Further, a slew of changes in TDS and TCS. Along with the same several amendments were made in the MSME, KCC and personal loan areas as well.

One such announcement was the enhancement of the limit of interest subvention scheme for Kisan Credit Card to ₹5 lakhs. Now on the question of personal loan it is clear that the interest rates charged by different lenders is not large, still even a small difference of 25 or 50 basis points can make a substantial difference over a long period of time as the loan is repaid through EMIs.

It is also crucial to note that interest rates on personal loans vary from one lender to another. It is influenced primarily by factors such as credit score, employment type, annual income, and existing bank relationships, past credit history among other associated factors.

Below is a comparison of personal loan interest rates offered by the top 5 banks in India for the month of February 2025, ranked from the lowest to the highest rate:-

Top banks with the best personal loan interest rates in 2025

Hence, by staying informed and comparing options, you can ensure your personal loan fits your needs without stretching your finances. It is advised for borrowers to consider speaking to the customer service of the respective banks to gain clarity on further details as interest rates are bound to change according to the policies of the bank or lending institution. The list shared above is indicative only.

(Note: Raising a loan comes with its own risks. So, due caution is advised)

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After this, it may be challenging for individuals who wish to take multiple personal loans simultaneously in the new year. Time till January 1 was given to implement the new directive issued in August and now it has come into effect.

What changes did RBI make?

According to a TOI report, the updated regulation now requires lenders to report borrower activity to credit bureaus every 15 days, as against a one-month interval earlier. More frequent updating of records will cause borrowers to face greater scrutiny, reducing the likelihood of taking multiple loans at once. RBI said shortening the reporting cycle will improve lenders’ ability to assess borrower risk.

Get more accurate and timely data

Sachin Seth, chairman of credit information company CRIF High Mark, said, “Equated monthly installments (EMIs) fall on different dates throughout the month. Reporting data once a month can delay updates on defaults or repayments by up to 40 days, leading to outdated information for credit assessment. Switching to a 15-day reporting cycle will reduce these delays significantly. Lenders will now have access to more accurate and timely data.”

It will help in curbing excessive borrowing

SBI chairman C.S. Setty, in an interview to TOI, spoke on the issue of new borrowers taking loans from multiple lenders, often beyond their repayment capacity. He said SBI has suggested more frequent updates to provide a clear picture of borrower behaviour. “This move will help curb excessive borrowing by individuals,” he said.

Sachin Seth also said that borrowers taking multiple loans on different due dates will now see their financial activity in the system within two weeks. This reduces the ‘blind spot’ where important credit data may not be visible, enabling lenders to make more informed decisions.

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The bank gives home loans to eligible people and takes interest from them in return. If you also have a home loan running or about to end or you are getting it closed before time etc. In such a situation, it becomes important for you to know which are the two documents that you should take while getting the loan closed. If you do not do this, then you can definitely get into trouble later.

Also Read: LIC has launched new plans keeping the youth in mind. Know the full details

• If you have received the NOC, then your work does not end here because you have to check the information given in it carefully. Check that the date of loan closure, your full name, bank account details, loan details and complete property details are correct. If this is not the case, then contact the bank and get the correct NOC made.

• After closing the loan, you have to get an encumbrance certificate from the registrar’s office. Actually, this is a document which shows that there is no liability on your property. It is also important to have this document with you because you need it while selling the property.

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People often take personal loans for their minor needs. This is a loan that does not require any kind of collateral or security. This loan is given to a person on his credit. It requires minimum documents. This loan can be used for any financial need. Like any other loan, a personal loan has to be repaid as per the agreed terms.

Personal loans are repaid in monthly installments (EMIs). Through auto debit mandate, the monthly installment can be instructed to be directly debited. If there is an alternative bank account, this can be done through NACH mandate. Generally, EMI can be made for a few months or a few years.

Charges may apply for foreclosure

Some banks allow you to prepay or foreclose your personal loan after payment of at least one EMI. However, charges (and taxes) are applicable for foreclosure of a personal loan. Banks take many things into consideration while calculating interest rates on personal loans. It generally depends on the credit history of the person taking the loan. The better the credit history, the more chances there are to get loans at attractive rates. Here we are telling you about the interest rates on personal loans of 10 banks. This will help you make comparisons before taking a personal loan.

Personal Loan Rates and Charges (March 2024)

EMI is an important part of the loan. This is the intermittent installment amount that you pay to repay your loan. There are three factors that decide your EMI. These include loan amount, interest rate and loan tenure.

Credit Card Rules : Changes in credit card rules, you will benefit from RBI’s initiative.

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