Business Desk – Personal Loan Interest Rates: If you need money in September 2026. If you are planning to take a personal loan from the bank, then before applying, definitely compare the interest rates of different banks. Personal loans are generally considered more expensive than many other secured loans. In such a situation, by choosing an option with a lower interest rate, the amount paid as interest can be reduced during the entire loan tenure.
Government and private banks offer personal loans at different rates depending on the profile of the customers. In such a situation, instead of taking a loan just by looking at the name of the bank, it is important to keep in mind the interest rate, loan amount, repayment tenure and your eligibility.
Where is the lowest interest available in government banks?
According to the data available for September 2026, there is a lot of variation in the initial interest rates of personal loans in government banks. Union Bank of India is offering Personal Loan at the lowest starting interest rate of 9.05 percent. After this, the starting rate of Canara Bank is 9.70 percent.
Whereas in State Bank of India (SBI), the initial interest rate of personal loan is stated to be 10.00 percent. Bank of Baroda (BOB) is offering loans at an initial rate of 10.15 percent, Punjab National Bank (PNB) at 10.25 percent and Bank of India at 10.85 percent. That is, according to the data given in government banks, the initial interest rate of Union Bank of India is the lowest.
Who is giving cheap personal loan in private banks?
Talking about Private Sector Banks, here also there is a difference in interest rates. According to the given data, Axis Bank is offering Personal Loan at the lowest initial interest rate of 8.75 percent.
After this, the initial interest rate of ICICI Bank and HDFC Bank is 9.99 percent. This rate starts from 10.99 percent in Kotak Mahindra Bank and 12 percent in IndusInd Bank. According to this, the initial interest rate of Axis Bank is the lowest among private banks in the available data.
Personal Loan Rates of September 2026
government bank
Union Bank of India – 9.05 percent
Canara Bank – 9.70 percent
SBI – 10.00 percent
Bank of Baroda – 10.15 percent
PNB – 10.25 percent
Bank of India – 10.85 percent
private banks
Axis Bank – 8.75 percent
ICICI Bank – 9.99 percent
HDFC Bank – 9.99 percent
Kotak Mahindra Bank – 10.99 percent
IndusInd Bank – 12 percent
Will every customer get the same interest rate?
It is important to understand one important thing here. The interest rates given above are the starting rates. This does not mean that every customer will get a personal loan at the same rate. At what interest rate the bank will give loan to a person, it can depend on many factors like his Credit Score, Income, Loan Amount, Repayment Tenure and Eligibility.
Therefore, before applying for a loan, it is better to check your eligibility and compare the effective cost of different lenders.
Before taking a personal loan, check your credit score.
If your credit score is good then the bank can offer you a personal loan at a relatively low interest rate. Therefore, it can be beneficial to keep your credit profile strong before taking a loan. Before taking a personal loan, also see how much money you actually need.
In what period will it be easy for you to repay it? It is not always beneficial to choose a longer tenure just because of the lower EMI, as it may increase the total interest outgo. Therefore, take personal loan only for essential needs and before applying, check the interest rate, processing fee, other charges and total repayment amount.
-
Computer Vision Syndrome: Symptoms, Causes And Simple Remedies For Digital Eye Strain
-
Man Spends 9 Months With Pig Kidney, Later Receives Human Organ In World-First Medical Milestone
-
National Nutrition Week: 7 Simple Yet Nutrition-Rich Foods To Add To Your Daily Meals
-
When the modern daughter-in-law, who left her job and took care of the house, was asked 'How much does the boy earn?' So the whole truth of society's thinking was exposed.
-
When the modern daughter-in-law, who left her job and took care of the house, was asked 'How much does the boy earn?' So the whole truth of society's thinking was exposed.