Personal Loan: Personal loans a beneficial tools that offer a big support in any sort of emergency. Nowadays, it has become an easy and accessible tool for individuals to fulfil their sudden financial needs.
As getting a personal loan has become way easier and quick as well, most people do not compare the interest rates before applying for it, hence they end up paying higher EMI with relatively high-interest rates. One thing that we must keep in mind is that personal loans are expensive because they come under the unsecured loan category.
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Below are details of five banks, which are offering personal loans with relatively low interest rates.
Note: A person should only look for a personal loan if he has good credit or a CIBIL score. Most banks charge interest on personal loans at the rate of 10.65 per cent to 24 per cent.
HDFC Bank
HDFC Bank charges interest rates between 10.75 per cent to 24 per cent per annum on personal loans. The Bank also charges a processing fee of Rs 4,999 plus GST. HDFC bank provides personal loans up to 40 Lakh with a repayment tenure ranging between 3 to 72 months.
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ICICI Bank
ICICI Bank charges interest between 10.65 to 16 per cent per annum for personal loans. The processing fee is 2.50 per cent of the loan amount. Taxes are applicable as well.
Kotak Mahindra Bank
Kotak Mahindra Bank’s personal loan interest rates start from 10.99 per cent. The bank gives personal loans ranging from Rs 50,000 to Rs 40 lakh. The bank charges 3 per cent of the loan amount as a processing fee.
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State Bank of India (SBI)
The interest rate for SBI’s loan starts from 11.15 per cent. The bank offers loans up to Rs 20 lakh to customers who do not have a bank account with SBI.
Punjab National Bank
Punjab National Bank charges 12.75 to 16.25 per cent interest from corporate employees depending on their credit score. The bank offers the lowest interest rate on personal loans to government employees at 11.75 per cent.
