PNB vs HDFC: Banks offer different types of loans to meet people’s needs. These include home loans for buying a house and car loans for buying a car. One of these loans is a personal loan. Banks offer personal loans to meet people’s personal needs. A personal loan is an unsecured loan. Consequently, the interest rates on personal loans are significantly higher than other loans.
Therefore, if you are planning to take out a personal loan, carefully consider the high interest rates. Today, we ‘re going to tell you about personal loan interest rates and EMI calculations from the country’s leading public sector bank, Punjab National Bank ( PNB), and the leading private bank, HDFC Bank. Let’s find out.
PNB Vs HDFC Bank Personal Loan
The country’s leading public sector bank, PNB, offers personal loans to its customers at an interest rate starting at 10.50 percent. Meanwhile, the interest rates on personal loans from HDFC Bank, a leading private bank, start at 10.90 percent.
Monthly EMI on Rs. 10 Lakh Personal Loan from PNB
If you take out a personal loan of Rs 10 lakh from PNB for a 7-year term and receive an interest rate of 10.50 percent, you’ll pay Rs 16,861 per month as EMI. This means you’ll repay a total of Rs 14.16 lakh over 7 years. This includes only Rs 4.16 lakh in interest.
Monthly EMI on HDFC Bank Personal Loan of Rs. 10 Lakh
If you take out a personal loan of Rs 10 lakh from HDFC Bank for a 7-year term and receive an interest rate of 10.00 percent, you will need to pay Rs 17,070 per month as EMI. This means you will repay a total of Rs 14.33 lakh to the bank over 7 years. This includes only Rs 4.33 lakh in interest.
