Personal loan rates in India run from 8.00% - 25.00% to about 36% a year. The spread is the point: the same ₹5 lakh over five years costs ₹10,138 a month at the floor and nearly half again at the top. Sort the panel below, then check your own number.
8.00% - 25.00%
Mahindra Finance
10.5% - 24%
where most sanctions land
34
banks and NBFCs
3 August 2026
reviewed every month
Published headline rates, processing fees, maximum sanctions and tenures. The ten lenders with a page of their own are linked — the rest are listed for comparison.
| Lender | Interest rate (p.a.) | Processing fee | Loan up to | Tenure up to | EMI on ₹5 lakh / 5 yr | |
|---|---|---|---|---|---|---|
| Mahindra FinanceNBFC | 8.00% - 25.00% | 2% or ₹5,000, whichever is lower | ₹15 lakh | 60 months | ₹10,138 | Apply Now |
| Bank of MaharashtraPublic bank | 8.75% - 13.55% | Up to 1% (max ₹10,000) | ₹20 lakh | 84 months | ₹10,319 | Apply Now |
| Union Bank of IndiaPublic bank | 8.75% - 12.55% | Up to 1% (max ₹7,500) | ₹15 lakh | 84 months | ₹10,319 | Apply Now |
| Punjab & Sind BankPublic bank | 9.60% - 13.85% | 0.50% - 1% | ₹15 lakh | 84 months | ₹10,525 | Apply Now |
| Canara BankPublic bank | 9.70% - 15.15% | Up to 0.5% (max ₹5,000) | ₹10 lakh | 72 months | ₹10,550 | Apply Now |
| HSBC BankPrivate bank | 9.75% onwards | Up to 2% | ₹30 lakh | 60 months | ₹10,562 | Apply Now |
| Central Bank of IndiaPublic bank | 9.85% - 11.65% | Up to 1% | ₹20 lakh | 84 months | ₹10,587 | Apply Now |
| UCO BankPublic bank | 9.95% - 13.20% | Up to 1% (min ₹750) | ₹15 lakh | 72 months | ₹10,611 | Apply Now |
| Axis BankPrivate bank | 9.99% onwards* | Up to 2% | ₹40 lakh | 84 months | ₹10,621 | Apply Now |
| HDFC BankPrivate bank | 9.99% onwards | Up to ₹6,500 | ₹50 lakh | 84 months | ₹10,621 | Apply Now |
| ICICI BankPrivate bank | 9.99% onwards | Up to 2% | ₹50 lakh | 72 months | ₹10,621 | Apply Now |
| IDFC FIRST BankPrivate bank | 9.99% onwards | Up to 3.5% | ₹15 lakh | 60 months | ₹10,621 | Apply Now |
| Kotak Mahindra BankPrivate bank | 9.99% onwards* | Up to 5% | ₹1 crore | 72 months | ₹10,621 | Apply Now |
| Poonawalla FincorpNBFC | 9.99% onwards | Up to 4% | ₹30 lakh | 84 months | ₹10,621 | Apply Now |
| Bajaj FinanceNBFC | 10.00% - 30.00% | Up to 3.93% | ₹55 lakh | 108 months | ₹10,624 | Apply Now |
| Cholamandalam Investment & FinanceNBFC | 10.00% - 28.00% | 4% - 6% | ₹15 lakh | 60 months | ₹10,624 | Apply Now |
| HDB Financial ServicesNBFC | 10.00% - 35.00% | Up to 5.90% | ₹20 lakh | 60 months | ₹10,624 | Apply Now |
| Bank of BarodaPublic bank | 10.15% - 18.00% | Up to 2% (max ₹10,000) | ₹20 lakh | 84 months | ₹10,660 | Apply Now |
| Indian Overseas BankPublic bank | 10.25% onwards | Up to 0.75% | ₹15 lakh | 84 months | ₹10,685 | Apply Now |
| Punjab National BankPublic bank | 10.25% - 16.80% | Up to 1% | ₹20 lakh | 84 months | ₹10,685 | Apply Now |
| IndusInd BankPrivate bank | 10.35% onwards* | Up to 3.5% | ₹5 lakh | 48 months | ₹10,710 | Apply Now |
| Bank of IndiaPublic bank | 10.85% - 16.15% | Up to 1% (min ₹250, max ₹15,000) | ₹20 lakh | 84 months | ₹10,834 | Apply Now |
| Aditya Birla FinanceNBFC | 10.99% onwards | Up to 4% | ₹15 lakh | 84 months | ₹10,869 | Apply Now |
| Tata CapitalNBFC | 10.99% onwards | Up to 3.5% | ₹35 lakh | 72 months | ₹10,869 | Apply Now |
| L&T FinanceNBFC | 11.00% onwards | Up to 3% | ₹25 lakh | 72 months | ₹10,871 | Apply Now |
| Shriram FinanceNBFC | 11.00% onwards | Up to 5% | ₹15 lakh | 60 months | ₹10,871 | Apply Now |
| Federal BankPrivate bank | 12.00% - 22.50%* | Up to 2% | ₹25 lakh | 60 months | ₹11,122 | Apply Now |
| IIFL FinanceNBFC | 12.00% - 28.00% | 2% - 9% | ₹10 lakh | 42 months | ₹11,122 | Apply Now |
| Piramal FinanceNBFC | 12.14% onwards | Up to 5% | ₹10 lakh | 60 months | ₹11,158 | Apply Now |
| Muthoot FinanceNBFC | 13.50% onwards | Varies by product | ₹5 lakh | 36 months | ₹11,505 | Apply Now |
| Dhani Loans & ServicesNBFC | 13.99% onwards | 3% onwards | ₹5 lakh | 36 months | ₹11,632 | Apply Now |
| Hero FinCorpNBFC | Up to 30.00%* | 2.3% - 3% | ₹5 lakh | 60 months | ₹11,634 | Apply Now |
| MoneyviewNBFC | 14.00% onwards | 2% onwards | ₹10 lakh | 60 months | ₹11,634 | Apply Now |
| Manappuram FinanceNBFC | 18.00% - 24.00% | 1% | ₹5 lakh | 36 months | ₹12,697 | Apply Now |
* A limited-period or partner-channel rate that may not be open to every applicant. Rates are the published headline figures as of 3rd August 2026 and change without notice. The EMI column assumes each lender's floor rate on ₹5 lakh over 60 months on a reducing balance, excluding fees and GST.
Move the rate a point in either direction to see what it does over the full term. On a ₹10 lakh loan across five years, one percentage point is worth roughly ₹28,000 in interest.
Move the sliders to see what an instalment actually costs. The interest figure is what the loan adds to the amount you borrow.
Early instalments are mostly interest. The principal only starts falling quickly in the closing years, which is why prepaying early saves so much more than prepaying late.
| Year | Principal paid | Interest paid | Balance |
|---|
A published rate is a starting point for the strongest files. Six things move you along the band.
The single largest input. Above 760 you are quoted at or near the floor; below 700 the same lender may price you three to six points higher, or decline.
Higher income widens the band you qualify for. Employees of listed companies and government bodies sit in the best internal categories at most banks.
Lenders read your fixed-obligation-to-income ratio. Once EMIs pass roughly half of take-home pay, the rate rises before the application is refused.
A salary account, a long deposit history or a clean loan already repaid all pull the quote down. This is where pre-approved offers come from.
Small, short loans often carry higher rates because the lender recovers its cost over fewer instalments. Very large sanctions are priced tightly and scrutinised harder.
A single 90-day default stays on the bureau file for years and shows up in the price long after it is settled. Consistency matters more than volume.
Almost every personal loan in India is fixed-rate, which is why the EMI never changes. A handful of lenders link theirs to an external benchmark instead.
A flat rate charges interest on the full amount for the whole term, even the part you have already repaid. A reducing-balance rate charges only on what is still outstanding, which is how every bank quotes.
₹11,122
per month
Interest recalculated on the outstanding principal every month. The standard, and what the calculator above uses.
₹13,333
per month
Interest charged on the original ₹5 lakh for all 60 months. The same headline number, a materially larger instalment.
₹5 lakh at 12% over five years costs ₹11,122 a month on a reducing balance and ₹13,333 on a flat rate — ₹2,211 more every month, ₹1,32,647 over the term. A flat rate of 12% is roughly equivalent to 21% on a reducing balance.
Ask which basis a quote uses before comparing it with anything else. Some smaller NBFCs and consumer-durable financiers still quote flat.
Apply NowClear overdues, keep card utilisation under 30% and let the file age. Two clean cycles are usually visible.
Salary-account holders are quoted below the published floor more often than anyone else.
A shorter term costs more each month and far less in total. Lenders also price shorter loans better.
Lowering your obligation ratio moves both the approval decision and the price.
A two-point difference on ₹10 lakh over five years is about ₹57,000. Thirty seconds of comparison is worth it.
A 4% processing fee on ₹10 lakh is ₹40,000 before GST. It rarely appears in the headline.
FinRewards4u pays you to shop around. Every comparison and every approved offer credits coins that convert 1:1 into rupees.
9.99% a year, offered by Axis Bank, HDFC Bank, ICICI Bank, IDFC FIRST Bank and Kotak Mahindra Bank as of 3rd August 2026. It is a floor rate reserved for applicants with a bureau score above roughly 760, a stable income and little existing debt.
Advertised rates are the best price a lender will give anyone. Your quote is built from your bureau score, income, employer category, existing EMIs and any relationship you have with the lender. Most sanctions land between 10.5% and 24%.
Almost always fixed, so the EMI stays level for the entire tenure. A few lenders offer a floating option linked to the repo rate or their MCLR, where the instalment resets on a published cycle.
On a reducing balance, using EMI = [P x R x (1+R)^N] / [(1+R)^N - 1], where P is the principal, R the monthly rate (annual rate divided by 12 and by 100) and N the number of months. Interest is charged only on what is still outstanding.
No. Compare the total outgo, not the headline. A 10.5% loan with a 4% processing fee can cost more than an 11.5% loan with a flat ₹6,500 fee, and a longer tenure at a lower rate can still cost more in total interest.
Within limits. Lenders work to internal grids, but a strong bureau score, a salary account with them, or a competing written offer from another lender all give you room. It is worth asking before you accept.
Nothing, on a fixed-rate loan — your EMI is locked at sanction. Only floating-rate borrowers see the change, at their next reset. Refinancing to a cheaper lender is the fixed-rate route to a lower rate.
On fixed-rate loans, typically 2% to 5% of the outstanding principal, often only after a minimum number of EMIs. Since 2026 the RBI prohibits prepayment and foreclosure charges on floating-rate personal loans taken by individuals.
FinRewards4u is a comparison platform, not a lender. Every rate, fee and limit on this page is the lender's published position as of 3rd August 2026 and is indicative only. Your own offer depends on the lender's assessment of your application.