Personal Loan Tips: Before taking a personal loan, know which bank is offering what interest rate...
Personal Loan Interest Rate- A personal loan is the quickest and easiest loan to get. A personal loan is also the loan with the highest interest rate. You have to pay a lot of interest for its repayment. Therefore, one should go for a personal loan only when there is no other easy option left.
Different banks come with different interest rates and other offers on personal loans. Therefore, before taking this loan, you should know the offers of all the banks once. The personal loan rate also depends on the credit score of the customer and his income source. If the customer is a government employee or works in a good company and has a good credit score, then he can get a personal loan at a lower interest rate. Let us know what interest rates major banks are offering on personal loans.
1. HDFC Bank
HDRFC Bank, the country's largest private bank, is one of the banks that offers the lowest interest rates on personal loans. The interest rate on its loan starts from 10.50 percent. Processing fees are up to Rs 4,999.
2. Tata Capital
NBFC company Tata Capital is offering an initial interest rate of 10.99 percent on personal loans. The processing fee is up to 5.5 percent.
3. State Bank of India
The interest rate on personal loans of SBI, the country's largest government bank, is between 11.15 to 15.30 percent. The processing fee is 1.50 percent of the loan amount.
4. ICICI Bank
Interest rates on personal loans of ICICI Bank start from 10.80 percent. The processing fee is up to 2 percent.
5. Bank of Baroda
The interest rates on personal loans of Bank of Baroda (BOB) range between 11.05 to 18.75 percent. The processing fee is up to 2 percent of the loan amount.
6. Axis Bank
Axis Bank is offering interest rates starting from 10.49 percent on Personal Loan. The processing fee is 2 percent of the loan amount.
7. Kotak Mahindra Bank
Kotak Mahindra Bank is offering a 10.99 percent interest rate on personal loans. The processing fee is up to 3 percent.
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