We all understand the necessity of personal loans. Unlike other finances, personal loans can be used anywhere. Personal loans can be one of the most viable options in a variety of circumstances. Whether it is buying a car, education fees, moving expenses, or wedding or medical bills, personal loans can be a one-stop solution for all. These kinds of loans provide applicants with a hassle-free way of processing them. Besides this, personal loans are categorised as unsecured loans hence no need for collateral such as a home or shares.
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While taking a personal loan, an applicant must research the loan’s tenure to repay, and interest rates. Personal loans are good for short-term goals but still choose the loan tenure based on your repayment capacity to avoid hampering other expenses. If you are thinking of avail of a personal loan at minimum interest rates then, this is the right place.
To avail of a personal loan, a salaried person should be between 21-60 years old and a self-employed applicant between 22-55 years. Both the salaried and self-employed applicants can avail of a minimum loan of Rs 50,000. The maximum limit for a self-employed applicant loan is Rs 50 lakh, on the other hand, a salaried person has Rs 25 lakh. Here are the interest rates on personal loans of Rs 5 lacs for a 3-year tenure.
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| Bank Name | Interest Rates |
| Bank of Maharashtra | 8.9% |
| Punjab National Bank | 9.8% |
| Bank of Baroda | 10.2% |
| Kotak Mahindra | 10.25 % |
| Canara Bank | 13.15% |
| Axis Bank | 12% |
| Union Bank Of India | 10.70% |
| State Bank Of India | 10.55% |
| HDFC Bank | 11% |
| Indian Bank | 10.3% |
| IDFC Bank | 10.49% |
| Union Bank Of India | 11.2% |
