Lowest Personal Loan Interest Rate: Numerous banks and non-banking financial institutions (NBFIs) provide unsecured personal loans to borrowers. You can also apply for a personal loan online, and money will be deposited into your account while you sit at home. Personal loans have higher interest rates since they are riskier. The repo rate has grown further because the RBI raised it at the same time.
If you are considering taking out a personal loan in this situation, there are various banks which provide personal loans. These banks offer loans to borrowers at extremely low-interest rates (Low-Interest Rate on Personal Loan). Your eligibility and credit score will determine the loan amount.
Which banks offer low-interest loans?
On personal loans up to Rs 20 lakh, the Bank of Maharashtra will impose an interest rate of above 8.90 per cent for a term of 84 months.
Bank of India is offering loans up to 20 lakhs on terms of 84 months with interest rates ranging from 9.75 per cent to 14.25 per cent.
Also read: https://www.dnaindia.com/personal-finance/report-gst-government-released-states-a-total-of-rs-17000-crore-gst-compensation-this-year-3005821
A loan of up to Rs 10 lakh from Punjab National Bank is available with a 60-month term and interest rates ranging from 9.80 to 16.35 per cent.
For a loan of 10 lakhs for a period of 12 to 60 months, Karur Vysya Bank will levy interest ranging from 9.85 per cent to 12.85 per cent.
For loans of Rs 25,000 or more and up to Rs. 5 lakhs, IDBI Bank would levy interest ranging from 9.90 to 15.50 per cent for 12 to 60 months.
Charges on Personal Loans:
The majority of banks impose a variety of fees when you apply for a personal loan. Processing costs will range from 0.50 to 1 per cent of the loan amount, according to SBI Bank. PNB Bank would also tack on a document fee and processing cost of up to 1 per cent. Other banks likewise charge fees for personal loans. In addition, each bank has a different penalty fee that you would have to pay if you skip an EMI on a personal loan.
