Cheapest Loan: Since the Reserve Bank of India’s Monetary Policy Committee decided to lower the repo rate, both public and private banks have started to cut their interest rates. If you’re thinking about getting a personal loan, home loan, or car loan and want the best deal with low interest rates, this is great news for you. Some of the top banks in the country are providing loans at appealing interest rates. By picking the right bank, you can not only enjoy lower EMIs but also easily fulfill your financial requirements.

Home loans with the lowest interest rates

If you’re in the market for a home loan to buy your own place today, several banks are offering the lowest interest rates. This includes major players like Union Bank of India, Central Bank of India, Bank of Maharashtra, and Bank of India. The home loan interest rates from these banks start at 7.35% per annum, which is lower than what many other big banks provide.

Union Bank of India

Union Bank of India offers a home loan at an interest rate of 7.35% per annum, available for a term of up to 30 years. This loan can be used for purchasing, renovating, or repairing a home. The bank provides loans covering up to 90% of the property’s value. It also participates in the Pradhan Mantri Awas Yojana (Prime Minister’s Housing Scheme), which is designed to assist people in obtaining affordable homes.

Bank of Maharashtra Home Loan

Bank of Maharashtra provides home loans with a tenure of up to 30 years as well. The interest rates for home loans at this bank start at 7.10% per annum, particularly for customers with a strong CIBIL score. A notable feature is that often there is no processing fee. Additionally, female customers and defense personnel can enjoy an extra discount of up to 0.05%, making the loan even more budget-friendly.

Central Bank of India

You can get a home loan from the Central Bank of India for about 30 years. The processing fee is capped at ₹20,000. If you’re employed, you can borrow up to 90% of your home’s value, while business owners can get loans for up to 80% of the home’s value. The interest rate for home loans here is 7.35% per annum, and you can use it to buy an old home or flat, build a new one, renovate, or upgrade the interior.

Personal Loan

HDFC Bank, Axis Bank and IDFC Bank

If you’re on the hunt for the best personal loan rate, it’s important to know what that rate entails. Sure, banks usually offer their lowest rates to customers with a CIBIL score of 800 or above. But remember, the final call is up to the bank. If you meet the criteria, go ahead and apply.

Private lenders like HDFC Bank, IDFC Bank, and Axis Bank provide personal loans starting at interest rates of 9.99%. HDFC Bank charges a processing fee of up to Rs 6,500 for their loans. For personal loans from Axis Bank and IDFC Bank, a processing fee of up to 2% of the loan amount applies. You can get personal loans up to Rs 50 lakh from HDFC Bank, depending on your eligibility. New customers can expect to receive their personal loans within 4 working days. If you’re already a pre-approved customer with HDFC Bank, the funds can be transferred to you in just 10 seconds.

Punjab and Sindh Bank

You can also consider applying for a personal loan from the public sector Punjab & Sind Bank. They currently offer personal loans starting at an interest rate of 9.60%. The processing fee for this loan ranges from 0.50% to 1%.

Car Loan

If you’re thinking about buying a car, it’s essential to compare interest rates from various banks before securing a loan. Picking the right bank can help lower both your EMI and overall costs.

SBI Car Loan Interest Rate

The country’s largest public sector bank, State Bank of India (SBI), offers car loans to its customers at an interest rate of 8.70%. The bank may adjust interest rates based on your credit score and the loan amount. If you have a good CIBIL score, the bank can offer you affordable car loans.

BOB Car Loan Interest Rate

Bank of Baroda offers car loans to its customers at an interest rate starting at 8.15 percent.

ICICI Bank Car Loan Interest Rate
Private sector giant ICICI Bank is offering car loans to its customers at interest rates starting at 8.5%. The bank’s interest rate may vary depending on the loan amount, your CIBIL score, and other factors.