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Types Of Loans In India

Types Of Loans In India: In today’s time loans can be used for various things. It can be used to buy your new home, bike, car and home appliances, etc. Let us know about the different types of loans available in the market and their distinctive features.

Personal Loans

 Most of the banks offer personal loan services to their customers and the money can be used to pay bills or buy home appliances. Generally, these loans are unsecured. Before sanctioning the personal loan amount, the lender or bank has to provide certain required documents such as proof of assets or income, etc. The borrower must have sufficient assets or income to pay off the debt. You should be aware that the interest rate associated with these loans can be high.

The interest rate offered on a personal loan is the most important factor that determines the total cost of the loan. A lower interest rate means lower EMIs and lowers interest payments during the loan tenure. Let us now go through the latest personal loan interest rates offered by various banks and NBFCs.

Personal Loans Interest Rates

Banks/NBFCs Interest Rate  Loan Amount  EMI/1 lakh For 1 year 
UCO Bank 8.45% onwards Up to 10 lakh 8,720
Central Bank of India 8.45% onwards Up to 20 lakh 8,720
Union Bank of India 8.90% onwards Up to 15 lakh 8,741
Andhra Bank 8.90% onwards Up to 15 lakh 8,741
Punjab National Bank 8.95% onwards 25,000 to 15 lakh 8,743
Indian Bank 9.05% onwards As per the applicant profile 8,747
Allahabad Bank 9.05% onwards As per the applicant profile 8,,747
Bank of India 9.35% onwards Up to 10 lakh 8,761
IDBI Bank 9.50% onwards 25,000 to 5 lakh 8,768
Bank of Maharashtra 9.55% onwards Up to 20 lakh 8,771
State Bank of India 9.60% onwards Up to 20 lakh 8,773
Citibank 9.99% onwards Up to 30 lakh 8,791
HSBC 9.99% onwards Up to 30 lakh 8,791
Indian Overseas Bank 10.30% onwards Up to 15 lakh 8,,806
Federal Bank 10.49% onwards Up to 25 lakh 8,814
Bank of Baroda 10.50% onwards 50,000 to 10 lakh 8,815
Kotak Mahindra Bank 10.50% onwards Up to 30 lakh 8,815
ICICI Bank 10.50% onwards 50,000 to 25 lakh 8,815
IndusInd Bank 11.00% onwards 50,000 to 15 lakh 8,838
IDFC First Bank 11.00% onwards Up to 40 lakh 8,838
Axis Bank 11.00% onwards Up to 15 lakh 8,838
Standard Chartered Bank 11.25% onwards 1 lakh to 50 lakh 8,850
Bajaj Finserv 11.49% onwards Up to 15 lakh 8,861
Tata Capital 11.75% onwards Up to 20 lakh 8,873
Kreditbee 12.24% onwards 1000 to 2 lakh 8,896
Yes Bank 12.49% onwards Up to 50 lakh 8,908
HDFC Bank 12.50% onwards Up to 25 lakh 8,908
MoneyTap 12.96% onwards 3000 to 5 lakh 8,930
Fullerton India 13.00% onwards Up to 25 lakh 8,932
Indiabulls 13.99% onwards 1000 to 15 lakh 8,978
RBL Bank 14.00% onwards 1 lakh to 20 lakh 8,979
Muthoot Finance 14.50% onwards 50,000 onwards 9,002
Moneyview 15.96% onwards 5000 to 5 lakh 9,071
EarlySalary 18.00% onwards Up to Rs. 5 lakh 9,168
Home Credit 24.00% onwards Up to 2.4 lakh 9,456
CASHe 33.00% onwards 6000 to 4 lakh 9,897

 

Home Loans

We can use a housing loan to buy a new house. If you take a home loan, you are committed to paying an EMI of around 60-65% of your monthly income, which can be for a tenure of 30 years. So, you take on a bigger and longer-term liability. Then you should take the right decision so that in the future you do not face any kind of problem. This type of loan is taken for buying residential property, which includes flats, rowhouses, and bungalows. The maximum loan amount offered by banks is 90% of the current market value of the property. For non-banking financial companies, this value is 80%.

Home Loan Interest Rates

Lenders Lowest Interest Rate EMI/Lakh** Processing Fees (exclusive of GST)
Kotak Mahindra Bank 6.65% Rs. 641 Up to 0.50% plus statutory dues
Punjab & Sind Bank 6.65% Rs. 641 No processing charges during PSB UMANG campaign, valid till 30.06.2021
State Bank of India 6.70%* Rs. 646 Up to 0.4% of the loan amount (Min. of Rs 10,000 & Max. of Rs. 30,000)
HDFC Bank 6.75% Rs. 649 Salaried/Self Employed Professional – Up to 0.5% of loan amount or Rs. 3,000, whichever is higher
Self Employed Non Professional – Up to 1.5% of loan amount or Rs. 4,500, whichever is higher
ICICI Bank 6.75% Rs. 649 0.50% – 2.00% of the loan amount or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher
Bajaj Finserv 6.75% Rs. 649 For salaried individuals: Up to 0.80% of loan amount
For self-employed individuals: Up to 1.20% of loan amount
Bank of Baroda 6.75% Rs. 649 0.25% – 0.50% of loan amount (Min. Rs. 8,500 & Max. Rs. 25,000)
Punjab National Bank 6.75% Rs. 652 Up to 0.35% of the loan amount (Min. Rs. 2,500 & Max. Rs. 15,000)
Union Bank of India 6.80% Rs. 652 0.50% of the loan amount (Max. Rs. 15,000)
Central Bank of India 6.85% Rs. 655 0.50% of loan amount (Max. Rs. 20,000)
IDBI Bank 6.85% Rs. 655 For Inward Balance Transfer and PMAY Cases: Nil
For Other Home Loan Cases:
Up to Rs. 35 lakh: Rs. 3,500 to Rs. 7,500
Above Rs. 35 lakh & Up to Rs. 75 lakh: Rs. 6,000 to Rs. 10,000
Above Rs. 75 lakh & Up to Rs. 125 lakh: Rs. 10,000 to Rs. 16,000
Above Rs. 125 lakh: Rs. 10,000 to Rs. 20,000
Tata Capital Housing Finance 6.90% Rs. 659 Up to 0.5% of the loan amount
Axis Bank 6.90% Rs. 659 Up to 1% of the loan amount (Min. Rs. 10,000)
Canara Bank 6.90% Rs. 659 0.50% of the loan amount (Min. Rs. 1,500; Max. Rs. 10,000)
LIC Housing Finance 6.90% Rs. 659 As applicable
UCO Bank 6.90% Rs. 659 0.5% of the loan amount (Min. Rs. 1,500; Max. Rs. 15,000)
Bank of India 6.95% Rs. 662 0.25 % of loan amount (Min. Rs. 1500 & Max. Rs. 20,000)
Indian Overseas Bank 7.05% Rs. 669 Up to 0.50% of loan amount (Max. Rs. 25,000)
PNB Housing Finance 7.35% Rs. 689 Up to 1% of loan amount (Min. Rs. 10,000)
Karnataka Bank 7.50% Rs. 699 Up to 0.25% of loan amount
Federal Bank 7.65% Rs. 709 0.50% of loan amount (Min. Rs. 10,000; Max. Rs. 45,000)
Standard Chartered Bank 7.99% Rs. 733 0.50% to 1% of loan amount
Fullerton Grihashakti 7.99% Rs. 733 Up to 3% of loan amount
IIFL 8.20% Rs. 748 Up to 2% of loan amount
Indiabulls Housing Finance 8.65% Rs. 779 Up to 2% of loan amount
DHFL 8.75% Rs. 786 Salaried/Self Employed Professional – 0.5% of loan amount (Min. Rs. 2,500)
Self Employed Non-Professional – Net PAT: 0.5%, Others: 1.0% of loan amount
YES Bank 8.95% Rs. 801 Up to 2% of loan amount or Rs. 10,000, whichever is higher
Aditya Birla Housing Finance Ltd. 9.00% Rs. 805 Up to 1% of loan amount
India Shelter Finance Corp. Ltd. 12.00% Rs. 1,106 2% – 3% of loan amount

Car Loans

If you are planning to buy a four-wheeler you want, then a car loan can prove to be helpful for you. It is like taking the first big step towards your family’s happy and prosperous life. Controls your travel hassles and extra expenses while improving your social status. But what if you can’t buy the car you want?
You obviously can’t spend all your savings on your car. In such a situation, only a car loan can solve your problem. These are financial advances made by banks or financial institutions to help people buy the desired car for personal or business use. Nowadays it has become very easy and convenient to take a car loan from banks.
An easy monthly installment option is that you have to repay the car loan amount on time. Where you can buy your own car and avoid unwanted debt by buying a car for yourself. But when you are taking a car loan for the first time, you should know the basics of car financing before you go.

 

Car Loan Interest Rates

Banks Interest Rates
Allahabad Bank 8.05% Onwards
Andhra Bank 7.80% – 7.90%
Axis Bank 9.05% – 11.30%
Bank of Baroda 7.50% – 10.30%
Bank of India 7.35% – 7.95%
Bank of Maharashtra 7.70% – 8.45%
Canara Bank 7.50% Onwards
Central Bank of India 7.25% – 7.45%
Corporation Bank 7.80% – 7.90%
Dena bank 7.50% – 10.30%
Federal Bank 8.75%
HDFC Bank 7.70% – 13.55%
ICICI Bank 9.30% – 12.85%
IDBI Bank 8.10% – 8.70%
Jammu & Kashmir Bank 7.95%
Karnataka Bank 8.60% – 10.43%
Karur Vysya Bank 9.00% – 9.25%
Lakshmi Vilas Bank 11.05%
Nainital Bank 7.80% – 8.90%
Oriental Bank of Commerce 7.40% – 7.65%
Punjab & Sind Bank 7.10% – 7.45%
Punjab National Bank 7.40% – 7.65%
RBL Bank 12.00% – 14.00%
SBI 7.75% – 8.45%
Syndicate Bank 7.50% Onwards
UCO Bank 7.45%
United Bank Of India 7.40% – 7.65%
Vijaya Bank 7.50% – 10.30%
Yes Bank 9.25% Onwards

 

Two-Wheeler Loans

A two-wheeler loan is considered the easiest way to buy the bike of your dreams. This loan is suitable for customers of all ages and can buy a two wheeler by paying the balance amount in the form of nominal down payment and equated monthly installments. The demand for two wheeler loans for buying super bikes, racer bikes and cruiser bikes is in line with the growing aspirations of the youth in our country. However, the trend of taking a two wheeler loan first has always been to buy regular bikes and scooters.

Two-Wheeler Loans Interest Rates

Banks / NBFCs Interest Rate
HDFC Bank 10.45% Onwards
ICICI Bank 11.57% Onwards
Bajaj Finserv 10.99% Onwards
Hero Fincorp 10.35% Onwards
SBI 9.25%  Onwards
Bank of Baroda 12.70% Onwards
Axis Bank 15.00% Onwards
PNB India 11.70% Onwards
Union Bank of India 11.60% Onwards
Indiabulls Dhani 11.99% Onwards
United Bank of India 11.25% Onwards
Andhra Bank 10.70% Onwards
Canara Bank 10.45% Onwards
L&T Finance 10.75% Onwards

Small Business Loans

Small or large businesses require funding at various stages such as when starting a new project, expanding operations or recovering from a loss. However, starting a business is the part when money seems almost non-existent. Entrepreneurs have to find ways to make the most of their resources in every possible way. But it may not be enough. There are other ways to fund your business and one of the suitable is a small business loan.

Small Business Loans Interest Rates

Lenders Interest Rate  Loan Amount  Repayment Tenure (Months)
HDFC Bank Business Loan 15% onwards 75 lakh 6 – 48
ICICI Bank Business Loan 16% onwards 40 lakh 6 – 48
Kotak Mahindra Bank 16% onwards 75 lakh 6 – 48
Axis Bank Business Loan 17% onwards 50 lakh 12 – 36
Fullerton Finance 17% onwards 50 lakh 12 – 48
Lendingkart Finance 17% onwards 1 Crore 3 – 36
Bajaj Finserv 18% onwards 20 lakh 12 – 48
Hero FinCorp 18% onwards 25 lakh 12 – 36
IIFL Finance 18% onwards 50 lakh 12 – 36
Indifi Finance 18% onwards 50 lakh 12 – 36
PaySense Services India Pvt. Ltd. 18% onwards 5 lakh 3 – 36
Tata Capital Finance 18% onwards 30 lakh 12 – 36
ZipLoan Business Loan 18% onwards 5 lakh 6 – 24
IDFC First Bank Business Loan 19% onwards 75 lakh 12 – 60
RBL Bank 19% onwards 20 lakh 12 – 36
HDB Financial Services Ltd. 22% onwards 30 lakh 12 – 60
NeoGrowth Finance 24% onwards 75 lakh 6 – 24


Home Renovation Loan

 In the modern era of changing trends and constant inflation, modifying/redesigning or renovating your home can put you under stress. This is where a home renovation loan or home improvement loan comes in handy. House Renovation Loans caters to the needs of customers who are seeking financial assistance to upgrade/renovate their homes.

Home Renovation Loan Interest Rates

Provider Name Interest Rate Processing Charges
SBI 6.90% onwards Rs. 2000+Applicable Tax
HDFC Bank 6.90% onwards 0.50% of the loan amount+Applicable Tax
ICICI Bank 7.10% onwards 2.25% of the loan amount+Applicable Tax
Punjab National Bank 7.95% onwards 0.35% of the loan amount+Applicable Tax
Axis Bank 6.90% onwards 1% of the loan amount+Applicable Tax
Canara Bank 6.90% onwards 0.50% of the loan amount+Applicable Tax
Bank of India 8.10% onwards 0.40% of the loan amount+Applicable Tax
YES Bank 9.85% onwards 2% of the loan amount+Applicable Tax

Agriculture Loan

Agricultural loans in India are given to farmers for various purposes, such as buying farming and irrigation equipment, crops for cultivation and other agricultural activities. Apart from farmers, these loans are also available to persons engaged in other sectors related to agriculture such as animal husbandry, horticulture, bee keeping, aquaculture, sericulture and floriculture. This type of loan also helps in buying fertilizers, seeds, pesticides etc. Agricultural loans are given at low interest rates as compared to other loans. The main objective of this loan is to help the farmers to meet their various cash needs.

Agricultural Loan Interest Rates

Name of the Lender Agricultural Loan Type Rate of Interest (p.a.)
State Bank of India (SBI) Crop Loan/ Kisan Credit Card 7% onwards
SBI Multipurpose Gold Loan 7.50% onwards
SBI Tractor Loan 10.25% onwards
SBI Dairy Loan 10.85% onwards
SBI Produce Marketing Loan 10.85% onwards
Central Bank of India Cent Kisan Tatkal Scheme 7.70% onwards
 

Cent Vermicompost Scheme

 

 

Up to Rs. 50,000: 7.70% onwards

Rs. 50,000 to Rs. 5 lakh: 8.20% onwards

Rs. 5 lakh to Rs. 25 lakh: 8.70% onwards

Above Rs. 25 lakh: 9.20% onwards

 

Cent Solar Water Heater Scheme

 

5% per annum (concessional rate)

8.45% onwards (capital subsidy)

 

Cent Solar Pumpset

Up to Rs. 50,000: 7.70% onwards

Rs. 50,000 to Rs. 5 lakh: 8.20% onwards

Rs. 5 lakh to Rs. 10 lakh: 9.70% onwards

 

Kisan Credit Card

Up to Rs. 50,000: 7.70% onwards

Rs. 50,000 to Rs. 5 lakh: 8.20% onwards

Rs. 5 lakh to Rs. 25 lakh: 8.70% onwards

Above Rs. 25 lakh: 9.20% onwards

IndusInd Bank Agricultural Loan 9.5% onwards
ICICI Bank Kisan Credit Card 9.6% onwards
Agri Term Loan 10.35% onwards
Axis Bank Agro Power 7% – 18% per annum

Gold Loan

Gold loan is an easy and quick loan. Gold loans are offered to meet immediate cash requirements by depositing gold jewelry/coin as collateral or with a bank or lender as collateral. The bank charges interest on the amount borrowed and once the loan is repaid in full, the gold items held as collateral are returned safely. Even if it is a secured loan

Gold Loan Interest Rates 

Name of the Bank   Interest Rate   Loan Amount  
ICICI Gold Loan   10% p.a. – 19.76% p.a. Rs.10,000 to Rs.1 crore 
Axis Bank Gold Loan  12.50% p.a.to 17.50% p.a. Rs.25,001 to Rs.25 lakh 
HDFC Gold Loan  9.50% p.a. to 17.15% p.a. Rs.10,000 onwards 
Canara Bank Gold Loan  7.65% p.a.  Rs.5,000 to Rs.20 lakh 
Muthoot Gold Loan  12% p.a. to 27% p.a.  Rs.1,500 onwards  
SBI Gold Loan  7.50% p.a. onwards Rs.20,000 to Rs.50 lakh 
Kotak Mahindra Gold Loan  10.00% p.a. – 17.00% p.a. Rs.25,000 to Rs.50 lakh 
IndusInd Bank Gold Loan  10.50% p.a. – 16.00% p.a. Up to Rs.10 lakh  
Manappuram Gold Loan  Up to 29%   Up to Rs.1.5 crore  
Bank of Maharashtra Gold Loan 7.35% p.a. Up to Rs.20 lakh
PNB Gold Loan 8.75% p.a. to 9.00% p.a. Rs.25,000 to Rs.10 lakh 
Bank of Baroda Gold Loan 9.1% p.a. – 9.25% p.a. Up to Rs.25 lakh 

 

Education Loan

Education loan is one such loan through which it proves to be very helpful for the students for higher education. Education loan is the best way to get higher education without disturbing your finances. You can take education loan for courses in India or abroad. Unemployed students will have to give their guardian or parent’s guarantee for this loan.

Education Loan Interest Rates

Education Loan  Interest Rate Loan Amount Processing Fees
PNB 7.30% onwards Up to 15 Lakhs 1% of loan amount
SBI 7.97% p.a. – 10.05% p.a. Above Rs. 20 Lakh Rs.10,000 + tax
Axis 13.70% to 15.20% Up to 7.5 Lakh Nil to Rs.15,000 + tax
Bank of Baroda 8.25% to 10%* Up to 4 Lakh and above 1% of loan amount up to Rs.10,000
HDFC For preferential rates contact HDFC Max Apr Up to 1.5% of loan amount + tax
Tata Capital 10.99% onwards Up to 30 Lakh Up to 2.75% of loan amount + tax
Union Bank of India 6.90% onwards Need-based finance Nil for Indian students 0.50% of loan amount + GST for NRI students
Bank of India 9.10% onwards For courses in India: Up to Rs.10 lakh For courses abroad: Up to Rs.20 lakh Nil for courses in India Rs.5,000 + other fees for study abroad
Kotak Mahindra Bank Up to 16% For courses in India: Up to Rs.10 lakh For courses abroad: Up to Rs.20 lakh Contact the bank
ICICI Bank Contact the bank For courses in India: Up to Rs.50 lakh For courses abroad: Up to Rs.1 crore Contact the bank
Federal Bank 10.05% onwards For courses in India: Up to Rs.10 lakh For courses abroad: Up to Rs.20 lakh Contact the bank

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