Personal loans are one of the most popular financing options in India, offering quick and hassle-free access to funds. However, interest rates vary significantly based on factors like credit score, income, and loan tenure.
💡💡💡Latest Personal Loan Interest Rates in India (February 2025)
SBI: 11.60% – 13.85%
HDFC Bank: 10.50% – 21.00%
ICICI Bank: 10.75% – 18.49%
Axis Bank: 10.99% – 24.00%
Bajaj Finserv: 11.00% – 25.00%
💡💡💡Factors That Affect Personal Loan Interest Rates
– Credit Score
– Income Level
– Loan Amount & Tenure
– Employer Profile
📌 Pro Tip: If you own mutual funds, consider taking a Loan Against Mutual Funds for lower interest rates than personal loans.
How to Get the Lowest Personal Loan Interest Rate?
✅ Maintain a High Credit Score (750+ recommended)
✅ Compare Multiple Lenders (Banks, NBFCs, Fintech apps)
✅ Choose a Shorter Tenure for lower overall interest
✅ Check for Pre-approved Loan Offers from your bank
✅ Negotiate with Your Bank if you’re a long-term customer
Conclusion
Comparing personal loan interest rates is crucial to getting the best deal. If you’re looking for a cheaper alternative, a Loan Against Mutual Funds can be a smart choice with lower interest rates and instant approvals.
