Personal loan interest rates, APR and fees
What our partner lenders list today, what the rate and the APR each mean, and the charges to look for in a loan offer. Listed rates currently range from 12% to 48% a year.
Listed rates by lender
A lender lists a range because it prices each loan individually — your rate depends on its assessment of your application, and is shown in your offer.
| Lender | Interest rate (p.a.) | Amount | Tenure (months) | Application fee |
|---|---|---|---|---|
| mPokket | 18% – 36% | ₹1,000 – ₹2 lakh | 6 – 24 | ₹0 |
| Aye Finance | 24% – 29.5% | ₹5,000 – ₹1 lakh | 12 – 30 | ₹0 |
| Innopay Finance(Ramesham Securities & Credit (India) Limited) | 12% – 48% | ₹5,000 – ₹50,000 | 3 – 12 | ₹0 |
| Hero Fincorp | 18% – 30% | ₹50,000 – ₹7 lakh | 12 – 36 | ₹0 |
| Poonawalla Fincorp | 12% – 29% | ₹50,000 – ₹15 lakh | 12 – 36 | ₹0 |
| TATA CAPITAL | 12% – 29% | ₹65,000 – ₹50 lakh | 12 – 36 | ₹0 |
Each lender’s current listing on Innopay Money — not an offer. Your rate, any processing fee and the APR are in the lender’s Key Fact Statement.
Interest rate vs APR
The interest rate is charged on the amount you still owe; it is what the EMI is calculated from. The annual percentage rate (APR) is the total yearly cost of the loan, including fees such as a processing fee. Two loans at the same rate can have different APRs because of their fees.
RBI requires lenders to give you a Key Fact Statement (KFS) before you accept a loan, showing the APR and every charge. Compare loans on the APR in the KFS — not only on the rate.
Fees and charges to check
- Application fee — the table above shows each lender’s current figure on Innopay Money. It is not the same as a processing fee.
- Processing fee — set by the lender; if charged, it is in the KFS, counted in the APR, and with GST is often deducted from the amount you receive, so check the net disbursal amount too.
- Late-payment and other contingent charges — what happens if an EMI is missed; these appear in the KFS and the loan agreement, and are not part of the APR.
- Prepayment or foreclosure charges — whether paying early costs anything; check the KFS and the agreement.
- Cooling-off (look-up) period — the KFS states a period in which you can exit the loan by repaying the principal and the proportionate APR, without a penalty.
A charge that is not in the KFS cannot be levied without your explicit consent — ask the lender if anything is unclear.
Flat rate vs reducing balance
On a reducing-balance loan, interest each month is charged only on what you still owe, so the interest part of your EMI falls over time. A flat rate charges interest on the original amount for the whole term, so the same headline rate costs noticeably more. The APR in the Key Fact Statement puts both on the same footing — another reason to compare on APR.
To see what an amount, rate and tenure mean each month, use the EMI calculator, which also has worked examples for ₹1 lakh, ₹2 lakh and ₹5 lakh.
Create an account with your mobile number, pick an amount and see what our partner lenders offer. The lender decides approval.
Check your optionsFrequently asked questions
What is the difference between the interest rate and APR?
The interest rate is what the lender charges on the outstanding amount. The annual percentage rate (APR) is the all-in annual cost of the loan, including fees the lender charges. RBI requires lenders to show the APR in the Key Fact Statement before you accept a loan.
Why is my rate a range and not a single number?
Lenders price each loan individually, based on their assessment of your application. The rates on this page are the range each lender lists; the rate you are offered appears in your offer and Key Fact Statement.
Are there charges besides interest?
There can be — for example a processing fee, or charges for late payment. Whatever the lender charges is listed in its Key Fact Statement and loan agreement. Read them before you sign.