Looking for an affordable personal loan? Check the interest rates of major banks for October.

Looking for an affordable personal loan? Check the interest rates of major banks for October.

If you need to take out a personal loan for an urgent requirement, this information is essential for you. Find out the interest rates being offered by various banks.

The importance of saving alongside earning becomes apparent when a sudden need for money arises. When one lacks savings, the usual recourse is to consider a personal loan from a bank. However, before taking a loan, it is crucial to check the interest rates offered by different banks and calculate the monthly EMI payable. If you are planning to take a personal loan, make sure to check the prevailing interest rates across banks first.

What are the starting interest rates for these banks?

In October, the starting personal loan interest rates for these banks are as follows:

• HDFC Bank – Starting from 9.99% p.a.
• Indian Bank – Starting from 9.00% p.a.
• Bank of Maharashtra – Starting from 9.75% p.a.
• Axis Bank – Starting from 8.90% p.a.
• Canara Bank – Starting from 9.70% p.a.
• ICICI Bank – Starting from 9.99% p.a.
• Punjab and Sind Bank – Starting from 9.65% p.a.
• IDFC FIRST Bank – Starting from 9.99% p.a.
• Union Bank of India – Starting from 8.90% p.a.
• UCO Bank – Starting from 9.95% p.a.

Please note that these interest rates are based on listings available in October 2026. These are starting rates; not every customer may be offered a loan at this specific rate, as banks determine the interest rate based on factors such as your income, credit score, and existing debt obligations.

What would the EMI be for a loan of ₹10 lakh? Let’s consider an example if you wish to take out a loan of ₹10 lakh. If you take a personal loan of ₹10 lakh for a tenure of 5 years at an annual interest rate of 8.90%, your EMI would be approximately ₹20,710. In contrast, at an interest rate of 10%, the monthly EMI would be around ₹21,247. This clearly shows that an increase in the interest rate raises not only the EMI but also the total repayment amount. Therefore, before taking a loan, compare the interest rates and EMIs offered by different banks.

Important things to know before taking a loan

You should pay special attention to certain factors before taking a loan, such as:

*   Determine the loan amount and tenure based on your actual requirements.
*   Do not rely on a single bank; instead, compare interest rates, processing fees, and EMIs across different banks.
*   Assess whether you will have enough money left from your salary to pay the EMI after meeting other household expenses.
*   Keep in mind that interest rates are not uniform for everyone; they depend on factors such as your salary, employment status, and existing loans.
*   Do not take a loan simply because of an advertisement highlighting a low interest rate. Consider all aspects carefully before proceeding.