Personal Loans in Bangalore

Personal Loan Interest Rates Comparison, Lowest EMI Nov 2016, Best rates

Bank	Personal Loan Interest Rates*	Lowest EMI per lakh
HDFC Bank 4.2/5 135 votes	15.75% – 20.00%	Rs. 2,419	Explore More
SBI 3.4/5 4 votes	12.50% – 16.60%	Rs. 2,658	Explore More
ICICI Bank 4.2/5 20 votes	11.49% – 22.00%	Rs. 2,199	Explore More
Axis Bank 3.8/5 28 votes	15.50% – 24.00%	Rs. 2,405	Explore More
Bajaj Finserv 3.4/5 17 votes	14.25% – 16.75%	Rs. 2,340	Explore More
Standard Chartered Bank 3.8/5 6 votes	11.99% – 15.50%	Rs. 2,224	Explore More
Fullerton India 2.7/5 4 votes	17.25% – 35.00%	Rs. 2,898	Explore More
IDFC Bank 0/5 0 votes	12.00% – 18.00%	Rs. 2,224	Explore More
Capital First 0/5 0 votes	16.00% – 24.00%	Rs. 3,516	Explore More
Citibank 4.2/5 34 votes	11.49% – 15.75%	Rs. 2,199	Explore More
Kotak Bank 3.3/5 11 votes	11.50% – 24.00%	Rs. 2,199	Explore More
IndusInd Bank 3.9/5 25 votes	12.99% – 18.50%	Rs. 2,275	Explore More
Canara Bank 0/5 0 votes	13.65% – 13.65%	Rs. 2,715	Explore More
Dena Bank 0/5 0 votes	13.00% – 14.00%	Rs. 3,369	Explore More
Union Bank of India 3.3/5 1 votes	14.40% – 14.40%	Rs. 2,348	Explore More
Bank of Baroda 0/5 0 votes	14.10% – 14.10%	Rs. 3,423	Explore More
Vijaya Bank 0/5 0 votes	12.70% – 13.70%	Rs. 2,260	Explore More
Karur Vysya Bank 0/5 0 votes	13.90% – 16.40%	Rs. 3,413	Explore More
Tata Capital 4.5/5 1 votes	13.50% – 17.50%	Rs. 1,846	Explore More
Bank of Maharashtra 0/5 0 votes	15.10% – 15.10%	Rs. 3,471	Explore More
Andhra Bank 0/5 0 votes	13.95% – 16.00%	Rs. 2,324	Explore More
Corporation Bank 0/5 0 votes	13.50% – 14.50%	Rs. 3,394	Explore More
IDBI Bank 0/5 0 votes	13.20% – 13.75%	Rs. 2,286	Explore More
Indian Bank 0/5 0 votes	14.50% – 17.00%	Rs. 3,442	Explore More
Indian Overseas Bank 0/5 0 votes	12.70% – 15.25%	Rs. 2,260	Explore More
PNB 0/5 0 votes	12.45% – 15.45%	Rs. 2,247	Explore More
Yes Bank 0/5 0 votes	14.00% – 16.00%	Rs. 2,327	Explore More
Federal Bank 0/5 0 votes	13.44% – 15.24%	Rs. 2,705	Explore More
Allahabad Bank 0/5 0 votes	13.55% – 13.55%	Rs. 2,304	Explore More
Syndicate Bank 0/5 0 votes	14.20% – 14.20%	Rs. 2,337	Explore More

Apply personal loan online in Bangalore, Chennai, Hyderabad, Mumbai, Pune, Delhi, Gurgaon, Noida, Kolkata, Ahmedabad, Jaipur, Chandigarh and over 1,000 more locations in India. Apply loan online at MyLoanCare.

Maximum Annual Percentage Rate (APR)

11.49% to 22%

Representative example of the total cost of the loan, including all applicable fees

Here is an illustration of the total cost of the loan:

Total amount borrowed: Rs. 100,000
Time period: 12 months to 60 months
Interest Rate: 11.49% to 22%
Processing Fee payable to: Upto Rs. 2,000
Fee payable to MyLoanCare: NIL
Total Monthly Cost – From Rs. 2,337 for a months Rs. 100,000 loan at 11.49% (lowest rate, longest time period) to Rs. 9,359 for a 12 months Rs. 100,000 loan at 22% (highest rate, shortest time period). This is inclusive of principal repayment.
Annual Percentage Rate (APR) of charge including all applicable fees: 11.89% to 22.4%
Total cost payable over loan tenure: Rs. 14,313 for 12 months loan to Rs. 42,233 for 60 months loan

Personal Loan

Compare Personal Loan Rates

Personal Loan processing fees – Most banks charges minimum processing fees of Rs. 999 to upto 2% on personal loans. To get lowest fee, comparison of personal loan rates, offers and cashback applying online through MyLoanCare.
Personal Loan insurance premium – Since personal loans are unsecured loans, it is advisable to take an insurance policy when availing a loan. However, the premium varies from bank to bank depending upon the risk coverage under various policies. So, check the loan sanction letter carefully to know the coverage and premium.
Personal Loan prepayment and foreclosure – Nobody wants to keep paying interest on a loan when you have surplus money available to repay it. When you want to repay your loan partially before time, it is called part prepayment. In case you decide to pay the entire loan amount before time, it is called foreclosure. Banks typically levy prepayment or foreclosure charges in such situations and these can range from nil to eve upto 5%. So, check carefully if the low rate of interest you are getting comes with high prepayment or foreclosure charges. Note that some personal loans cannot be repaid before time.

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Lowest personal loan rates Online

How to get and apply online?

Best discount and offers for salaried customers – In most cases the lowest rate of interest on personal loan is offered by banks to employees of large reputed companies. To check current offers on interest rate and processing fee for yourself, simply apply online at MyLoanCare.
Offer based on loan amount – You may be surprised to know that in some cases rate of interest on say, a Rs. 10 lakh loan, may be lower than that on a Rs. 9.5 lakh personal loan. This is due to different pricing grids of banks and discounts for higher loan amounts that are offered from time to time.
Discount for tenures – Banks may offer lower rates on personal loan for certain tenure and it may be useful to check these carefully.

Best Personal Loan

How to get best personal loan interest rate?

Do not fall for marketing gimmicks – It is common for personal loan agents and DSA’s to lure customers by quoting a lower rate of interest knowing very well that the final rate will be higher. Always check with authorized representatives and get the rates in writing before giving your documents for processing.
Do not apply with multiple banks for your personal needs – Remember that every personal loan application is recorded in your CIBIL report. Too many loan applications at the same time can hurt your chances of getting a loan and even lead to an increase in rate of interest. Multiple applications signal desperation to get loan on the part of the customer.
Your salary bank may not offer the cheapest loan – You may have got “pre-approved personal loan” offer from your bank by email. Typically these may not be the lowest interest rate offers in the market. Always check and compare offers of all leading banks online before applying.
Do not apply for loan amount more than what you are eligible for – use online personal loan eligibility calculator to estimate how much loan amount you are likely to be eligible for. Apply for a loan amount that is either less than or upto that to get the best rate of interest. Applying for an amount higher than your eligibility may lead to rejection of your loan application.

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Documents for Personal Loan Application


Signed Application Form
Identity Proof (PAN)
Residential Address Proof
Last 2 years’ Form 16
last 6 months salary slip
last 6 months’ bank account statement showing salary credit

Typically Accepted Proofs

	Individuals	Firms, Partnerships
Identity Proof	PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card
Certificate and Proof of Business Existence		PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI
Address Proof	Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old)	Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter
Age Proof	PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate

Personal Loan interest rates in India

Frequently Asked Questions

What should be the borrower’s age to apply for personal loan?

Borrower should be at least 21 years old and not more than 60 years of age.

Does no CIBIL history affect personal loan?

Yes, banks may reject your personal loan application if you do not have a CIBIL history or poor CIBIL. In that case, you have to opt for a personal loan with high rate of interest. Banks consider you to avail gold loan or credit card to build some CIBIL history before you apply for a personal loan.

What factors affect my personal loan interest rate?

Personal loan interest rate can be affected by 3 main factors:

Higher the personal loan amount, lower will be the rate of interest
Higher the net monthly income, lesser will be the personal loan interest rate
Working in a reputed company can avail you lower interest rate on personal loan

How does interest rate impact personal loan eligibility?

Maximum Personal Loan eligibility depends upon the EMI that you can pay based on your monthly income. The EMI comprises of two components – interest on loan amount and principal repayment. Higher the rate of interest, higher the component of EMI that goes towards meeting interest and lower the principal repayment component of EMI. So, rate of interest is a critical input for calculating loan eligibility. You can calculate your loan eligibility by using Personal Loan Eligibility Calculator.

Can I reduce EMI on personal loan?

You can reduce your personal loan EMI if the bank offers part prepayment or full prepayment. Most banks allow prepayment after repayment of 6-12 EMI’s and some banks allow after 1 EMI only. So, opt for prepayment of loan if you have surplus amount and want to lower your burden of EMI.

*My Finance Care Advisors Pvt. Ltd., or https://www.bkathaloans.com/contact-us is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at gangadharmh@ymail.com to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.

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