When faced with a sudden need for cash, many individuals turn to personal loans. However, the high interest rates associated with these loans can make them a costly option.
Here, we present the top 5 banks offering the lowest interest rates on personal loans, along with their respective rates and terms.
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: Rs 40 lakh
2. ICICI Bank:
Interest rates: 10.65% to 16% per annum
Processing fee: 2.50% of the loan amount, plus applicable tax
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 for corporate employees: 12.75% to 16.25% depending on credit score
Lowest interest rates:
Government employees: 11.75%
Defense employees: 11.40%
It’s important to note that personal loans are typically available only to individuals with good credit scores.
While these banks offer relatively low interest rates, borrowers should carefully consider the terms and conditions before availing of a personal loan.
