MoneyRadar
All decisions

Loans

Borrow at the real lowest cost, not the ad rate

Every lender shouts a teaser rate. We rank on rate plus processing fee, show you the actual EMI, and remind you what a longer tenure really costs.

Quick answer

To find the cheapest loan in India, compare the effective interest rate plus processing fees — not the advertised teaser rate. Personal loans range from 11–24% depending on your CIBIL score; education loans are typically 9–12%. Shorter tenure always saves total interest even if the EMI is higher.

How much do you need?

₹5L

Over how long?

48 months

Cheapest for you

HDFC Bank

Est. EMI

₹12,802

Total interest

₹1.1L

From rate

10.5%

  • Rates from 10.5% with a 1% processing fee.
  • Among the lowest starting rates available.
  • Low processing fee keeps the upfront cost down.

EMI uses the best-case “from” rate. Your actual rate depends on your credit score and income.

Compare every lender

LenderRate (from)Processing feeMax amountMax tenure
HDFC Bank10.5%1%40L72 mo
SBI Xpress Credit11.15%0.75%35L72 mo
ICICI Bank10.85%2%50L72 mo
Axis Bank10.99%1.5%40L84 mo
Bajaj Finserv11%3.5%55L96 mo
Rates verified 15 Jun 2026

Before you sign anything

Shorter tenure wins. Stretching a loan lowers the EMI but quietly multiplies the total interest. Borrow for the shortest term you can comfortably afford.

Your credit score is the rate. The “from” rates here go to borrowers with a 750+ CIBIL score. Check yours before applying — and never take a personal loan to invest.

Curious what an EMI does to your budget? Run the EMI calculator · Check loan eligibility.

Common questions

Which bank has the lowest personal loan rate in India?
Rates change frequently and depend on your credit score, employer, and income. Public sector banks often start lower for salaried employees with 750+ CIBIL. Compare effective rates including processing fees — not just the advertised 'from' rate.
Personal loan or credit card — which is cheaper?
Personal loans at 11–18% are almost always cheaper than credit card APR of 36–48%. Never carry a credit card balance when a personal loan could consolidate it at half the cost.