The coronavirus outbreak has put many people in a difficult spot due to job losses and pay cuts. This means that while spending power might have been reduced by this, expenses certainly were not. Monthly expenses remain mostly the same as you may have EMIs or other big payments to make. One of the ways to survive this crisis is by opting for personal loans. However, opting for a personal loan should be a person's last resort as the interest rate on personal loans are high compared to secured loans.   

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Since it is an unsecured mode of finance, personal loan comes with higher interest. The best way is to compare the rates of different banks and then select the best possible option. Here are the banks that offer lowest interest rate on personal loan -  

Indian Bank - IB Clean loan - 9.20 per cent 

IDFC Bank - Personal Loan - 9.20 

State Bank of India (SBI) - Xpress Lite Scheme - 9.60 

Punjab National Bank (PNB) - Personal Loan Scheme for Public - 9.65 

Central Bank (CB) - Cent Personal Loan Scheme - 9.85 

Now, while your priority might be the lowest possible interest rate, there are several other factors involved in taking personal loan as well. Credit score plays an extremely crucial role while you apply for a personal loan. It assures the lender that you are creditworthy and gives them confidence in your loan repayment abilities. 

  A better credit score and history puts you in a better place to negotiate personal loan interest rate.  Besides credit score, your income will be taken into consideration by the banks to ascertain your maximum personal loan amount and applicable interest rate.