What are the best personal loan deals banks are offering across India

Here are the best personal loan options right now, which lenders offer the lowest EMIs, and how fees and borrower risk shape the true cost of credit

Personal loan interest rates are broadly clustered around 9–11 per cent across major banks, keeping EMIs for a five-year Rs 5 lakh loan near Rs 10,500-11,000. Private lenders largely offer similar starting rates, but processing fees of up to 2–5 per cent can significantly raise overall costs. 

Public sector banks show the widest variation, with rates ranging from sub-9 per cent to over 16 per cent depending on borrower profile. Union Bank of India and Bank of Maharashtra quote the lowest starting rates, though these are available only to top-rated customers. 

NBFCs such as Bajaj Finserv carry the highest risk-based spreads, with EMIs rising sharply at the upper end, a Policybazaar analysis shows.