Personal Loan: How much EMI will you have to pay per month for taking a personal loan of Rs 5 lakh, know which bank has the highest interest..
Personal Loan Interest Rate: If you want to take a personal loan without a guarantee in India, then many public and private banks are offering attractive interest rates and easy installments on loans up to Rs 5 lakh. These rates vary from bank to bank and depend on factors such as 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 installment on a loan of Rs 5 lakh over 5 years is around Rs 10,501.
SBI-
State Bank of India is offering loans at an initial interest rate of 10.30%, with an EMI of around Rs 10,697. In this bank, the processing fees can be up to a maximum of 1.5% of the loan amount, which ranges between Rs 1,000 and 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 two percent.
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%. (Kotak Mahindra Bank)
Axis Bank-
Axis Bank is offering loans from 11.25%, with an EMI close to Rs 10,934 and a processing fee up to 2%.
Tata Capital and Bank of India-
Tata Capital and Bank of India are offering loans at interest rates ranging from 11.60% to 11.99%, with EMI starting from Rs 11,021. The processing fee at Tata Capital is up to four percent, while at Bank of India it is only up to 1 percent.
Government banks like Punjab and Sindh 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 and Sindh 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%.
Before taking a personal loan, it is very important to compare the interest rate, EMI, and processing fee. This will not only help you keep the monthly installments low but also reduce the total amount to be paid. Also, a good credit score plays an important role in getting you a loan at a low interest rate.
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