Lowest Interest Rate On Personal Loan: A Personal Loan, is an unsecured credit, is extended by financial institutions, according to the ICICI Bank’s official statement on their website. This lending option is determined by various factors including employment history, repayment capacity, income level, profession, and credit history. This versatile loan, often termed as a consumer loan, can be utilized to address a wide range of immediate financial needs.
Lowest Interest Rates On Personal Loan: List Of Top 10 Banks
ICICI Bank
ICICI Bank, the second-largest private lender, offers personal loans with interest rates ranging from 10.65 per cent to 16 per cent per annum. Additionally, the bank imposes processing charges of up to 2.50 per cent, along with applicable taxes.
HDFC Bank
HDFC Bank, the largest private bank, provides personal loans with interest rates ranging from 10.5 per cent to 24 per cent per annum. The processing charges for HDFC loans are fixed at Rs 4,999.
State Bank Of India
The State Bank of India (SBI) offers personal loans to corporate applicants at an interest rate of 12.30 per cent to 14.30 per cent per annum. For employees of Central and State governments, Local Bodies, and Educational Institutions (CLSEs), as well as government departments, the interest rates range from 11.30 per cent to 13.80 per cent per annum. Defense personnel enjoy concessional rates ranging from 11.15 per cent to 12.65 per cent per annum.
Bank Of Borada
Bank of Baroda extends personal loans to private sector employees with a relationship with the bank at an interest rate of 13.15 per cent to 16.75 per cent per annum. Government employees, on the other hand, are offered concessional rates ranging from 12.40 per cent to 16.75 per cent per annum. Private sector employees without a relationship with the bank can avail of loans at rates between 15.15 per cent to 18.75 per cent per annum.
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Punjab National Bank
Punjab National Bank (PNB) charges interest rates varying from 13.75 per cent to 17.25 per cent per annum, depending on the borrower’s credit score. Government employees are offered concessional rates ranging from 12.75 per cent to 15.25 per cent per annum.
Kotak Mahindra Bank
Kotak Mahindra Bank sets its minimum interest rate for personal loans at 10.99 per cent per annum. However, the processing charges can be as high as 3 per cent of the loan amount, along with taxes.
Axis Bank
Axis Bank offers personal loans with interest rates ranging from 10.65 per cent to 22 per cent per annum.
IndusInd Bank
IndusInd Bank provides personal loans starting at an interest rate of 10.49 per cent per annum. The processing charges for these loans can be up to 3 per cent of the loan amount. The loan amount offered ranges from Rs 30,000 to Rs 50 lakh.
Read More: Looking For A Personal Loan? A Step-By-Step Guide To Choosing The Perfect Scheme
Karur Vysya Bank
Karur Vysya Bank offers an interest rate of 11 per cent per annum for secured loans and 13 per cent per annum for unsecured personal loans, effective from December 31, 2023.
Yes Bank
Yes Bank offers personal loans with an interest rate starting from 10.49 per cent per annum. The loan tenure can extend up to 72 months, and borrowers have the option for part repayment. Loans of up to ₹50 lakh can be availed from Yes Bank.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
