Personal Loan Interest Rate: If you want to take a personal loan without guarantee? So many government and private banks of 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 your credit score depends on the reasons such as the stability of the job and monthly income.
Bank of Maharashtra
The Bank of Maharashtra is offering the cheapest personal loan, the interest rate of which starts at 9.50% and the monthly installment is about Rs 10,501 on a loan of Rs 5 lakh in a 5 -year period.
SBI – State Bank of India
SBI is giving loans at an initial interest rate of 10.30%, which has an EMI of about Rs 10,697. The processing fees in this bank can be up to maximum of 1.5% of the loan amount, which ranges between Rs 1,000 to Rs 15,000.
The initial interest rates of both HDFC Bank and ICICI Bank are 10.90% and 10.85% respectively.
The EMI of a loan of Rs 5 lakh in HDFC Bank starts at Rs 10,846, while the processing fee goes up to a maximum of Rs 6,500. At the same time, EMI in ICICI Bank starts from Rs 10,834 and the processing fee is up to maximum 2%.
Kotak Mahindra Bank
Kotak Mahindra Bank is offering personal loans at an initial interest rate of 10.99%, where EMI starts from Rs 10,869. However, its processing fees can be slightly higher i.e. up to 5%.
Axis bank
Axis Bank is offering loans from 11.25%, whose EMI is close to Rs 10,934 and the processing fee is up to 2%.
Tata Capital and Bank of India
Other banks like Tata Capital and Bank of India are also giving loans at interest rate ranging from 11.60% to 11.99%. EMI starts at Rs 11,021. The processing fee is up to 4% in Tata Capital and only 1% in Bank of India.
Government banks like Punjab & Sindh Bank, Canara Bank, UCO Bank and Central Bank of India are also giving personal loans with low interest rates. For example, the interest rate at Punjab and Sindh Bank starts at 10.35% and EMI is close to Rs 10,710. The processing fees in these banks ranges from 0.50% to 1%.
If you are thinking of taking a personal loan, then it is important that you compare the interest rate, EMI and processing fees well. This will not only reduce your monthly installments, but will also have to pay less money. In addition, a good credit score can help you get a loan at a low interest rate.