Personal Loan Interest Rate: If you want to take a personal loan without guarantee? Then many government and private banks in India are offering attractive interest rates and easy installments on loans up to Rs 5 lakh. However, interest rates vary according to the bank and depend on factors like your credit score, job stability and monthly income.
Bank Of Maharashtra
Bank of Maharashtra is offering the cheapest personal loan with interest rates starting at 9.50% and the monthly EMI for a loan of Rs 5 lakh over a 5 year tenure comes to around Rs 10,501.
SBI – State Bank of India
SBI is offering loans at an initial interest rate of 10.30%, with an EMI of around Rs 10,697. The processing fee in this bank can be up to a maximum of 1.5% of the loan amount, which ranges between Rs 1,000 to Rs 15,000.
HDFC and ICICI Bank
Both HDFC Bank and ICICI Bank have starting interest rates of 10.90% and 10.85% respectively.
In HDFC Bank, the EMI for a loan of Rs 5 lakh starts from Rs 10,846, while the processing fee goes up to a maximum of Rs 6,500. At the same time, in ICICI Bank, the EMI starts from Rs 10,834 and the processing fee is up to a maximum of 2%.
Kotak Mahindra Bank
Kotak Mahindra Bank is offering personal loans at an initial interest rate of 10.99%, where the EMI starts from Rs 10,869. However, its processing fee can be slightly higher i.e. up to 5%.
Axis Bank
Axis Bank is offering loans from 11.25% with EMI starting at around Rs 10,934 and processing fee up to 2%.
Tata Capital and Bank of India
Other banks like Tata Capital and Bank of India are also offering loans at interest rates ranging from 11.60% to 11.99%. The EMI starts from Rs 11,021. The processing fee is up to 4% in Tata Capital and only 1% in Bank of India.
Government banks like Punjab & Sind Bank, Canara Bank, UCO Bank and Central Bank of India are also offering personal loans with low interest rates. For example, the interest rate in Punjab & Sind Bank starts from 10.35% and the EMI comes to around Rs 10,710. The processing fee in these banks is very low i.e. 0.50% to 1%.
If you are thinking of taking a personal loan, it is important that you compare the interest rate, EMI and processing fees carefully. This will not only reduce your monthly installments but also the total amount you will have to pay. Apart from this, a good credit score can help you get a loan at a lower interest rate.
