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Personal loan is an easy solution to finance either a long-term or an emergency situation with a repayment schedule chosen according to the borrower’s capacity. It is an unsecured loan, and therefore, the lender does not need any collateral. The rate of interest will be higher compared to other loans. The credit score will also determine the maximum loan and corresponding interest rates that will be charged by the bank. Obviously, the interest rates vary from bank to banks.
Interest rates
Union Bank of India and Central Bank of India are offering the cheapest personal loan with interest rates starting from 8.90% per annum.
Punjab National Bank (PNB), another public sector bank, is in the second position. They are taking a minimum of 8.95% interest on personal loans.
Indian Bank is giving personal loans at 9.05% interest.
Bank of Maharashtra in the fourth position in the list with 9.45% rate of interest.
Punjab & Sind Bank and IDBI Bank, the only private bank in the list, jointly occupied the fifth position with 9.50% interest on personal loan.
State Bank of India, country’s largest lender, in the sixth position. Now they are offering personal loans at 9.60% interest to its customers.
Personal loan interest rates in Bank of Baroda (BoB) start from 10%.
Last words
The repayment duration for personal loans is generally between one and five years. The higher the tenure of the loan, the greater the rate of interest charged by the bank.