When faced with sudden financial needs, personal loans often come to the rescue. However, the high-interest rates associated with personal loans make it essential to choose a lender wisely.
Here are the top 5 banks offering the lowest interest rates on personal loans:
1. HDFC Bank:
Interest Rates: 10.75% to 24% per annum
Processing Fee: Rs 4,999 plus GST
Loan Tenure: 3 to 72 months
Maximum Loan Amount: Up to Rs 40 lakh
2. ICICI Bank:
Interest Rates: 10.65% to 16% per annum
Processing Fee: 2.50% of the loan amount
Loan Amount: As per eligibility
Tax: Applicable
3. State Bank of India (SBI):
Interest Rates: Starting from 11.15% per annum
Loan Amount: Up to Rs 20 lakh (for customers without an SBI account)
4. Kotak Mahindra Bank:
Interest Rates: Starting from 10.99% per annum
Loan Amount: Rs 50,000 to Rs 40 lakh
Processing Fee: 3% of the loan amount
5. Punjab National Bank (PNB):
Interest Rates:
Corporate Employees: 12.75% to 16.25% (based on credit score)
Government Employees: Starting from 11.75%
Defense Employees: Starting from 11.40%
Choosing the right bank for your personal loan needs is crucial.
By opting for lenders offering competitive interest rates and favorable terms, borrowers can ensure cost-effective financing solutions tailored to their requirements.
