Personal loans are a good funding option in times of a financial setback. It can come to your rescue when you have a severe money crunch and can help you achieve your goals. These open-ended and unsecured loans can also improve your credit score when repaid on time. Thus, it is important to compare different banks before availing a personal. You need to specifically check for the lowest personal loan interest rate that different banks are offering and choose the one which offers the lowest interest rate and flexible terms of repayment.
Currently, there are ten banks in India that are offering the lowest interest rates. We have compiled the list of those 10 banks along with the interest rate on personal loans and their key features below.
Indian Bank
Name of the scheme: IB Clean Loan
Rate of interest: 9.20%
Features
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The highest loan amount can be twenty times more than the total monthly income of the person.
- The tenure can be extended up to 7 years.
- The processing charge is 0.512% of the principal amount.
- A salaried individual, working in any private, public and reputed firm for three years can apply for this scheme.
IDFC First Bank
Name of the scheme: Personal Loan
Rate of interest: 9.20%
Features
- The loan amount starts from Rs. 1 Lakh and the upper ceiling is Rs. 25 Lakhs.
- The tenure ranges from 12 months to 60 months.
- This loan is available to both salaried and self-employed people.
- Does not levy any foreclosure charges if you close the loan within six months. But you have to pay a 5% foreclosure charge if you close the account after six months.
State bank Of India
Name of the scheme: Xpress Elite Scheme
Rate of interest: 9.60%
Features
- The maximum loan amount of the Xpress Elite Scheme from SBI personal loan range is Rs. 20 Lakhs.
- The tenure of the loan varies between 6 months to 6 years.
- It charges a processing fee of 1.50% of the principal amount along with GST.
- The age criterion is between 21 years to 60 years until the loan matures.
Punjab National Bank
Name of the scheme: Personal loan Scheme for Public
Rate of interest: 9.65%
Features
- The minimum amount that can be availed is Rs. 50000 and can vary between Rs. 4 Lakhs to 10 Lakhs based on your salary, occupation and other lending policies of the bank.
- The loan tenure is flexible and ranges between 1 year to 5 years.
- Any salaried individual can avail of this loan.
Central bank
Name of the scheme: Cent Personal Loan Scheme
Rate of interest: 9.85%
Features
- The maximum loan amount is Rs. 10 Lakhs.
- The tenure is flexible and varies between 3 years to 5 years.
- Any permanent employee of a public and private sector having served for at least 1 year and 3 years respectively can avail of this loan.
- The processing fee is Rs 500 along with service tax.
Citi Bank
Name of the scheme: Personal Loan
Rate of interest: 9.99%
Features
- The maximum loan amount is Rs. 30 Lakhs.
- The tenure is expandable for up to 5 years.
- Any salaried or self-employed individual can avail of this loan, having a minimum income of Rs. 25,000 monthly.
- The age criterion is 21 years to 60 years.
- A processing fee of up to 3% of the loan amount is charged.
UCO Bank
Name of the scheme: UCO Cash
Rate of interest: 10.05%
Features
- The maximum amount is Rs. 10 Lakhs.
- The tenure is expandable for up to 5 years.
- The UCO Rin Jeevan Suraksha scheme can cover the outstanding loan amount if the borrower passes away.
South Indian Bank
Name of the scheme: SIB Personal Loans
Rate of interest: 10.05%
Features
- The maximum loan amount is Rs. 25 Lakhs.
- The tenure is flexible and varies between 1 year to 5 years.
- The processing is quick and requires minimum documentation.
Bank Of Baroda
Name of the scheme: Personal loan
Rate of interest: 10.50%
Features
- The maximum loan amount is Rs. 10 Lakhs.
- The loan tenure is expandable for up to 5 years.
- 2% of the principal amount along with GST is charged as a processing fee.
- Salaried people between the age of 21 to 60 years can avail of this loan.
- Self-employed people between the age of 21 to 65 years can avail of this loan.
HSBC Bank
Name of the scheme: Personal Loan
Rate of interest: 10.50%
Features
- The maximum loan amount is Rs. 30 Lakhs.
- The tenure of loan repayment lies between 6 months to 60 months.
- Salaried people between the age of 21 to 60 years can avail of this loan.
- In the case of businessmen, the age criterion is between 21 to 65 years.
- A processing fee of 1% of the principal amount is charged by the bank.
There are numerous banks in India that offer attractive rates of interest. However, before availing of any of the loans, you must also make sure that you have a good credit score as this affects the interest rate and the amount that you receive. Try to maintain a credit score of 750 and above.
https://www.bankbazaar.com/indian-bank-personal-loan.html
https://www.paisabazaar.com/indian-bank/personal-loan/
https://www.paisabazaar.com/idfc-bank/personal-loan/
https://www.paisabazaar.com/sbi-bank/personal-loan/
https://www.wishfin.com/sbi-personal-loan/
https://www.bankbazaar.com/punjab-national-bank-personal-loan-interest-rates.html
https://www.bankbazaar.com/central-bank-of-india-personal-loan.html
https://www.centralbankofindia.co.in/English/CentPersonalLoanScheme.aspx
https://www.paisabazaar.com/central-bank-of-india/personal-loan/
https://www.paisabazaar.com/citibank/personal-loan/
https://www.paisabazaar.com/uco-bank/personal-loan/
https://www.paisabazaar.com/south-indian-bank/personal-loan/