The available October 2026 comparison covers 16 lenders, not a verified roster of 22. In that dated snapshot, published personal-loan rates ranged from 8.90% to 33%. Those are advertised figures from a compiled comparison, not a promise of the rate any borrower will receive. To compare offers meaningfully, hold the loan amount and tenure constant, then compare the EMI, processing fee and total repayment—not just the headline rate.
What the October 2026 rate comparison covers
BankCreds Research says it checked lender websites on October 8, 2026. Its 16-lender snapshot reports published rates from 8.90% at Union Bank of India to 33% at Tata Capital. The report says its ranges include published fixed-rate options and exclude staff schemes and secured loans. It also gives processing charges, maximum loan amounts and tenures, with fees generally shown before GST unless the lender included it.
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This is a dated secondary compilation, not a verified 22-lender comparison or an individual loan offer. A separate October 3 article compares six banks, but its figures are also secondary reporting and predate the October 8 snapshot. Confirm current rates, fees and terms on the lender’s own documents before applying.
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| Lender | Published rate range | Reported processing charge |
|---|---|---|
| Union Bank of India | 8.90%–12.65% | 1% |
| Canara Bank | 9.70%–15.75% | 0.50% |
| HDFC Bank | 9.99%–24% | Up to ₹6,500 |
| ICICI Bank | 9.99%–16.50% | Up to 2% |
| Axis Bank | 9.99%–22% | Up to 2% |
| State Bank of India | 10%–15% | 0.75%–1.50% |
These rates and charges are the figures reported in the October 8 compilation; they are not guaranteed offers. Processing-charge tax treatment can differ, and the report generally lists fees before GST unless included by the lender. The table is a selection of reported examples, not the full 16-lender roster.
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How to compare EMI and the full cost
An EMI is comparable only when the principal and repayment period are the same. A lower rate generally reduces interest for an otherwise identical loan, but a fee can change which offer costs less overall. Compare the amount actually disbursed and the total amount repaid, including applicable charges.
Paisé Samjho’s October 3, 2026 article gives this illustrative three-year comparison for a ₹3 lakh loan:
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| Illustrative offer | Reported EMI | Reported fee-inclusive cost |
|---|---|---|
| 11% annual rate; 2% processing fee | ₹9,822 | ₹60,658 |
| 12% annual rate; no processing fee | ₹9,964 | ₹58,715 |
These are that article’s calculations, not independently verified results or lender quotations. The example shows why the offer with the lower rate or EMI need not have the lower overall cost.
The same article reports an EMI of ₹17,333 and total interest of ₹1,23,976 for ₹5 lakh borrowed at 15% for three years. Treat this as an illustrative calculation, not a quote. Use the lender’s repayment schedule and final sanction terms for an actual offer.
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What to check on each lender’s offer
Before deciding, compare the terms on the same loan amount and tenure. A rate range on a website is not the same as the rate sanctioned for your application.
- Rate: Record the borrower-specific rate, whether it is fixed or floating, and how it compares with the advertised range.
- EMI and repayment: Compare EMI for a shared principal and tenure, then check total repayment over the complete schedule.
- Fees and net disbursal: Check the processing charge, whether GST is additional or included, other stated charges, and the amount credited after deductions.
- Loan limits and tenure: Confirm the amount and repayment period you are eligible for; published maximums do not establish your eligibility.
- Early repayment: Check the lender’s current prepayment or foreclosure terms and any applicable charges.
- Final documents: Use the lender’s final sanction terms and repayment schedule rather than relying on a comparison article’s headline figures.
The October 3 article says a Key Facts Statement includes APR and a repayment schedule, but the original RBI document was not verified here. Check the applicable lender and regulatory documents directly rather than treating that secondary summary as confirmation of a regulatory requirement.
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How to interpret the advertised range
A published range describes rates reported as available under stated lender conditions; it does not show where an individual borrower will fall. The October 8 comparison does not establish a single rate applicable to every applicant. Request a written offer for your own amount and tenure, and compare it with other written offers using the same assumptions.
Also check the date and basis of each comparison. For example, the October 3 article reports HDFC Bank’s advertised rate as starting at 10.50%, while the October 8 compilation gives a range of 9.99%–24%. These are differently dated secondary reports, not a basis for choosing one figure as the current lender quote. Verify the lender’s current disclosure.
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