Personal Loan Interest Rate 2022

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Personal Loan Interest Rate 2022 Highlights

Compare the latest personal loan interest rates and processing fee of all banks and apply today.


Apply for personal loan with interest rate starting from 10.25% p.a. in 2020 then you need to compare. Afinoz helps you to choose the best personal loan rates online.

Though personal loans are easily available at various banks but there are sometimes huge variations in terms of the personal loan interest rate, offered by these financial bodies.


Comparison of Personal Loan Interest Rates Online 2021

A person can opt for the type of personal loan interest rate, after doing a thorough study of the market and help himself save from any future losses.

Here’s is a list of interest rates of various financial institutions of India

Bank Name Interest Rate Processing Charge

SBI Bank


In the range of 0.5% to 1%



Up to 2.50% of loan amount (Min Rs. 1,999; Max Rs. 25, 000)



Up to 2.25% per annum of loan amount + GST



Up to 2.0%



Up to 1% of the loan amount

Axis Bank


Up to 2.00%

IndusInd Bank


Min 1% to Max 2.50%

Kotak Bank


Up to 2.5% plus tax

RBL Bank


Up to 3%

HDB Financial


Up to 2% of the loan amount

Karur Vysya Bank


0.30% (Min Rs. 500)



1.80% + taxes

Vijaya Bank


0.10%, Max. Rs. 10000 + ST

Union Bank of India


0.50%, Min Rs. 500

Syndicate Bank


0.50%, Min Rs. 500

Standard Chartered Bank



Indian Overseas Bank



Andhra Bank


Case to Case

Bank of Baroda


2%, Min Rs. 250

Bank of Maharashtra


1%, Min Rs. 1,000

Canara Bank



Corporation Bank


1.50%, Min Rs. 500

Dena Bank



Federal Bank


0.5%, Min Rs. 500



1% + applicable taxes

Allahabad Bank


1.06%, Min- Rs. 1068

Indian Bank


0.51%, Min- Rs. 510

Yes Bank


Starting at 0.99%, Up to 2.5%

Compare NBFC/P2P Lender Interest Rate 2021

NBFCs/P2P Lenders

Rate of Interest (p.a.)

Processing Charge


Up to 35.99%

Up to 5.00% of the loan amount


Up to 24.03%

Up to 2.00% + GST


Up to 18%



Up to 27.6%

Up to 2.5% of the loan amount

Tata Capital


Up to 2.5% + GST


Up to 36%

Up to 3% of the loan amount


Up to 36%

 ₹ 650 /-


Up to 32.00%



Up to 24%

2.00% + applicable Taxes on the Loan


Up to 15.30%

0.51% of the total loan amount, Minimum of ₹ 500/-

Indiabulls Dhani


3% Onwards

Money view

16.00 %

Starting from 2.5% of the approved loan amount

Shubh Loans

Up to 24%



Up to 28.00 %

Up to 8.50% of the loan amount


Up to 25.00 %

Up to 6.00% of the loan amount

MI Credit

16.00 %

1.99% + GST

Realme PaySa

Up to 36%



18.00% to 24.00%

 ₹  2,000 or 4% of the loan amount (excluding taxes)


Up to 36%

For Term Loan: 2.00% per month or minimum ₹ 100 + GST

For Card: ₹ 750 + Taxes (GST)


22.00% onwards

Up to 2.00%

Aditya Birla Capital Limited

Starting at 14.00%

2.00% + applicable Taxes on the Loan


Up to13.00%

Up to 2.00% + GST

Shriram finance

Up to 23.00%

2.5% of the loan amount + applicable taxes

Fullerton India

Up to 20.00%

Up to 6.50%

Bajaj Finserv

Up to 12.99%

Up to 3.99% of the loan amount

HDB Financial

Up to 13.99%

Up to 2.00% of the loan amount

Smart coin

20% – 36% APR NA


11.99 – 59.99% APR NA


15% – 32% P.A NA


12% – 18% P.A. NA

Interest Rate Types

To suit the demand and the situational need of the borrower, there are many two types of personal loan interest rates offered by the banks. Further, these interest rates differ in accordance to varied factors of respective banks.

Fixed Rate Personal Loan: Here the rate of interest is fixed throughout the tenure of the loan. The borrower has to pay the same personal loan interest rate from the beginning until the end of the loan time. It remains unchanged irrespective of the ongoing changing in the interest rate of the bank.

Variable Rate Personal Loan: Also known as the floating interest rate, this gives the borrower the benefit of giving the less interest rate if the market rate has fallen over the period of the loan life. Additionally, it can be the opposite also if the interest rate goes high, then he has to pay a higher calculated amount.

Factors affecting the Personal Loan interest rate

As mentioned earlier, there are various factors in reference to which these interest rates are calculated by different financial institutions. Every bank makes sure of these factors before finally offering the rate of interest to the concerned person. Such factors are explained in brief below:

Income level of the person and its comparison with the loan amount:

This certainly plays a crucial role in deciding the rate of interest, as the capability of the person to pay back the loan amount is judged with the salary he is earning on a monthly basis. The surety of the repayment of the loan is the major priority of the bank as they have to make sure that the money that is lent to the borrower comes back within the fixed period of time. Therefore, the calculation of the personal loan interest rate is as per the risk involved in the repayment.

The time period of the Loan:

The tenure of the loan is inversely proportional to the rate of interest that is applied to the principal amount of the loan. If the loan is for a shorter period, then the interest rate would be higher and the rate would be comparatively less for a longer loan duration. This is because there is a fixed return rate that is to be given to the bank, therefore to attain the same, the variations are made by the financial institutions.

Individual’s Credit Rating:

Ensuring the return of the payment is the duty of every bank, for which he needs to assess the credit rating of the borrower. His past loan record, their payments and repayments are checked in detail before passing the loan application of the respective person

Type of Personal Loan: Another Important Factor

Further, the personal loan interest rate is also dependent on the type of personal loan you want to avail. There are generally two types of personal loans, secured and unsecured.

Secured Loan: This is the type, where the person takes the loan keeping a property, gold or any movable or immovable security as collateral. Here the benefit is for the borrower, as the rate of interest is less, because of the low-risk involvement. Also, the bank or the lender always has support, which can yield it the risk involved.

Unsecured Loan: These are the loan types, where no security in terms of property or any other asset that assures cash conversion to the lender if the borrower fails to pay back the loan amount. The personal rate of interest in such cases is high because of the high-risk involvement, but, it entirely depends on the person which type of loan, the secured or the unsecured he wants to avail.


➤ News

Karnataka Bank introduces loan campaign to serve the festival demand
08 Oct 2021
Karnataka Bank introduced a special campaign ‘KBL Utsav 2021-22’ for home loans, car loans, and gold loans to serve the festive demand of the customers. The campaign will be in force from October 7, 2021, to December 31, 2021. Customers can avail of the benefit of digital banking and offers of the special campaign across all the Karnataka Bank branches across the nation. Customers can avail of home loans, car loans, and gold loans with special interest rates, concession in processing charges, and other advantages under the ‘KBL Utsav’ campaign, it said.
Gujarat witnesses 25% boost in Size of Personal Loan during Covid-19 Year: CRIF Report
19 Oct 2021
With people seeking the help of funds after the 2020 lockdown due to the Covid-19 pandemic, the utilization of personal loans has boosted, alongside the average size of banknotes. As per a late report by the CRIF, the personal loan size in Gujarat boosted by 25% during the pandemic year. The size of the personal loan ticket given by NBFCs elevated from Rs. 77,280 in 2019-2020 to Rs. 96,390 in 2020-21. The report also states, while the size of personal loan notes has maximized, the NPA also dropped from 1.06% to 1.92%. The acute drop in ticket size is also witnessed as a measure to restrict NPAs.
PharmEasy attains total valuation of $5.6 billion thanks to the pre-IPO round
19 Oct 2021
Online pharmacy start-up PharmEasy has announced that it has raised $350 million (Rs. 2,635.22 crore) in a fresh equity funding round from a bunch of new investors, worthing the organisation at a total of $5.6 billion (Rs. 42,197.79 crore), the documents sourced from the Registrar of Companies (RoC) stated on Monday. The new round consisted of primary financing of $205 million (Rs. 1,505.89 crore) and a secondary element of $140 million (Rs. 1,054.94 crore).
Finance ministry to seek rating upgrade from Fitch
19 Oct 2021
The officials of the finance ministry will likely get a hold of the senior executives of Fitch Ratings this week and impress upon the world agency to upgrade its India rating, the sources of the finance ministry stated to the Financial Express Newspaper. Economists hold the expectation that the agency will at least raise its India outlook from ‘negative’ to ‘stable’ following the enhancement in the fiscal metrics and Covid-19 vaccination drive.
RBI levies fine on StanChart for lapses in compliance worth Rs. 1.95 crore
19 Oct 2021
On Monday, the monetary authority of India viz. Reserve Bank of India (RBI) imposed a fine on the Indian functions of Standard Chartered Bank of Rs. 1.95 crore for carrying out non-compliance with several regulatory directions. The foreign bank was caught non-performing in the compliance context with directions concerning reversal of the amount engaged in unauthorized electronic transactions and reporting of cyber security incidents, among several others. The statutory scrutiny for supervisory assessment of the bank was held by the RBI in relation to its financial situation as of March 31, 2020.
India’s Agri exports gets up by 18% to $10 billion in the H1
19 Oct 2021
The exports of India’s top 37 agriculture and processed products, promoted by the Agricultural and Processed Food Products Export Development Authority (APEDA), raised by 18% to $10 billion during the first half of the current fiscal year from the year-ago duration since wheat, maize, meat, dairy, and poultry products registered impressive elevation. The entire export of APEDA products stood at $8.51 billion in April-September 2020. ‘It would stand out to be a challenge to maintain the momentum in the 2nd half for APEDA to attain targeted 10%-15% growth this year as September had witnessed only about 4% boost in shipments,’ said experts.