Need a Personal Loan? Check Latest Interest Rates by ICICI, Axis, Kotak and SBI
Because personal loans lack security or collateral, borrowers must pay higher interest rates.
Personal loans are often a go-to option when you need urgent funds. Whether it's for a wedding, higher education, home renovation or emergency situations, many people often look for personal loans.
One key reason is that you can get these loans without offering any collateral, such as property or gold. Since they are unsecured and don't require any security, the interest rates are generally higher.
However, several banks have lowered their interest rates after the Reserve Bank of India (RBI) reduced the repo rate by 100 basis points, which means 1 percent. This change usually applies to home loans and car loans as they have floating interest rates.
Personal loans usually have fixed interest rates, so the rate is decided at the time of taking a loan and it cannot be changed later. So, even though RBI has cut the rates, the interest rate usually remains the same if your personal loan is ongoing.
Banks and their personal loan interest rates
HDFC Bank: The interest rate ranges from 10.9 percent p.a. to 24 percent p.a. with a loan processing fee up to Rs 6,500 plus GST.
ICICI Bank: The interest rate ranges between 10.8 percent and 16.5 percent with a loan processing fee up to 2 percent plus GST.
Kotak Bank: The interest rate starts from 10.99 percent to 25 percent with a processing fee up to 5 percent.
Axis Bank: The interest rate ranges from 9.99 percent to 22 percent with a processing fee up to 2 percent of the loan amount plus GST.
SBI Bank: The interest rate ranges from 10.30 percent to 15.30 percent.
Features of personal loans
Personal loans provide many benefits, such as no need for collateral, speedy approval and disbursement, fixed interest rates and flexible repayment tenure. You can use personal loans for any purpose, such as debt consolidation or vacation funding.
However, because personal loans lack security or collateral, borrowers must pay higher interest rates.
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