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Rates trending down — best time to borrow

Personal Loan Interest Rate Tracker

How rates have moved across all lenders in the last 6 months. Updated monthly.

Lenders cut rates

7 of 8

Avg rate drop

−0.62%

Biggest cut

KreditBee −2%

Lowest current

HDFC 10.5%

H

HDFC Bank

-0.25% this period

Private Sector Bank · Current: 10.5%–21% p.a.

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10.75%
Jan
10.75%
Feb
10.5%
Mar
10.5%
Apr
10.5%
May
10.5%
Jun 2024
Mar — RBI rate cut pass-through
I

ICICI Bank

-0.50% this period

Private Sector Bank · Current: 10.8%–19.5% p.a.

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11.25%
Jan
11%
Feb
11%
Mar
11%
Apr
10.75%
May
10.75%
Jun 2024
Feb — New pricing tier
May — Festival offer
B

Bajaj Finserv

-0.50% this period

NBFC · Current: 11%–26% p.a.

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11.5%
Jan
11.5%
Feb
11.5%
Mar
11.25%
Apr
11.25%
May
11%
Jun 2024
Apr — Portfolio rebalancing
D

IDFC First Bank

-0.25% this period

Private Sector Bank · Current: 10.49%–23% p.a.

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10.75%
Jan
10.75%
Feb
10.5%
Mar
10.5%
Apr
10.5%
May
10.5%
Jun 2024
Mar — RBI rate cut pass-through
M

MoneyView

-1.00% this period

Fintech Lender · Current: 15.96%–39.99% p.a.

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13.5%
Jan
13.5%
Feb
13.25%
Mar
13%
Apr
12.75%
May
12.5%
Jun 2024
Mar — Reduced risk premium
K

KreditBee

-2.00% this period

Fintech Lender · Current: 17%–29.95% p.a.

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16%
Jan
15.5%
Feb
15%
Mar
15%
Apr
15%
May
14%
Jun 2024
Jun 2024 — Aggressive growth push
P

PaySense

-1.00% this period

Fintech Lender · Current: 16.8%–36% p.a.

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14%
Jan
14%
Feb
13.5%
Mar
13.5%
Apr
13%
May
13%
Jun 2024
Mar — Series D — cost of funds reduced
C

CASHe

-2.00% this period

Fintech Lender · Current: 27%–33% p.a.

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18%
Jan
17.5%
Feb
17.5%
Mar
17%
Apr
16.5%
May
16%
Jun 2024
Feb — NBFC refinancing
S

State Bank of India

No change

Public Sector Bank · Current: 10.3%–15.65% p.a.

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P

Punjab National Bank

No change

Public Sector Bank · Current: 10.4%–16.95% p.a.

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B

Bank of Baroda

No change

Public Sector Bank · Current: 10.6%–17.35% p.a.

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C

Canara Bank

No change

Public Sector Bank · Current: 10.65%–16.4% p.a.

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U

Union Bank of India

No change

Public Sector Bank · Current: 10.75%–16.75% p.a.

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I

Indian Bank

No change

Public Sector Bank · Current: 10.8%–16.15% p.a.

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B

Bank of India

No change

Public Sector Bank · Current: 10.9%–16.5% p.a.

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C

Central Bank of India

No change

Public Sector Bank · Current: 11%–16.9% p.a.

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A

Axis Bank

No change

Private Sector Bank · Current: 10.75%–22% p.a.

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K

Kotak Mahindra Bank

No change

Private Sector Bank · Current: 10.99%–24% p.a.

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Y

Yes Bank

No change

Private Sector Bank · Current: 10.99%–20% p.a.

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I

IndusInd Bank

No change

Private Sector Bank · Current: 10.99%–21% p.a.

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R

RBL Bank

No change

Private Sector Bank · Current: 11.5%–26% p.a.

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F

Federal Bank

No change

Private Sector Bank · Current: 10.99%–19% p.a.

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S

South Indian Bank

No change

Private Sector Bank · Current: 11.2%–19.5% p.a.

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D

DCB Bank

No change

Private Sector Bank · Current: 11.5%–21% p.a.

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I

IDBI Bank

No change

Private Sector Bank · Current: 11%–18.5% p.a.

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T

Tata Capital

No change

NBFC · Current: 10.99%–24% p.a.

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L

L&T Finance

No change

NBFC · Current: 11.5%–25% p.a.

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A

Aditya Birla Capital

No change

NBFC · Current: 11%–26% p.a.

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P

Piramal Finance

No change

NBFC · Current: 12%–27% p.a.

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P

Poonawalla Fincorp

No change

NBFC · Current: 9.99%–24% p.a.

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M

Muthoot Finance

No change

NBFC · Current: 14%–26% p.a.

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S

Shriram Finance

No change

NBFC · Current: 13.5%–26% p.a.

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C

Cholamandalam Finance

No change

NBFC · Current: 12.5%–25% p.a.

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H

Hero FinCorp

No change

NBFC · Current: 13%–27% p.a.

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I

IIFL Finance

No change

NBFC · Current: 12.75%–28% p.a.

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N

Navi

No change

Fintech Lender · Current: 9.9%–45% p.a.

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F

Fibe

No change

Fintech Lender · Current: 16%–33% p.a.

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M

mPokket

No change

Fintech Lender · Current: 18%–36% p.a.

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L

LazyPay

No change

Fintech Lender · Current: 15%–32% p.a.

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K

Kissht

No change

Fintech Lender · Current: 15%–30% p.a.

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A

Axio

No change

Fintech Lender · Current: 15%–34% p.a.

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I

IndiaLends

No change

Fintech Lender · Current: 11.99%–36% p.a.

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P

Prefr

No change

Fintech Lender · Current: 16%–30% p.a.

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F

Freo

No change

Fintech Lender · Current: 15%–32% p.a.

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Z

Zype

No change

Fintech Lender · Current: 15%–30% p.a.

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L

LoanTap

No change

Fintech Lender · Current: 10.5%–24% p.a.

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F

Finnable

No change

Fintech Lender · Current: 11.99%–27% p.a.

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I

InCred

No change

Fintech Lender · Current: 11.25%–26% p.a.

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A

Avail Finance

No change

Fintech Lender · Current: 18%–36% p.a.

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R

RupeeRedee

No change

Fintech Lender · Current: 18.25%–36% p.a.

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M

MyMoneyBazaar

No change

Fintech Lender · Current: 15.5%–32% p.a.

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Rates shown are minimum advertised rates. Actual rate depends on credit profile. Source: Lender disclosures · Last updated Jun 2024

Rate Tracker FAQ

Among SafeBorrow's partner lenders, HDFC Bank and IDFC First Bank currently offer the lowest starting rates, from 10.5% p.a., for applicants with a strong credit profile.

Lenders adjust rates based on their cost of funds, RBI policy rate movements, competitive pressure, and portfolio risk — banks tend to move gradually, while NBFC/fintech lenders adjust faster.

Not necessarily — the advertised rate is the minimum. Your actual rate depends on your CIBIL score, income, employer, and existing debt. A score above 750 gives the best chance of the lowest rate.

No. Rate changes only apply to new loans taken after the change. If your lender cuts rates and you already have a loan, you would need to do a balance transfer to benefit.