Banking: Where to go if you need a personal loan at low interest rate? PNB, SBI or HDFC... who is the best?

Many banks in India offer personal loans, but their interest rates, loan amounts, and repayment periods are different. Although some banks offer loans at low interest rates, some offer the facility of payment in the long term. If you want to get the best personal loan, then compare banks like SBI and HDFC. Know below which bank is offering the most affordable and beneficial personal loan, so that you can make the right decision.

A personal loan is the best option.
A personal loan is a famous financial product in today's time, which banks etc. offer for different needs. Whether it is a medical emergency, home repair, or money is needed to repay the loan, a personal loan can prove to be a better option.

Every bank has its interest rate
Sometimes this loan is unsecured, that is, there is no need to give any kind of guarantee (collateral) to get it. Because of this, more people can easily take it. However, the loan offers, interest rates, and repayment terms of different banks are different.

Best Credit Score
The approval of a personal loan depends on your credit score, source of income, and the loan amount sought. People who have a good credit history are more likely to get a loan at a lower interest rate.

Bank interest rate
So now we will know which bank is offering the cheapest personal loan.If you are thinking of taking a personal loan, then it is important to compare the interest rates and terms of different banks. Here are the details of personal loans of some major banks:

SBI Bank
SBI (State Bank of India): Interest rate starts from 11.45%, the maximum loan amount is around ₹ 30 lakh, repayment period can be up to 6 years.

HDFC Bank
HDFC Bank: Interest rate starts from 10.85%, maximum loan amount is around ₹ 40 lakh, repayment period can be up to 5 years.

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