Are you in a situation where you urgently need a large sum of money? If so, you might have asked your friends or family members for a loan. But if that option is also not available, taking a personal loan from a bank may be your only choice.
However, before you do that, you should be aware of the interest rates offered by different banks, as they vary based on the amount borrowed, credit score, and income. Generally, higher credit scores lead to lower interest rates. To help you out, we have compiled a list of the top banks that offer personal loans with low interest rates.
HDFC Bank is the largest private sector bank in India, offering loans with an interest rate ranging from 10.75% to a maximum of 24%. The processing fee for the loan is Rs. 4,999 plus GST. The loan tenure is flexible and can range between 3 months to 72 months. The maximum loan amount that can be availed is Rs. 40 lakhs.
The second largest private sector bank, ICICI, charges interest rates ranging from 10.65% to 16%, with a processing fee of 2.50% of the loan amount plus GST.
State Bank Of India (SBI)
The State Bank of India (SBI), the largest public sector bank, offers personal loans starting from 11.15% interest rate. This bank provides a maximum loan amount of Rs. 20 lakhs and allows you to apply even if you don’t have a bank account with them.
Kotak Mahindra Bank
Private sector Kotak Mahindra Bank offers personal loans ranging from Rs. 50,000 to Rs. 40 lakhs at interest rates starting from 10.99%. The processing fee is 3% of the loan amount plus GST.
Punjab National Bank
PNB is a public sector bank that offers personal loans to corporate employees at an interest rate of 12.75% to 16.25%, depending on their credit score. However, government employees can avail loans at a lower interest rate of 11.75%. Defense personnel enjoy an even lower rate of interest at 11.40%.