Personal Loan: There are times when individuals face needs or emergencies that require additional funds. In such cases, a personal loan can be a helpful option. However, when applying for a personal loan, it’s important to be precise and proactive in understanding what different banks offer. From interest rates to other perks, here are the top banks you can consider when taking out a personal loan.
Interest Rate On Personal Loan-
Banks charge interest on personal loans or EMIs. Hence, it is always recommended to first compare the interest rates charged by banks and non-banking financial corporations (NBFCs). Typically, interest rates are higher than the loan amount because personal loans are unsecured. Banks, therefore, compensate for the risk of capital loss by charging a higher interest rate. The higher the interest rate, the bigger the EMI, and the lower the rate, the smaller the EMI.
Here Are The Top Banks And Their Interest Rate-
- SBI (State Bank of India): is said to be the largest lender, providing loans with clubbed benefits. SBI charges a rate that varies between 12.60% to 14.60%, and between 11.45% to 11.95% for those who hold a salary account with SBI.
- ICICI Bank: The bank provides personal loans and charges interest between 10.85% to 24% per annum.
- HDFC Bank: The bank is said to be very customer-oriented, taking good care of their needs. This private lender charges 10.85% to 24% on personal loans. The processing charges on the loan are ₹6,500 plus GST.
- Axis Bank: Formerly known as UTI Bank, it is an Indian multinational banking and financial services company. It charges anywhere between 10.49% to 22.50% per annum.
- Punjab National Bank (PNB): The personal loan interest rate ranges between 12.5% to 14.50% per annum.
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(Disclaimer: This article is for informational purposes only and should not be construed as an investment advice. Prior to making an investment or taking loan, conduct thorough research and consult with your financial advisor.)
