Thinking about getting a loan from a bank? Before you dive in, check out this article. In India, many banks provide personal loans, but the interest rates, loan amounts, and repayment periods can differ quite a bit. Some banks might offer lower interest rates, while others could give you a longer time to pay it back. If you want to snag the best personal loan, it’s a good idea to compare options from banks like SBI and HDFC. Keep reading to find out which bank has the most affordable and beneficial personal loan, so you can make an informed choice.

 

Personal loans are super popular these days, offered by banks for various needs. Whether it’s for a medical emergency, home repairs, or paying off another loan, a personal loan can be a great solution.

 

Each bank sets its own interest rates

Often, these loans are unsecured, meaning you don’t need to provide any collateral to get one. This makes it easier for more people to access them. However, the offers, interest rates, and repayment terms can vary from bank to bank.

 

Your Credit Score Matters

Getting approved for a personal loan hinges on your credit score, income source, and the amount you’re asking for. If you have a solid credit history, you’re more likely to snag a loan with a lower interest rate.

 

SBI (State Bank of India): Interest rates kick off at 11.45%, with a maximum loan amount of Rs 30 lakh and a repayment term of up to 6 years.

 

Kotak Mahindra Bank: Interest rates start at 10.99%, with a maximum loan amount of Rs 35 lakh and a repayment period of up to 6 years.

 

HDFC Bank: You can kick things off with interest rates starting at 10.85%, and you can borrow up to Rs 40 lakh, with a repayment period stretching up to 5 years.

 

IDFC First Bank: Here, interest rates begin at 10.99%, and you can get a loan of up to Rs 1 crore, with a repayment term of up to 7 years.

 

ICICI Bank: They offer interest rates starting at 10.85%, with a maximum loan amount of Rs 50 lakh, and you can repay it over a period of up to 6 years.

 

Bank of Baroda: Their interest rates start at 11.15%, with a maximum loan amount of around Rs 20 lakh, and you can repay it over 7 years.

 

Yes Bank: Interest rates kick off at 11.25%, with a maximum loan amount of Rs 40 lakh, and you can repay it in up to 5 years.

 

Axis Bank: They have interest rates starting at 11.1%, with a maximum loan amount of Rs 40 lakh, and a repayment period of up to 7 years.

 

Punjab National Bank (PNB): Their interest rates start from 11.40%, with a maximum loan amount of Rs 20 lakh, and you can repay it over a period of up to 7 years.