Compare Personal Loan Interest Rates

The Personal Loan interest rate varies from bank to bank. Basically there are two types of interest rate, including Reducing rate and Flat rate of interest.

In flat interest rate, the interest is calculated upon the full amount of the loan. While calculating interest, lender does not consider that monthly EMIs will gradually reduce the principal amount.

For calculating fixed rate of interest, lenders use the formula

Interest Payable per Installment = (Original Loan Amount * No. of Years * Interest Rate p.a.) / Number of Installments

In Reducing Interest rate, the interest is calculated on the outstanding loan amount of every month. The outstanding loan amount gets reduced after every EMI payment.

For calculating reducing balance interest, lenders use the formula

Interest Payable per Installment = Interest Rate per Installment * Remaining Loan Amount.

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Compare Personal Loan Interest Rates

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Bank Category A(Elite) Category B(Govt. Employee) Category C(Open Market)

ICICI

Salary

RAAC Rate

>=75k

16.00%

50k-74.99k

16.25%

35k-49.99k

17.00%

20k-34.99k

18.00%

20k

18.25%

Salary

RAAC Rate

>=50k

15.50%

35k-49.99k

16.50%

20k-34.99%

18.00%

20k

18.50%

Salary

RAAC Rate

>=75k

17.50%

50k-74.99k

17.75%

35k-49.99k

18.00%

20k-34.99k

19.00%

<20k

19.50%

Pre-payment charges Floating: NIL Pre-payment charges Fixed: 2% of principal outstanding
Processing Fees: up to 1% of loan amount + service tax

Kotak

Salary

RAAC Rate

> 45k

14.9%

30k-45k

15.25%

20k-30k

15.75%

Salary

RAAC Rate

>75k

15.8%

< 20k

15.8%

Salary

RAAC Rate

>95K

15.15%

60k-95k

16.5%

40k-60k

17.5%

< 40k

20%

Pre-payment charges Floating: up to 5% of principal outstanding
Processing Fees: up to 2.50% of loan amount + service tax

RBL

Salary

RAAC Rate

>25k

14%

< 25k

19%

Salary

RAAC Rate

>25k

14%

< 25k

19%

Salary

RAAC Rate

>25k

14%

< 25k

19%

Pre-payment charges: up to 5% of principal outstanding
Processing Fees: up to 2.50% of loan amount + service tax

Fullerton

Salary

RAAC Rate

18k

31.5%

18k-25k

28.5%

25k-30k

27%

30k-35k

25.5%

35k-40k

23.5%

40k-50k

23%

50k-80k

22%

>80k

19.5%

Salary

RAAC Rate

< 18k

35.5%

18k-25k

32.5%

25k-30k

31%

30k-35k

29.5%

35k-40k

27.5%

40k-50k

26.5%

50k-80k

23.5%

>80k

21.5%

Salary

RAAC Rate

< 18k

40.5%

18k-25k

36.5%

25k-30k

35%

30k-35k

33.5%

35k-40k

31.5%

40k-50k

30.5%

50k-80k

27.5%

>80k

25.5%

Pre-payment charges: up to 5% of principal outstanding
Processing Fees: up to 2.50% of loan amount + service tax

Axis

Salary

RAAC Rate

75k

15.50%

16.25%

17.00%

Salary

RAAC Rate

50k

16.50%

< 50k

18.00%

Salary

RAAC Rate

>75k

24%

Pre-payment charges Floating: up to 3% of principal outstanding
Processing Fees: up to 2.50% of loan amount + service tax