Here is a comparison table of the popular personal loans online along with their processing fees, preclosure charges and interest rate:
| BANK/NBFC | Interest Rate(pa) | Loan Amount | Processing Fees | Part Payment | Pre-closure Charges | Locking Period | Tenure |
| IDFC First Bank | 12.00 % to 21% | 1 Lakhs to 40 Lakhs | Up to 2.0% of the loan amount | Up to 40% of loan amount every year | 5% on your principal outstanding + GST | 1 Month | 12 to 60 months |
| HDFC Bank | 11.25%- 17.75% | 50k to 40Lakhs | Up to 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/- | Up to 25% of Principal Outstanding allowed | 13-24 Months - 4% of Principal Outstanding 25-36 Months - 3% of Principal Outstanding >36 Months - 2% of Principal Outstanding >48 months - 0% | 12 Months | 12 to 60 months |
| ICICI Bank | 11.50% - 17.25% | 50k to 25 Lakhs | Up to 2.25% per annum of loan amount plus GST | Not available | 5% per annum of principal outstanding plus GST | 6 months | 12 to 60 Months |
| Bajaj Finserv | 12.49% -15.30% | 1 Lakh to 20 Lakhs | Up to 2.0% of the loan amount | Normal Loan - Should be more than 1 EMI (2% + applicable taxes on part-payment amount paid) Flexi Loan - Unlimited part payment Allowed (Min. Rs. 100 ) without any charges | 4% plus applicable taxes on Loan amount | 1 month | 12 to 60 Months |
| Kotak Bank | 10.75% -17.99% | 1Lakh to 30Lakhs | Up to 2.5% of the loan amount + GST and other applicable statutory levies | - | 5% of the outstanding amount + GST on principal outstanding | 12 months | 12 to 60 Months |
| TATA Capital | 11.25%-18.75% | 75K- 25 Lakhs | From ₹999/- Up to 3.00% of the loan amount and applicable Service Tax | Part-payment up to 25% of the principal outstanding (No part-payment charges) More than 25% of the principal outstanding (2.50% part-payment charges on the part-payment exceeding 25% of principal outstanding) *Maximum of 50% of the principal outstanding permissible | >6 months - 3.5% of principal outstanding For Loan amount >=7Lacs - NIL Preclosure BT - 5% of the principal outstanding | 6 Months | 12 to 72 Months |
| IndusInd Bank | 11.50% -19.0% | 1Lakh to 25Lakhs | Up to 3.00% of the loan amount plus tax | - | Salaried: 4% of the principal outstanding after repayment of 12 EMIs. | 1 Year | 12 to 60 Months |
| Fullerton | 11.99% - 25% | 65k to 25Lakhs | Upto 4.5% of the loan amount plus GST | Within 7 months to 17 months - 7% Within 18 months to 23 months - 5% Within 24 months to 35 months - 3% After 36 months - NIL | 6 Months | 12 to 60 Months | |
| RBL Bank | 11.99%- 18.0% | 1Lakh to 20Lakhs | 1.5% of the loan amount (Non Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal) | NIL | NIL | 12 months | 12 to 60 Months |
| Yes Bank | 10.99% - 15.99% (BT Special rates - 10.75%) | 1Lakh to 25Lakhs | Up to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes | • 20% Principal Outstanding for 12 – 24 months • 20% Principle Outstanding for 25 – 36 Months • 25% Principal Outstanding for 37 – 48 Months • 25% Principal Outstanding for 49 – 60 Months 1% plus applicable taxes on part payment amount paid | 13 – 24 months - 4% of principal outstanding 25 – 36 months - 3% of principal outstanding 37 – 48 months - 2% of principal outstanding >48 Months - Nil | 12 months | 12 to 60 Months |
*The figures provided in the table are indicative subject to change from time.
Representative Example:
With a representative 10.75% APR based on borrowing ₹ 10 lacs and repaying over 60 months with 60 monthly repayments. Monthly repayments of ₹ 21618.
Types of Personal Loan:
Here are the different types of online personal loan:
- Personal Loan for Home Improvement
There’s something that can be always done to your home and this is where an instant personal loan can help you fulfill them. From remodelling your kitchen to making your house a perfect mix of comfort and durability, a personal loan for home renovation can be the solution. - Personal Loan for wedding
In India, a normal wedding cost ₹25 lakhs on an average! Exhausting all your savings for all the wedding expenses is not an ideal option. This is where you apply online personal loan and cover the expenses. Now, planning a wedding is now easy. - Personal Loan for Travel
Apart from home renovation or wedding, you can get personal loan to cover your travel expenses. Since it is convenient and an economic option, it can be an open option. Moreover, it can alternate your uses with your credit card and help you save on interest costs. - Fresh Funding Meeting working capital requirements can be a daunting process and without raising fresh funds, the everyday operations can get affected. A personal loan can be the best alternative option to meet your short-term working capital requirements such as cover accounts payable, wages, etc
- Top Up Personal Loan
Top up personal loan is a facility provided by financial institutions to customers that allows you to borrow a certain amount of money over your personal loan. The interest rate for a top up loan is slightly higher than the regular personal loan. - Personal Loan Balance Transfer
Did you know you can save thousands on your interest costs on a personal loan? Well, that is what a balance transfer can help you with. You can pay off your existing loan with a new loan at a lower-interest rate. Please note there is a charge associated with a personal loan balance transfer. .
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