HDFC Bank vs ICICI Bank vs SBI vs Axis Bank vs PNB: Personal loans are short-to-medium term unsecured loans granted to an individual to meet emergency needs such as medical costs, home renovation, among other requirements. Flexibility, minimal documentation and quick processing make personal loans a preferred financing option. These loans are usually offered for a period between 1 year and 5 years. Personal loans interest rates may vary from 11.29 percent to 35 percent, depending on the loan worthiness of the customer.

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While taking a personal loan, one must compare rates offered by various banks. HDFC Bank, ICICI Bank, SBI Bank, and Aix Bank, among all other banks, offer personal loans at competitive rates. Even loans at 50 basis point cheaper rate can make a big difference in instalments. Therefore, it is always advisable to compare all the available options in the market.

HDFC Bank: The bank offers personal loans at interest rates between 10.99 percent and 11.29 percent to salaried people. The interest rates offered to self-employed and independent professionals, however, higher than the salaried people. For the self-employed and independent professionals, the rate varies between 12 percent and 16 percent. Above all, the bank may also charge processing fees of up to 2.5 percent of the loan amount, according to the information available on the bank's official website. However in many cases, banks waive or bring down processing fees. 

ICICI Bank: The bank offers personal loans at interest rates between 11.25 percent and 22.00 percent per annum. Besides this, there are also other charges such as - loan processing charges up to 2.25  percent per annum of the loan amount, 5 percent per annum of principal outstanding prepayment charges, 24 percent per annum additional interest on late payment, Rs 500 per transaction repayment mode swap charges, Rs 3,000 loan cancellation charges and Rs 400 per EMI bounce charges. Over and above, GST will be applicable on most of these charges.

SBI: The bank offers personal loans at interest rates between 12 percent and 17 percent depending upon the credit history of the customers. Other charges such as processing fees, transaction fees, and GST may also applicable. Therefore, rates may go higher.

Axis Bank: The bank offers personal Loan starting from Rs 50,000 up to Rs 15,00,000 for a tenure of up to 36 months and more. The interest rates it charges are between 16 percent and 24 percent for loans up to 36 months period.  On the other hand, personal loans with more than 36 months attract interest rates between 15.75 percent and 24 percent. Besides interest rate, there are other charges too applicable such as loan processing charges, cheque bounce charges, among others.

PNB: The bank offers personal loans based on MCLR. Current  MCLR of the bank is 8.55 percent, according to the information available on the bank's website. The minimum interest rate on a personal loan of the bank comes at a 12 percent interest rate and it may go up to 15 percent. One may calculate the EMI amount with the help of interest calculator available on the website.