which bank has lowest interest rate on personal loan
which bank has lowest interest rate on personal loan;-A personal loan is an unsecured loan that requires no collateral. Good credit scores make it easier to get personal loans quickly. You could apply for a personal loan if you need money for emergency purposes such as sudden and uninsured medical expenses, situations arising out of job loss, and so on. Be cautious though; interest rates on personal loans are high. It’s easier to get a loan, but if you miss your Equated Monthly Instalments or worse, fail to repay principal, your debt balloons, credit score becomes bad, and you face the wrath of debt collectors. It is better to redeem from low-yield or dud investments for emergency needs. As per data compiled by Bankbazaar, these are the banks offering the cheapest personal loans with interest rates in the range of 9.47-12.4 percent.
Bandhan Bank
Starting at 9.47 percent, Bandhan Bank offers the cheapest interest rate on personal loans of Rs 1 lakh that come with a repayment tenure of four years. The equated monthly installment (EMI) will be Rs 2,592.
IndusInd Bank
Private sector lender IndusInd Bank offers an interest rate starting from 10.49 percent on personal loans. The EMI on a Rs 1-lakh loan with a four-year repayment period amounts to Rs 2,560.
Axis Bank, Bank of India, Citibank, HDFC Bank, and IDFC First Bank
Axis Bank, Bank of India, Citibank, HDFC Bank, and IDFC First Bank levy an interest rate starting from 10.75 percent on personal loans. The EMI on a Rs 1-lakh loan with a four-year repayment period is Rs 2,572.
ICICI Bank
Private sector lender ICICI Bank levies an interest rate starting from 10.8 percent on personal loans. The EMI on a Rs 1-lakh loan with a four-year repayment period is Rs 2,575.
Kotak Mahindra Bank
Kotak Mahindra Bank and Yes Bank levy an interest rate starting from 10.99 percent on personal loans. The EMI on a Rs 1-lakh loan with a four-year repayment period is Rs 2,584.
State Bank of India
India’s largest bank the State Bank of India charges an interest rate starting from 11.15 percent on personal loans. The EMI on a Rs 1-lakh loan with a four-year repayment period is Rs 2,592.
Bank of Baroda
Government-owned Bank of Baroda offers an interest rate starting from 11.4 percent for personal loans. Canara Bank also offers a personal loan at an interest rate starting from 11.4 percent. The EMI on a Rs 1-lakh loan with a four-year repayment period at these banks is Rs 2,604.
Union Bank of India
Union Bank of India levies an interest rate starting from 11.75 percent on personal loans. The EMI on a Rs 1-lakh loan with a four-year repayment period amounts to Rs 2,621.
Punjab National Bank
Public sector bank Punjab National Bank charges an interest rate starting from 12.4 percent on Rs 1-lakh personal loans with four-year tenures. The EMI will amount to Rs 2,653.
Conclusion
Finding the bank with the lowest interest rate on a personal loan requires research and strategy. By understanding the factors that affect interest rates and comparing offers, you can secure a loan that best fits your financial needs. Always aim to improve your credit score and explore different options to ensure you get the most favorable terms.
