With the festive season approaching in October 2025, many Indians are considering personal loans for big purchases, from electronics and home renovations to weddings and travel. Understanding current interest rates, bank offerings, and repayment options is crucial to making informed financial decisions.
This guide compares personal loan rates from leading banks and NBFCs to help you plan your festive spending without stretching your budget.
Personal Loan Rates in October 2025
| Lender | Interest Rate (p.a.) | Processing Fee | Loan Tenure | Key Features |
|---|---|---|---|---|
| State Bank of India (SBI) | 10.75% – 14.50% | 1% – 2% | Up to 5 years | Flexible repayment, prepayment allowed |
| HDFC Bank | 11.50% – 15% | 1% – 2% | Up to 5 years | Instant approval, minimal documentation |
| ICICI Bank | 11% – 15% | 1% – 2% | Up to 5 years | High loan amount, easy online application |
| Axis Bank | 10.99% – 15% | 1% – 2% | Up to 5 years | Quick disbursal, flexible tenure |
| Bajaj Finserv (NBFC) | 12% – 19% | 2% | Up to 5 years | Quick processing, minimal documentation |
Note: Rates vary based on applicant profile, credit score, loan amount, and tenure.
Tips for Choosing the Right Personal Loan
Compare Interest Rates: Even 0.5% difference can save significant money over time.
Check Processing Fees & Hidden Charges: Ensure clarity on foreclosure, prepayment, and late payment fees.
Assess Loan Tenure: Shorter tenures mean higher EMI but lower total interest. Longer tenures reduce EMI but increase interest.
Eligibility & Documentation: Banks may require income proofs, age criteria, and employment details.
Festive Season Offers: Some lenders offer discounted processing fees or reduced rates during the festive season.
Planning Big Purchases
Home Renovation & Furnishing: Personal loans help spread the cost over months.
Electronics & Gadgets: Buy high-end appliances without straining your monthly budget.
Weddings & Travel: Cover major expenses comfortably with manageable EMIs.
Medical & Emergency Expenses: Quick access to funds in unforeseen situations.
Pro Tip: Avoid over-borrowing; ensure EMIs fit within 30–40% of your monthly income for financial stability.
FAQs
Q1: What is the current personal loan rate in October 2025?
A: Rates range from 10.75% to 19% p.a., depending on the lender and applicant profile.
Q2: Can I get instant personal loans during the festive season?
A: Yes, banks and NBFCs like HDFC, ICICI, and Bajaj Finserv offer instant or same-day approval.
Q3: What is the maximum loan amount available?
A: Typically up to Rs 40 lakh depending on creditworthiness and income.
Q4: Are there prepayment or foreclosure charges?
A: Most banks allow prepayment with minimal charges, but NBFCs may have higher fees.
Q5: How should I choose the best lender?
A: Compare interest rates, processing fees, loan tenure, and repayment flexibility, and check for festive season offers.
Published on : 2nd October
Published by : SMITA
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