Lowest Interest Personal Loan @ 10.49% @ Banks & NBFCs
Compare the lowest interest rates for personal loans in India, starting at 10.49%*, from top banks and NBFCs. Get quick approval, flexible tenures & affordable EMIs!
Key Takeaways ✦
Compare Lowest Personal Loan Interest Rates of All Banks & NBFCs
A personal loan with the lowest interest rate reduces your borrowing cost by a significant margin as it reduces the interest amount you have paid. It is ideal for borrowers with a strong credit score, good income flow and a good repayment history.
Comparison of Personal Loan Interest rates of Banks & NBFCs
Comparison of Personal Loan Interest Rates of Banks (2025)
| Bank | Interest Rate | Loan Amount | Apply |
|---|---|---|---|
| DBS Bank | From 10.99% | Up to ₹15 Lakhs | Apply |
| HDFC | From 10.85% | Up to ₹40 Lakhs | Apply |
| Axis Bank | From 10.49% | Up to ₹40 Lakhs | Apply |
| ICICI Bank | 10.75% – 19% | Up to ₹40 Lakhs | Apply |
| Bank of Baroda | 10.75% – 18.5% | Up to ₹5 Lakhs | Apply |
| SBI | From 11% | Up to ₹30 Lakhs | Apply |
| IndusInd | From 10.49% | Up to ₹50 Lakhs | Apply |
| Yes Bank | From 10.99% | Up to ₹40 Lakhs | Apply |
| Standard Chartered | From 11.5% | Up to ₹50 Lakhs | Apply |
| IDFC | From 10.49% | Up to ₹50 Lakhs | Apply |
| Kotak Mahindra | From 10.99% | Up to ₹40 Lakhs | Apply |
| PNB | From 11.40% | Up to ₹20 Lakhs | Apply |
| Bandhan Bank | From 11.55% | Up to ₹25 Lakhs | Apply |
Comparison of Personal Loan Interest Rates of NBFCs (2025)
| NBFC | Interest Rate | Loan Amount | Apply |
|---|---|---|---|
| Piramal Finance | From 12.99% | Up to ₹35 Lakhs | Apply |
| Shriram Finance | From 14% | Up to ₹35 Lakhs | Apply |
| Tata Capital | From 10.99% | Up to ₹35 Lakhs | Apply |
| InCred | From 18% | Up to ₹3 Lakhs | Apply |
| Finnable | From 16% | Up to ₹10 Lakhs | Apply |
| PaySense | From 16.8% | Up to ₹5 Lakhs | Apply |
| Poonawalla | From 9.99% | Up to ₹30 Lakhs | Apply |
| Fullerton | From 11.99% | Up to ₹25 Lakhs | Apply |
| LendingKart | From 12% | Up to ₹3 Lakhs | Apply |
| Axis Finance | From 13% | Up to ₹25 Lakhs | Apply |
| Mahindra Finance | From 10.99% | Up to ₹10 Lakhs | Apply |
| Aditya Birla | From 11.99% | Up to ₹50 Lakhs | Apply |
| Bajaj Finance | From 11% | Up to ₹50 Lakhs | Apply |
Lowest Interest rate Personal Loan Eligibility
| Criteria | Details |
|---|---|
| Employment Type | Salaried Individuals |
| Age | 21 to 65 years |
| Nationality | Indian |
| Minimum Income | From ₹20,000 |
| Employment Status | Minimum 1 year of experience, with at least 1 year in current organization |
| Credit Score | 750+ (may vary according to the lender) |
Documents Required for Lowest Personal Loan
| Document Type | Examples |
|---|---|
| Proof of Identity | Aadhar Card, PAN Card, Passport, Voter ID, Driving License |
| Proof of Address | Utility Bills, Passport, Aadhar Card |
| Proof of Income | Last 3 months salary slip, Last 6 months bank statement, Form 16 |
| Employment Proof | Employment Certificate |
| Photographs | Passport Sized Photos |
Why Compare Personal Loans with low interest rates?
With multiple lenders offering competitive interest rates, it’s essential to compare multiple banks and NBFCs. Comparing personal loans allows you to:
- Save on Interest Costs: Save on interest charges. A Higher interest rate entails higher interest charge amount.
- Customize Loan Tenure: Choose a loan which balances the EMI affordability and an interest rate that is affordable
- Understand Additional Costs: Analyze all the costs associated with the loan such as interest rate, processing fees, and other charges
Factors That Affect Personal Loan Interest Rates
- Credit Score: A credit score above 750 is required in order to process the loan
- Income Level: A person with a stable and secured employment with monthly income flow
- Employment Stability: Borrower must have employment stability. Meaning it means they should have an employment continuity for 1 year in current organization atleast
- Loan Amount and Tenure: Larger loan amounts or shorter tenures attracts lower interest rates
- Lender Relationship: Customers with existing relationship with the bank would get interest at favourable terms
How to Get a Personal Loan at the Lowest Interest Rate
- Maintain a High Credit Score: Ensure your credit score does not drop below 750.
- Compare Lenders: Use our site to compare loans across various banks and NBFCs
- Choose the Right Tenure: Ensure you choose the right tenure so that your monthly EMIs does not occupy a significant portion of your monthly budget
- Negotiate with the Lender: Negotiate with the lender if you have an existing relationship with the bank
- Apply with Pre-Approved Offers: Many banks offer pre-existing personal loans to their customers based on their relationship.
Key Features to Consider while availing Personal Loan with low interest
- Interest Rates: Look for lenders that offer personal loan with lowest interest rates
- Loan Amounts: Choose personal loans that offer flexibility in loan disbursements
- Repayment Flexibility: Go for loans that offer repayment flexibility
- Eligibility Criteria: Check your monthly income, repaying capability, and credit score
Steps to Compare Personal Loans Interest rate
- Check Online Loan Aggregators: Use a platform like Fincover to compare loan quotes from multiple lenders
- Calculate EMIs Using Loan Calculators: Use the EMI calculator. Adjust the terms to calculate EMIs for valuable terms
- Total cost of the loan: Factor in additional charges like processing charges, fees, and other charges to calculate the total cost of the loan
- Evaluate Customer Reviews: Ensure complete transparency of the lender by reading the customer reviews of various lenders
Top Tips for Securing the Lowest Interest Rate
- Improve Your Credit Score: A credit score of above 750 plus is required to improve your credit score
- Choose Shorter Tenures: A Longer tenure would mean the total cost of the loan is high. Opt for loan with shorter tenure
- Maintain a Stable Income: Ensure you carry a stable and regular income to ensure that you are in a better position to negotiate with the lenders
- Negotiate with Lenders: If you have a good credit history and a good credit score, you are in a better position to bargain with the lenders
Example of Loan Interest rate Comparison
For a ₹10,00,000 loan with a tenure of 5 years:
- Lender X: Interest rate at 10.5%, EMI ₹21493.90, total repayment ₹12.90 Lakh.
- Lender Y: Interest rate at 12.5%, EMI ₹₹22497.94, total repayment ₹13.50 Lakh
Choosing Lender X saves ₹60000 over 5 years.
FAQ on Personal Loan with Low interest rate
1. Which lender offers the lowest personal loan interest rate?
Different banks offer different interest rates based on the repaying ability of the borrowers
2. How does my credit score affect personal loan interest rates?
Banks expect a credit score of 750+ in order to get the personal loan at lowest interest rates
3. Can I negotiate the interest rate with the lender?
Yes, if you have a good credit score, stable income, and a strong relationship with the lender, you can negotiate for lower rates.
4. Are there any additional charges apart from the interest rate?
Banks charge processing fees in addition to the loan which depends on the loan size (1% -2%)
5. How can I reduce the EMI for my personal loan?
Choose a longer tenure or secure a loan at a lower interest rate to reduce your EMI amount.
