Lowest Interest Rate on a Personal Loan: Borrowers can get unsecured personal loans from a lot of banks and non-banking financial institutions (NBFIs).A personal loan can also be applied for online, and funds will be deposited into your account while you are at home. Due to their higher risk, personal loans have higher interest rates. Because the RBI raised it simultaneously, the repo rate has increased further.
There are a number of banks that offer personal loans if you want to take out one in this situation. Borrowers can get loans from these financial institutions at very low interest rates (Low-Interest Rate on Personal Loan).Your qualification and FICO rating will decide the advance sum.
Which banks offer loans with low interest rates?
The Bank of Maharashtra will charge an interest rate of more than 8.90 percent for 84 months on personal loans up to Rs 20 lakh.
Loans of up to 20 lakhs are available from the Bank of India with terms of 84 months and interest rates ranging from 9.75 percent to 14.25 percent.
Punjab National Bank offers a loan of up to Rs 10 lakh with a term of 60 months and interest rates of 9.80 to 16.35%.
Karur Vysya Bank will charge interest rates ranging from 9.85 percent to 12.85 percent on loans in the amount of 10 lakhs for terms of 12 to 60 months.
For credits of Rs at least 25,000 and up to Rs. For a period of 12 to 60 months, IDBI Bank would charge interest on 5 lakhs, with rates ranging from 9.90 to 15.50 percent.
Personal Loan Charges:
When you apply for a personal loan, the majority of banks charge a number of different fees. Processing fees will go from 0.50 to 1 percent of the credit sum, as per SBI Bank. PNB Bank would likewise attach a report charge and handling cost of up to 1 percent. Personal loans are subject to fees from other banks as well.
Additionally, if you fail to pay an EMI on a personal loan, you will be subject to a different penalty fee from each bank.
