If You are Going to Take Out a Personal Loan, Check These Bank’s Interest Rates Here

Personal Loan: Nowadays, anyone can face a sudden need for money. People are increasingly opting for personal loans for medical emergencies, weddings, education, home renovations, or other essential expenses. The biggest advantage of a personal loan is that it doesn’t require any collateral or assets. However, due to this advantage, its interest rates are higher than those of other loans. Therefore, it’s crucial to compare the interest rates and charges of different banks before taking out a personal loan.

Many major public and private banks in India offer personal loans. Interest rates, processing fees, and loan terms vary from bank to bank. Therefore, it’s wise to make informed decisions.

SBI Personal Loan Interest Rates

State Bank of India is considered the largest public sector bank in the country and offers personal loans to customers at competitive rates. The starting interest rate for personal loans at this bank can start at around 10 percent. However, the final rate depends on the customer’s CIBIL score, loan amount, and term. A personal loan up to ₹50 lakh can be availed from this bank. Being a government-owned bank, many consider it a reliable option.

HDFC Bank Personal Loan Interest Rate

HDFC Bank is one of the leading private banks in the country. This bank offers personal loans starting at around 9.99 percent. The interest rate depends on the customer’s profile and credit history. Customers can also avail loans up to ₹50 lakh. Being a private bank, its loan processing is considered quite fast.

ICICI Bank Personal Loan Interest Rate

ICICI Bank can provide personal loans to customers at interest rates ranging from 9.99 percent to 16.50 percent. The final interest rate depends on the customer’s credit score and loan term. The processing fee at this bank can be up to 2 percent. This bank is also known for its digital loan processing.

Canara Bank Personal Loan Interest Rates

Canara Bank offers personal loans at a starting interest rate of approximately 9.70 percent. Being a government bank, the interest rate can often be lower than that of private banks. The processing fee can be around 0.50 percent. This bank is considered a good option for customers with a stable income.

Bank of Baroda Personal Loan Interest Rates

Bank of Baroda offers personal loans at a starting interest rate of approximately 10.15 percent. The processing fee can be around 1 percent. Being a government bank, many customers consider it a safe option.

What to Consider When Taking a Personal Loan

Before taking out a personal loan, it’s important to understand not only the interest rate but also the processing fee, prepayment charges, late payment penalties, and loan tenure. Having a good CIBIL score increases the chances of getting a lower interest rate. It’s best to take a personal loan only for essential expenses, as it has a higher upfront cost.