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💰Compare Personal Loans

Instant personal loans from ₹50K to ₹40L — compare 30+ banks • Rates from 9.50% - 24%

Step 1: Employment Details

What is a Personal Loan?

A personal loan is a type of unsecured credit where you borrow a fixed amount from a bank or NBFC and repay it in equated monthly installments (EMIs) over a fixed tenure. Unlike home loans or car loans, personal loans don't require any collateral or security. The interest rate depends on your credit score, income, employer profile, and existing relationship with the bank.

A personal loan is an unsecured loan offered by banks and NBFCs without any collateral requirement. In India, personal loans are available from ₹50,000 to ₹40 lakh with interest rates starting at 9.50% p.a. (March 2026). The loan can be used for any purpose — from weddings and holidays to medical emergencies and debt consolidation.

Personal Loan Interest Rates 2026 — Bank-wise Comparison

Compare the latest personal loan interest rates across India's top banks and NBFCs. Rates updated March 2026.

Bank / NBFCInterest Rate (p.a.)Max AmountProcessing FeeTenure
Axis Bank9.50% - 21.55%₹40 Lakh2% + GST12-60 months
Kotak Mahindra9.98% - 17.99%₹40 LakhUp to 5%12-60 months
HDFC Bank9.99% - 24.00%₹40 Lakh₹6,500 + GST12-60 months
ICICI Bank9.99% - 16.50%₹50 Lakh2% + GST12-60 months
SBI10.05% - 15.05%₹35 Lakh1.50% + GST6-72 months
IDFC First10.49% - 22.00%₹40 Lakh2% + GST12-60 months
IndusInd Bank10.49% - 26.00%₹25 Lakh2% + GST12-60 months
Bajaj Finserv11.00% - 28.00%₹35 Lakh3.54% + GST12-84 months
Yes Bank10.85% - 21.00%₹40 Lakh2.5%12-60 months
Bank of Maharashtra8.75% onwards₹15 Lakh1%12-60 months

* Rates are indicative and subject to change. Actual rate depends on CIBIL score, income, and bank policies.

Personal Loan Eligibility Criteria

💼 For Salaried Individuals

  • ✓Age: 21-60 years
  • ✓Minimum monthly income: ₹15,000-₹25,000 (varies by bank)
  • ✓CIBIL score: 700+ (720+ for best rates)
  • ✓Minimum work experience: 1-2 years (6 months with current employer)
  • ✓Indian citizen or resident

🏢 For Self-Employed

  • ✓Age: 25-65 years
  • ✓Business vintage: Minimum 2-3 years
  • ✓Minimum annual turnover: ₹10-15 lakh (varies by bank)
  • ✓IT returns: Last 2-3 years required
  • ✓CIBIL score: 720+ recommended
Check Your Eligibility Now →

Documents Required for Personal Loan

  • 📄PAN Card & Aadhaar Card
  • 📄Last 3-6 months salary slips
  • 📄Last 6-12 months bank statements
  • 📄Form 16 / IT Returns (last 2 years)
  • 📄Address proof (utility bill, passport, or rent agreement)
  • 📄Passport-size photographs
  • 📄Employment proof / offer letter

Tips to Get the Best Personal Loan Deal

  1. Check your CIBIL score before applying — aim for 750+ for the best rates
  2. Compare at least 3-4 bank offers before choosing
  3. Opt for the shortest tenure you can afford to minimize total interest
  4. Avoid applying to multiple banks simultaneously — each inquiry lowers your score
  5. Consider a balance transfer if you already have a high-rate loan

Frequently Asked Questions — Personal Loan

What is the lowest personal loan interest rate in India in 2026?+
The lowest personal loan interest rate in India in 2026 is 8.75% p.a. offered by Bank of Maharashtra. Among major private banks, Axis Bank offers the lowest rate at 9.50% p.a., followed by Kotak Mahindra at 9.98% and HDFC/ICICI at 9.99% p.a.
What CIBIL score is needed for a personal loan?+
Most banks require a minimum CIBIL score of 700 for personal loan approval. However, to get the best interest rates (below 11%), you typically need a score of 750 or above. Some NBFCs may approve loans with scores as low as 650, but at higher interest rates.
Can I get a personal loan without income proof?+
Most banks require income proof for personal loan approval. However, if you are an existing customer of the bank with a good account history, you may be eligible for pre-approved personal loans that don't require additional documentation. Some banks also offer loans against fixed deposits without income proof.
How quickly can I get a personal loan disbursed?+
Most banks now offer instant personal loan disbursal for pre-approved customers — some as fast as 10 seconds (HDFC Bank). For new customers, the process typically takes 24-72 hours after document submission and verification. Digital-first banks like IDFC First and Axis Bank often process applications within the same day.
What is the maximum personal loan amount I can get?+
The maximum personal loan amount varies by bank. ICICI Bank offers up to ₹50 lakh, while most other major banks offer up to ₹40 lakh. The actual amount you're eligible for depends on your monthly income (typically 20-25x your net monthly salary), credit score, and existing EMI obligations.
Is personal loan interest tax deductible?+
Personal loan interest is generally NOT tax deductible under Section 80C or 80E. However, if you use the loan for specific purposes — home renovation (Section 24), higher education (Section 80E), or business expansion (as business expense) — the interest may be eligible for tax benefits.
What happens if I miss a personal loan EMI?+
Missing an EMI results in: (1) Late payment fee of ₹500-₹1,500, (2) Negative impact on your CIBIL score (drop of 50-100 points), (3) Penalty interest on the overdue amount, and (4) A remark on your credit report that stays for 3-7 years. If you're unable to pay, contact your bank immediately to discuss restructuring options.
Can I prepay or foreclose my personal loan?+
Yes, most banks allow prepayment and foreclosure of personal loans after 12 EMIs. Foreclosure charges typically range from 2-5% of the outstanding principal. Notably, RBI has removed pre-payment charges on floating-rate loans. Banks like IDFC First and Kotak offer zero foreclosure charges on their personal loans.
Personal loan vs credit card loan — which is better?+
Personal loans offer lower interest rates (9.50-15% p.a.) compared to credit card EMI conversions (15-24% p.a.). Personal loans also offer higher amounts (up to ₹40 lakh vs ₹5-10 lakh on credit cards) and longer tenures. Credit card loans are better for small amounts under ₹2 lakh where quick access is more important than interest cost.
How does KistCompare help me get the best personal loan?+
KistCompare compares personal loan offers from 50+ banks and NBFCs in real-time. You can check your eligibility without impacting your CIBIL score, compare interest rates, processing fees, and features side-by-side, and apply directly. Our AI-powered recommendations match you with banks most likely to approve your application at the best rate.

Personal Loan by Bank

Compare personal loan offers from specific banks with detailed features, pros & cons.

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SBI

10.05% onwards

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HDFC Bank

9.99% onwards

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ICICI Bank

9.99% onwards

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Axis Bank

9.50% onwards

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Kotak Mahindra Bank

9.98% onwards

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IDFC First Bank

10.49% onwards

Related Tools & Resources

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EMI Calculator

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Eligibility Check

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CIBIL Score