Personal Loan: Banks offer various types of loans to meet the diverse needs of people. These include options like home loans, car loans, and personal loans. Personal loans are specifically taken for personal needs. Since it is an unsecured loan, meaning no collateral is required, its interest rates are generally higher compared to other loans.
If you are also planning to take a personal loan in the near future, it is essential to compare the interest rates of different banks first. This will allow you to choose a bank with a lower interest rate and save on loan expenses. Here, we are providing information about the starting interest rates for personal loans from some of the major government banks in the country.
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SBI Personal Loan
State Bank of India (SBI), the country’s largest government bank, offers personal loans to its customers at a starting interest rate of approximately 10.05% per annum. However, this rate may vary depending on your credit score, income, and loan amount.
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BOB Personal Loan
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Bank of Baroda is also a leading government bank. The starting interest rate for personal loans here is approximately 10.15% per annum. The customer’s credit score plays a crucial role in determining this rate.
Canara Bank Personal Loan
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Canara Bank offers personal loans to its customers at a starting interest rate of approximately 9.95% per annum. The interest rate depends on the customer’s eligibility and credit profile.
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Union Bank of India Personal Loan
Union Bank of India comes with the lowest starting interest rate in this list. The bank offers personal loans at a starting interest rate of approximately 8.90% per annum, which may vary depending on the credit score.
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PNB Personal Loan
Punjab National Bank (PNB) offers personal loans to its customers at a starting interest rate of approximately 10.60% per annum. This rate also depends on the customer’s credit score and profile.