Best Personal Loan in 2023

Interest Rate 10.49% Check Best Offers
Processing Fee Upto 2% of the loan amount
Loan Tenure Upto 5 years
Lowest EMI Per Lakh ₹ 2,275 for 5 years
Prepayment Charges Nil or upto 5% of the outstanding balance

Apply for Personal Loan @ 10.49%*

Learn More About Personal Loans

What is a Personal Loan?

Personal loans are a type of unsecured loan that can be used for a variety of purposes, including consolidating debt, paying for home improvements, or covering unexpected expenses. Unlike secured loans, personal loans do not require collateral and are based on the borrower’s creditworthiness and ability to repay the loan.

Personal loans are offered by banks, credit unions, and online lenders, and typically have fixed interest rates and repayment terms. The terms of a personal loan will vary depending on the lender, the borrower’s credit score and income, and the loan amount.

Personal Loan interest rates:

Personal loans interest rates differ across lenders and vary between 10.49% to 36.00% depending on factors like candidates’ profiles, loan amount, compensation tenure, etc, interest rates and EMIs are calculated against a loan. If you have got a profile with a high credit score, you’re most likely to induce credits at the foremost competitive rates.

Next Segment: Before applying for a personal loan, it’s important to carefully consider your financial situation and determine if taking on additional debt is the right decision for you. Be sure to shop around and compare offers from multiple lenders to find the loan that best fits your needs.

Once you have chosen a lender and been approved for a personal loan, be sure to carefully read and understand the terms of the loan agreement, including the interest rate, fees, and repayment schedule. It’s also important to make timely and consistent payments to avoid damaging your credit score and incurring additional fees.

Overall, personal loans can be a useful financial tool for those who need access to funds for a specific purpose, but it’s important to carefully consider all of your options and be prepared to make regular and timely payments.

Compare Best Personal Loan Interest Rates of All Banks - Jan'2023

Here is a comparison between personal loan offers from top banks in India, based on interest rates and processing fees. These two charges make the most of the overall cost of personal loans. This table can help you with deciding which is the most affordable personal loan available right now.
BankInterest RatesProcessing Fee
SBI10.90%Up to 1.50%
HDFC Bank10.35%Up to 2.50%
ICICI Bank10.75%Up to 2.25%
PNB11.15%Up to 1% + GST
Bajaj Finserv13%Up to 4.13% + GST
Bank of Baroda10.60%Up to 2%
Bank of India9.75%Up to 2%
IDFC First Bank10.49%Up to 2%
Central Bank of India12.10%Up to Rs. 500
Yes Bank10.99%Up to 2.50%
IDBI Bank11%Up to 1% + taxes
Kotak Mahindra Bank10.50%0.75% ( till 25th Oct )
Axis Bank10.49%1.50% to 2% + GST
Federal Bank10.49%Up to 3%
Canara Bank13.15%Up to 0.50%
IndusInd Bank11%Up to 2.50%
Indian Bank 9.75%As communicated by corporate office
South Indian Bank12.50%2% + GST
Dhanlaxmi Bank12.40%Up to 2.5%

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Calculator Disclaimer

The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.

Features And Benefits:

A personal loan is a flexible financial solution that allows you to borrow a specific amount of money and pay it back over a set period of time. There are many benefits to taking out a personal loan, including:

Overall, a personal loan is a valuable financial tool that can help you achieve your financial goals and improve your financial health. Whether you’re looking to pay off debt, fund a big purchase, or cover an unexpected expense, a personal loan can be a smart and affordable solution.

Types of Personal Loans:

Personal Loan for medical emergencies: Medical emergencies can be financially overwhelming and can put a strain on one’s savings or credit card limits. A personal loan can provide the necessary funds to cover the medical costs. Personal loans can provide access to funds quickly, which can be crucial in medical emergencies where time is of the essence.

Education Loan: Personal loans for education can help cover the cost of tuition, fees, books, and other education-related expenses. Such loans can come handy for the Borrowers who can use personal loans to finance their education at a variety of institutions, including colleges, universities, trade schools, and vocational programs.

Home Renovation Loan: Personal loans for home renovation allow homeowners to finance their home improvement projects without using their home equity or credit cards. This can help them avoid putting their home at risk and incurring high-interest credit card debt.

Wedding Loan: A personal loan for a wedding can provide a flexible and affordable financing option for the costs associated with a wedding, such as the venue, attire, decorations, and catering. It allows couples to spread out the cost of the wedding over a fixed repayment period, which can help them to manage their budget and avoid incurring high-interest credit card debt.

Travel Loan: Travel loans allow individuals to finance their travel expenses without having to dip into their savings or use credit cards with high interest rates.

Pension Loan: Such loans are aimed at providing a source of income for individuals who are retired or nearing retirement. These loans have lower interest rates and more favourable repayment terms compared to other forms of borrowing.


Below are the set of documents that are required to get an approval for a personal loan:

A completed personal loan application form

Personal Loan Eligibility Criteria

To be eligible for a personal loan, you typically need to meet certain criteria set by the lender, such as having a good credit score and a steady income. Other factors that may be considered include your debt-to-income ratio, the amount of money you are looking to borrow, and the purpose of the loan. Some lenders may also require you to have a minimum amount of savings or assets. It’s important to carefully review the eligibility requirements of any lender you are considering before applying for a personal loan.

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