Personal loan Interest Rates: Personal loan is such a means through which tomorrow’s income can be enjoyed today. The process of personal loan is simpler as compared to home loan or education loan. Many banks and non-banking companies also offer pre-approved personal loans from customers. However, the interest rate on personal loan is higher as compared to other loan products. Therefore, the customer should go for a personal loan only if there is no other option available. Let us know which banks are offering the best deals on personal loans.
Punjab National Bank
This bank is offering an interest rate of 8.45 percent to 14.50 percent on a loan amount of Rs 1 lakh and a personal loan of five years tenor. Here the EMI will be made between Rs 2049 to Rs 2353.
The processing fee will be 1% of the loan amount (minimum Rs 270 and maximum Rs 450) + GST.
Bank of Maharashtra
This bank is offering an interest rate of 8.55 percent to 19.20 percent on a loan amount of Rs 1 lakh and a personal loan of five years tenor. Here the EMI will be made between Rs 2054 to Rs 2270. The processing fee will be 1% of the loan amount + GST (minimum Rs.1000).
Indian Bank
This bank is offering an interest rate of 9.45 percent to 13.65 percent on a loan amount of Rs 1 lakh and a personal loan of five years tenor. Here the EMI will be made between Rs 2078 to Rs 2309. The processing fee will be 1% of the loan amount.
Union Bank of India
This bank is offering an interest rate of 9.30 percent to 13.40 percent on a loan amount of Rs 1 lakh and a personal loan of five years tenor. Here the EMI will be made between Rs 2090 to Rs 2296. The processing fee will be 0.50 percent of the loan amount (minimum Rs 500) + GST.
Punjab and Sind Bank
This bank is offering an interest rate of 8.50 percent to 11.50 percent on a loan amount of Rs 1 lakh and a personal loan of five years tenor. Here the EMI will be made between Rs 2100 to Rs 2199. The processing fee will be between 0.50 percent to one percent of the loan amount + GST.
IDBI Bank
This bank is offering an interest rate of 9.50 percent to 14.00 percent on a loan amount of Rs 1 lakh and a personal loan of five years tenor. Here the EMI will be made between Rs 2100 to Rs 2327. The processing fee will be 1% of the loan amount (minimum Rs 2500).
State Bank of India (SBI)
This bank is offering an interest rate of 9.60 percent to 13.85 percent on a loan amount of Rs 1 lakh and a personal loan of five years tenor. Here the EMI will be made between Rs 2105 to Rs 2319. The processing fee will be 1.50 percent of the loan amount (minimum Rs 1000 and maximum Rs 15000) + GST.
Central Bank Of India (CBI)
This bank is offering an interest rate of 9.85 percent to 10.05 percent on a loan amount of Rs 1 lakh and a personal loan of five years tenor. Here the EMI will be made between Rs 2117 to Rs 2149. Processing fee will be Rs.500+tax.
Bank of Baroda
This bank is offering an interest rate of 10.00 percent to 15.60 percent on the loan amount of Rs 1 lakh and the personal loan tenure of five years. Here the EMI will be made between Rs 2125 to Rs 2411. The processing fee will be 2% of the loan amount (minimum Rs 1000 and maximum Rs 10000).
