Latest personal loan interest rates for December 2024 — see what HDFC, SBI, and top banks offer | Mint

If you are planning to get a personal loan, one key factor to keep in mind is the interest rate. The interest rate is the cost of borrowing money, expressed as a percentage of the total amount of the loan. A low interest rate will signify a low cost of borrowing, whereas a high interest rate would have a higher cost of borrowing. Therefore, borrowers mostly look for lenders providing low interest rates.

There are several factors that determine the interest rate on a personal loan.

HSBC Bank personal loan

Interest rate: 9.99% to 16% per annum

Processing fee: 2% of the loan amount

Loan amount: ₹75,000 to ₹30 lakhs

HDFC Bank personal loan

Interest rate:10.75% to 24% per annum

Processing fee: ₹4,999 and GST

Loan amount: Up to 40 lakhs

IndusInd Bank personal loan

Interest rate: 1.49% per annum onwards

Processing fee: 3.5% of the loan amount

Loan amount: Up to 50 lakhs

Tenure: 12 months to 7 years

ICICI Bank personal loan

Interest rate:10.85% to 16.25% per annum

Processing fee: 2% of the loan amount

Yes Bank personal loan

Interest rate: 11.25% to 21% per annum

Processing fee: Up to 5% of the total loan amount

Loan amount: Up to ₹35 lakhs

Axis Bank personal loan

Interest rate: 11.25% to 22% per annum

Processing fee: 2% of the total loan amount

Loan amount: Up to 40 lakhs

State Bank of India personal loan

Interest rate: 11.45% to 14.60% per annum

Loan amount: Up to ₹30 lakh

Bank of Baroda personal loan

Interest rate: 11.40% to 18.75% per annum

Loan amount: Up to 20 lakhs

South Indian Bank personal loan

Interest rate: 13.1% to 20.6% per annum

Loan amount: Up to 20 lakhs

Bank of India personal loan

Interest rate: 10.85% per annum onwards

Processing fees: Up to 2%

Loan amount: Up to ₹25 lakh

Please note that the processing fee will include taxes. Kindly contact your lender to know about the exact processing cost and other features about specific personal loans.

(Note: Raising a personal loan has its own risks)