Personal Loan Interest Rates & Offers April 2026

Thinking about getting a personal loan this April? It might be a good time to go for it. The Reserve Bank of India recently cut the repo rate by 0.50%, bringing it down to 5.50%. This change has led banks like SBI, Canara Bank and Bank of Baroda to lower their lending rates too.

What does that mean for you? Personal loans are now more affordable, with some starting at just 9.99% per annum. If you need money for a big event, a sudden expense or just to manage your budget better, this guide will help.

This blog gives you the latest personal loan interest rates April 2026, processing fees, tips on checking your credit score and how you can apply online easily.

Personal Loan Details April 2026

The table below shows an overview of the personal loan details:

Feature	Details
Interest Rate	Starting from 9.00% p.a. to 24% p.a.
Loan Amount	₹10,000 to ₹40 lakhs
Tenure	6 months to 7 years
Processing Fees	0.25% to 5% of the loan amount
Documentation	PAN, Aadhaar, Income Proof, Bank Statement (all accepted as e-docs)

Note: Loan amount and tenure depend on your credit score, income, and lender policy.

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Personal Loan Interest Rates By Banks (April 2026)

The table below shows the updated information on personal loan interest rates April 2026 offered by top banks:

Bank	Interest Rate (p.a.)	Processing Fee
State Bank of India (SBI)	10.30% onwards	Up to 1.5% of the loan amount
HDFC Bank	10.90% onwards	Up to Rs 6,500 of the loan amount
Axis Bank	9.99% onwards	Up to 2% of the loan amount
Bank of Baroda	10.40% onwards	Up to 2% of the loan amount
Punjab National Bank (PNB)	10.50% onwards	Up to 1% of the loan amount
Canara Bank	9.95% onwards	Up to 0.25% of the loan amount
ICICI Bank	10.80% onwards	Up to 2% of the loan amount
IDFC FIRST Bank	9.99% onwards	2% of the loan amount
Indian Overseas Bank (IOB)	10.50% onwards	Up to 0.75% of the loan amount
IDBI Bank	11% onwards	Up to 1% of the loan amount
Bank of India	11.10% onwards	Up to 1% of the loan amount
Federal Bank	11.99% onwards	Up to 3% of the loan amount
UCO Bank	10.20% onwards	Up to 1% of the loan amount
Union Bank of India	10.35% onwards	Up to 1% of the loan amount
Yes Bank	11.25% onwards	Up to 2.5% of the loan amount
Central Bank of India	10.10% onwards	Up to 1% of the loan amount
IndusInd Bank	10.49% onwards	Up to 3.5% of the loan amount
Indian Bank	11.40% onwards	Up to 1% of the loan amount
Bandhan Bank	12.15% onwards	Up to 3% of the loan amount
Karnataka Bank	11.85% onwards	Up to 2% of the loan amount
Karur Vysya Bank	11.15% onwards	0.50% of the loan amount
HSBC Bank	10.15% onwards	Up to 2% of the loan amount
Bank of Maharashtra	9.00% onwards	Up to 1% of the loan amount

Note: The interest rates mentioned are subject to change as per the lender’s discretion and the borrower’s credit profile.

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Personal Loan Interest Rates By NBFCs (April 2026)

The table below shows the updated information on personal loan interest rates offered by our NBFC lending partners:

NBFC	Interest Rate (p.a.)	Processing Fee
Paysense	1.4% p.m. onwards	Up to 2.5% of the loan amount
Cashe	2.79% p.m. onwards	Up to 2.5% of the loan amount
Fibe	10% p.a. onwards	2% of the loan amount
Mpokket	27% p.a. onwards	4% of the loan amount
Prefr	15% p.a. onwards	3% of the loan amount
NIRA	2% p.m. onwards	2% of the loan amount
Money Tap (Freo)	1.25% p.m. onwards	2% of the loan amount
Bajaj Finance	10% p.a. onwards	Up to 3.93% of the loan amount
Tata Capital	11.50% p.a. onwards	3.5% of the loan amount.
Money View	14% p.a. onwards	2% of the loan amount
Upwards	18% p.a. onwards	Up to 2% of the loan amount
Zype	1.5% p.m. onwards	2% of the loan amount
LoanTap	Up to 26% p.a.	2% of the loan amount
Pocketly	2% p.m. onwards	0% to 7.5% of the loan amount
Loanbaba	10.99% p.a. onwards	5% of the loan amount
Finnable	16% p.a. onwards	0.5% to 3.5% of the loan amount
Aditya Birla	10% p.a. onwards	0.5% and 3% of the loan amount
MyMoneyMantra	11.99% p.a. onwards	up to 3.93% of the loan amount
IIFL	12.75% p.a. onwards	2% – 9% of the loan amount

Note: The interest rates mentioned are subject to change as per the lender’s discretion and the borrower’s credit profile.

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Personal Loan Eligibility Criteria

To qualify for a personal loan, most banks and NBFCs look at the following:

Criteria	Details
Age	21 to 60 years (some lenders allow up to 65 years at loan maturity)
Employment	Salaried or self-employed individuals
Minimum Income	₹15,000 to ₹25,000 per month (varies by city and lender)
Credit Score	Ideally 700 or above; 750+ gets better interest rates
Work Experience	At least 6 months in current job (for salaried); 1–2 years in business (self-employed)
Nationality	Must be a resident Indian citizen

Note: Eligibility criteria can vary depending on the lender, your location and loan amount. Meeting the basic requirements improves your chances, but final approval depends on your complete profile.

Documents Required for Personal Loan

Most banks and NBFCs ask for the following documents when you apply for a personal loan:

Document Type	Documents to be Submitted
Identity Proof	PAN Card, Aadhaar Card, Passport, Voter ID
Address Proof	Aadhaar Card, Utility Bill, Passport, Rent Agreement
Income Proof	Salary slips (last 3 months), Form 16, ITR for self-employed
Bank Statements	Last 3–6 months’ bank account statements
Employment Proof	Offer letter, company ID, appointment letter (if applicable)
Photograph	Recent passport-sized photo

Note: Additional documents may be required based on your profile or the lender’s policy.

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How to Apply for a Personal Loan via Buddy Loan

Buddy Loan is a digital fintech marketplace that connects you with top verified lenders that suit your financial profile.

Follow these simple steps to apply for a personal loan through Buddy Loan:

Visit buddyloan.com or download the app (Android / iOS)
Go to the Personal Loan Application Page
Enter your mobile number and OTP
Choose loan amount, tenure and employment type
Provide job and salary details
Fill in your personal details (name, PAN, address, DOB, gender)
Submit with communication and income details
Once submitted, you’ll be matched with suitable lenders for the next steps.

Factors Affecting Personal Loan Interest Rates

Personal loan rates vary from one borrower to another. Here are the main factors that influence your offer:

Credit score: A higher score (750 or above) helps you secure lower rates.
Income level: Stable and high monthly income increases your eligibility for better rates.
Employment type: Salaried employees generally receive more favourable terms than self-employed applicants.
Loan amount and tenure: Longer tenures or higher loan amounts may come with higher interest.
Lender relationship: Existing customers may be eligible for special rates or pre-approved offers.
Monetary policy trends: A drop in repo or MCLR rates can reduce loan pricing for floating-rate loans.

Credit Score Check for Personal Loan

Your credit score plays a key role in getting approved for a personal loan and securing a low interest rate. Most lenders prefer a score of 750 or above, as it reflects good credit behaviour and lowers the risk for them.

Before you apply, it is essential to check your score. This helps you spot any issues in advance and gives you a better chance of getting the best deal.

You can check your credit score for free with Buddy Score. It’s quick, secure and doesn’t impact your score.

How to check your credit score with Buddy Score:

Go to the Buddy Score website.
Fill in your PAN and basic personal details.
View your score instantly along with your credit report.
Review the report, correct any errors and build your score by paying bills on time and managing credit wisely.

Download the Buddy Loan app now!

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