITR for last 2 years. Self-employed individuals need to provide business proof, ITR, and bank statements.
Digital lenders and fintech companies can approve loans within minutes to a few hours. Traditional banks typically take 2-7 working days. Once approved, funds are usually disbursed within 24-48 hours to your bank account.
Fixed rates remain constant throughout the loan tenure, providing predictable EMIs. Floating rates change based on market conditions and the lender's benchmark rate. Fixed rates are typically 1-2% higher than floating rates but offer stability against rate hikes.