Personal Loan Interest Rate: A personal loan is an unsecured loan that does not require any kind of asset to be pledged. There is no collateral in a personal loan, so the bank takes utmost care in calculating the credit worthiness of the loan taker
Personal Loan Interest Rate: Personal loan is an unsecured loan in which there is no need to mortgage any kind of asset. There is no collateral in a personal loan, so the bank takes utmost care in calculating the credit worthiness of the borrower. The bank checks the credit score, monthly income, business profile and company profile of the personal loan taker. Interest rates on personal loans are usually high, so one should be cautious while applying for a loan. According to PesaBazaar data, some banks are offering personal loans at an interest rate of 10-10.99%.
Bank offering personal loan at the lowest interest rate:
Bank of Maharashtra
This public sector bank is offering the lowest interest rate on personal loans starting at 10%. For a loan of Rs 5 lakh, the EMI for a period of 5 years is Rs 10,624.
Punjab National Bank
Punjab National Bank is offering personal loans at the rate of 10.4%. For a loan of Rs 5 lakh, the EMI for a period of 5 years is Rs 10,772.
IndusInd Bank
IndusInd Bank charges interest at the rate of 10.49% on personal loans. For a loan of Rs 5 lakh, the EMI for a period of 5 years is Rs 10,744.
HDFC Bank
HDFC Bank is offering personal loans at the rate of 10.5%. For a loan of Rs 5 lakh, the EMI for a period of 5 years is Rs 10,747.
Punjab & Sind Bank
Punjab & Sind Bank charges interest at the rate of 10.75% on personal loans. For a loan of Rs 5 lakh, the EMI for a period of 5 years is Rs 10,809.
ICICI Bank
ICICI Bank charges 10.8% interest on personal loans. For a loan of Rs 5 lakh, the EMI is Rs 10,821 for a period of 5 years.
Bank of India
Bank of India charges 10.85% interest on personal loans. For a loan of Rs 5 lakh, the EMI is Rs 10,834 for a period of 5 years.
Canara Bank
Canara Bank charges 10.95% interest on personal loans. For a loan of Rs 5 lakh, the EMI is Rs 10,859 for a period of 5 years.
Kotak Mahindra Bank
Kotak Mahindra Bank and IDFC First Bank charge 10.99% interest on personal loans. For a loan of Rs 5 lakh, the EMI is Rs 10,869 for a period of 5 years.
