If you're considering a personal loan, it's important to first understand the interest rates offered by different banks. In this article, we'll provide you with simple information about personal loan rates from the top eight banks in the country, so you can choose the right option based on your budget.

If you're looking for a low-cost personal loan, it's crucial to understand the interest rates of different banks before applying. Major banks like State Bank of India, HDFC Bank, ICICI Bank, and Axis Bank offer loans at varying rates. Personal loan interest rates for March 2026 range from approximately 8.75% to 18%. This depends entirely on your credit score, source of income, and current financial profile. By making the right comparisons, you can choose a loan with affordable EMIs and a lower total cost.

In this news, we will give you information about the latest interest rates of top 8 banks, so that you can take the right decision without any loss.

Interest rates and processing fees of major banks (March 2026)

• HDFC Bank: Interest rates start at 9.99%, processing charges up to Rs 6,500
• ICICI Bank: Starting at 9.99%, processing charges up to 2% of the loan amount
• Kotak Mahindra Bank: Starting at 10.99%, processing charge up to 5%
• Federal Bank: 11.75% to 18.99%, processing charge up to 3%
• State Bank of India: 10.00% to 15.00%, processing charge up to 1.5% (Rs 1,000 to Rs 15,000)
• Canara Bank: 9.70% to 15.15%, processing charge 0.5% (Rs 1,000 to Rs 5,000)
• Bank of Baroda: 10.15% to 18.00%, processing charge up to 2% (maximum Rs 10,000)
• Union Bank of India: 8.75% to 12.55%, processing charge up to 1% (maximum Rs 7,500)

Keep these 5 things in mind before taking a loan

• Interest Comparison: Even a difference of half or one percent can save you lakhs of rupees. Always compare rates from 3-4 banks.
• Processing fee burden: Sometimes the interest rate is low but the filing charges (processing fees) are high. Clear this beforehand.
• Choice of tenure: The longer the tenure for which you take the loan, the lower the EMI will be, but the higher will be the total interest to be paid.
• CIBIL Score: If your score is above 750, you can negotiate with the bank to reduce the interest rate.
• Hidden charges: Be sure to ask about any penalties for premature loan closure or late payment of instalments.

PC:News18