What is the personal loan interest rate in India 2026?+
Personal loan interest rates in India range from 10.85% to 26% p.a. depending on the lender and your credit profile. SBI Xpress Credit: 11.45–14.60%, HDFC Bank: 10.85–21%, ICICI Bank: 10.85–16%, Axis Bank: 11.25–22%. Better CIBIL score (750+) gets you lower rates. Salary account holders at the bank often get 0.5–1% concession.
What is the minimum CIBIL score for a personal loan?+
Most banks require a minimum CIBIL score of 700-750 for personal loans. 750+: Best rates and highest loan amounts. 700-750: Approval likely but at slightly higher rates. 650-700: Some NBFCs may approve at higher rates. Below 650: Most banks reject; try secured loans or credit builder products. Check your free CIBIL score at CIBIL.com (once per year) or through apps like Paytm, BankBazaar.
What is the maximum personal loan amount I can get?+
Personal loan amounts typically range from ₹50,000 to ₹50 lakh (some banks up to ₹1 crore for high-income individuals). Eligibility depends on: Net monthly salary (EMI should be max 40-50% of take-home), CIBIL score, employer category (PSU/MNC employees get higher amounts), and existing loan obligations. Minimum income requirement: ₹15,000–₹25,000/month for most banks.
Can I foreclose a personal loan without penalty?+
Regulations: RBI allows banks to charge prepayment penalty on fixed-rate personal loans. For floating rate loans, no prepayment penalty is allowed. Most personal loans in India are at fixed rates; banks typically charge 2-5% of outstanding principal as foreclosure penalty. After 12 months of EMI payments, many banks waive or reduce this penalty. Always check the fine print before foreclosing.
What documents are needed for personal loan?+
Documents required: Identity proof (Aadhaar/PAN), Address proof, Latest 3 months salary slips, Form 16 or ITR for 2 years, Bank statements (3-6 months), Passport-size photos. Self-employed individuals also need: Business proof (GST registration, shop license), business bank statements (12 months), ITR for 2-3 years with CA computation. Processing time: 1-7 working days for salaried, 3-14 days for self-employed.