If you are planning to take a personal loan, then know which ten banks have the lowest interest rates.
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Personal Loan: Many times we need to take a loan for our personal work. But before taking a loan, it is very important to compare the interest rates of different banks. Different interest rates are charged by different banks. The rate of interest depends to some extent on the borrower’s CIBIL score, relationship with the bank, category of employer (MNC/Govt./Defence, etc.). Also depends on other factors. Generally, the interest rates on personal loans are higher than other loans, which can range from 10 percent to 26 percent. In such a situation, let us know which banks are currently giving loans at the lowest interest rates.
ICICI Bank: The country’s second largest private bank is charging 10.65 percent to 16 percent interest per year on personal loans. Whereas 2.50 percent is charged as its processing fee. Apart from this, customers have to pay tax.
HDFC bank: The country’s largest private bank is charging 10.5 to 24 percent as interest rate on personal loans. Whereas the processing fee is Rs 4,999.
SBI: State Bank of India charges 12.30 to 14.30 percent from corporate customers. Whereas, CLSE and government department employees are given interest at the rate of 11.30 to 13.80 percent per annum. Defense employees are offered personal loans at concessional rates ranging from 11.15 to 12.65 percent per annum.
Bank of Baroda: Private sector employees (having relationship with banks) are given personal loans at the rate of 13.15 to 16.75 percent per annum while government employees are given loans at the concessional rate of 12.40 to 16.75 percent per annum. At the same time, loans are given by the bank to the employed people working in the private sector at the annual rate of 15.15 to 18.75 percent.
Punjab National Bank: PNB gives personal loans at interest rates between 13.75 to 17.25 percent per annum depending on the credit score of the loan taker. However, loans given to government service employees by banks range between 12.75 percent to 15.25 percent.
Kotak Mahindra Bank: The private lender charges a minimum of 10.99 percent per annum on its personal loan. However, the loan processing fee can be as high as 3 percent of the loan amount plus taxes.
Axis Bank: Axis Bank charges interest rates between 10.65 percent to 22 percent per annum on its personal loans.
IndusInd Bank: IndusInd Bank charges personal loan charges starting from 10.49 per cent per annum. However, the processing fee is up to 3 percent. The loan amount can be anywhere between ₹30,000 to ₹50 lakh.
Karur Vysya Bank: The interest rate on secured loan is 11 percent per annum and on unsecured personal loan is 13 percent per annum. These rates came into effect from December 31, 2023.
yes bank: Yes Bank charges interest rates which start from 10.49 percent per annum. The tenure is up to 72 months and the borrower can also make partial repayment. Loan up to Rs 50 lakh can be given.
,Source: BankBazzar,
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