Personal loans are unsecured loans, meaning they do not require collateral. When considering a personal loan, it is essential to research the loan repayment period and interest rates.
Personal loans are versatile and can be used for various purposes such as buying a car, paying education fees, traveling, marriage, and medical bills.
Here’s a breakdown of the interest rates and EMIs for a Rs 5 lakh personal loan over a four-year repayment period according to BankBazaar.com:
Bank-wise Interest Rates and EMI
Bandhan Bank
Interest Rate: Starts at 9.47%
Monthly EMI: Rs 12,455
IndusInd Bank
Interest Rate: Starts at 10.49%
Monthly EMI: Rs 12,690
HDFC Bank
Interest Rate: Starts at 10.75%
Monthly EMI: Rs 12,750
ICICI Bank
Interest Rate: Starts at 10.8%
Monthly EMI: Rs 12,760
Bank of India
Interest Rate: Starts at 10.85%
Monthly EMI: Rs 12,770
Axis Bank, Kotak Mahindra Bank, IDFC First Bank, and Yes Bank
Interest Rate: Starts at 10.99%
Monthly EMI: Rs 12,805
State Bank of India (SBI)
Interest Rate: Starts at 11.15%
Monthly EMI: Rs 12,840
Bank of Baroda
Interest Rate: Starts at 11.40%
Monthly EMI: Rs 12,900
Union Bank of India
Interest Rate: Starts at 11.75%
Monthly EMI: Rs 12,980
Canara Bank
Interest Rate: Starts at 11.95%
Monthly EMI: Rs 13,025
Punjab National Bank (PNB)
Interest Rate: Starts at 12.40%
Monthly EMI: Rs 13,130
When choosing a personal loan, comparing interest rates and EMIs across different banks is crucial to find the most suitable option for your financial situation.
