By Safe Investment September 17, 2025
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Personal Loan EMI: During festive seasons like Karva Chauth, Diwali, and Chhath, many people take out personal loans for shopping. However, before taking out a personal loan, it's important to know the interest rates and processing fees. Here are details from 13 major banks, detailing your EMI and total interest on a loan of Rs 1 lakh.
Personal Loan EMI: During festive seasons like Diwali and Chhath, many people take out personal loans for shopping and other expenses. If you're considering a personal loan, it's important to understand the interest rates and processing fees of different banks. The lower the interest rate, the easier your EMI will be. Let's find out which banks offer personal loans at what rates.
Bank of Maharashtra
Bank of Maharashtra offers the lowest interest rate for personal loans at 9%. The processing fee is a maximum of 1% of the loan amount. This is a good option for those seeking a loan with low interest rates and low charges. For a Rs 1 lakh loan with a tenure of 1 year, the EMI will be approximately Rs. 8,745, and the total interest will be approximately Rs 4,938.
Axis Bank
Axis Bank's interest rates start at 9.99% and go up to 21.55%. Processing fees can be up to 2% of the loan amount. Customers seeking greater flexibility may choose this bank. A 1-year loan of Rs. 1 lakh at 9.99% will result in an EMI of approximately Rs. 8,794 and a total interest of Rs. 5,532.
Personal Loan Comparison Summary (Rs. 1 Lakh, 1-Year Tenure)
|
Bank |
Interest Rate (%) |
EMI (Rs. ) |
Total Interest (Rs.) |
Processing Fee (%) |
Key Advantage |
|
Bank of Maharashtra |
9.00 |
8,745 |
4,938 |
1.00 |
Lowest interest rate |
|
PNB |
10.50 |
8,831 |
5,965 |
0.35 |
Lowest processing fee |
|
Axis Bank |
9.99 |
8,794 |
5,532 |
2.00 |
Competitive rate, flexible options |
|
IDFC First Bank |
9.99 |
8,794 |
5,532 |
2.00 |
Fast processing, simple paperwork |
|
SBI |
10.05 |
8,798 |
5,575 |
1.50 |
Trusted government bank |
|
Bank of Baroda |
10.40 |
8,824 |
5,889 |
2.00 |
Additional schemes available |
|
IndusInd Bank |
10.49 |
8,830 |
5,957 |
3.50 |
Fast approval process |
|
|
|
|
|
|
|
|
ICICI Bank |
10.60 |
8,837 |
6,057 |
2.00 |
Flexible repayment |
|
Kotak Mahindra Bank |
10.99 |
8,862 |
6,344 |
5.00 |
Targets high-income customers |
IDFC First Bank
IDFC First Bank also offers personal loan interest rates starting at 9.99%. Its processing fee is up to 2% of the loan amount. This bank is known for relatively fast processing and simple paperwork. A 1-year loan of Rs. 1 lakh here would result in an EMI of approximately Rs. 8,794 and a total interest of Rs. 5,532.
State Bank of India
SBI's interest rates range from 10.05% to 15.05%. The processing fee is up to 1.50% of the loan amount. This government-owned bank is considered a reliable option and has a pan-India reach. For a loan of Rs. 1 lakh at 10.05%, the EMI will be approximately Rs. 8,798, and the total interest will be Rs. 5,575.
Bank of Baroda
Bank of Baroda's interest rates range from 10.40% to 18.10%. The processing fee is up to 2% of the loan amount. The bank offers several additional schemes in addition to personal loans. For a Rs. 1 lakh loan at 10.40%, the EMI would be approximately Rs. 8,824 and the total interest would be Rs. 5,889.
IndusInd Bank
IndusInd Bank offers personal loan interest rates starting at 10.49%. Processing fees can be as high as 3.5%, which is higher than many banks. However, its fast loan approval process attracts customers. For a loan of Rs. 1 lakh at 10.49%, the EMI will be around Rs. 8,830, and the total interest will be Rs. 5,957.
Punjab National Bank
PNB offers personal loans at an interest rate of 10.50%. The most notable feature is that the processing fee is only 0.35% of the loan amount. This makes it the cheapest bank in terms of processing charges. For a loan of Rs. 1 lakh, the EMI will be approximately Rs. 8,831, and the total interest will be Rs. 5,965.
Yes Bank
Yes Bank offers personal loans at interest rates ranging from 10.85% to 21%. Processing fees can be as high as 2.5% of the loan amount. The bank is also known for offering offers and discounts to new customers. A loan of Rs. 1 lakh at 10.85% would result in an EMI of approximately Rs. 8,854 and a total interest of Rs. 6,250.
HDFC Bank
HDFC Bank personal loan interest rates range from 10.90% to 24%. The processing fee is fixed at Rs. 6,500 + GST. This private bank is most popular due to its easy digital process and large customer base. For a loan of Rs. 1 lakh at 10.90%, the EMI will be approximately Rs. 8,857, and the total interest will be Rs. 6,287.
ICICI Bank
ICICI Bank offers personal loan interest rates ranging from 10.60% to 16.50%. The processing fee is up to 2% of the loan amount. Flexible repayment options make it a preferred choice for many salaried customers. A loan of Rs. 1 lakh at 10.60% interest will result in an EMI of approximately Rs. 8,837 and a total interest of Rs. 6,057.
Kotak Mahindra Bank
Kotak Mahindra Bank personal loan interest rates start at 10.99%. The processing fee is the highest, at up to 5% of the loan amount. This bank targets high-income customers. For a loan of Rs. 1 lakh at 10.99%, the EMI will be approximately Rs. 8,862, and the total interest will be Rs. 6,344.
IDBI Bank
IDBI Bank's interest rates range from 11% to 15.50%. Its processing fee is 1% of the loan amount. This bank is an attractive option due to its mid-range interest rates and simple documentation. For a loan of Rs. 1 lakh at 11%, the EMI would be approximately Rs. 8,863, and the total interest would be Rs. 6,354.
Bank of India
Bank of India offers personal loan interest rates starting at 11.10%. The processing fee is 1% of the loan amount. Being a government-owned bank, it enjoys high credibility. For a loan of Rs. 1 lakh at 11.10%, the EMI will be approximately Rs. 8,870, and the total interest will be Rs. 6,431. (Source: BankBazaar.com)
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