SBI, PNB and HDFC Bank: 7 banks with their personal loan interest rates and EMIs
SBI, HDFC Bank, ICICI Bank, Canara Bank, PNB and Bank of Baroda are among the banks that provide personal loans. Know the ranges of interest rates that they provide and their EMIs.
People take personal loans to fulfil urgent requirements that can't be fulfiled by other loans. Personal loans don't come at a fixed rate, and banks offer these loans based on an individual's Cibil score, repayment capacity, income level, and profession, among other factors. A personal loan is an unsecured loan, so the rate of interest is quite high compared to a home loan or other loans where collateral is involved.
Here's a list of 7 banks, including SBI, HDFC Bank, ICICI Bank, and PNB, that provide personal loans. (as per Paisabazaar.com).
The table doesn't include the processing fee. It may vary from bank to bank.
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SBI
State Bank of India
The largest bank in India in terms of assets provides personal loans in the range of 11.15% to 15.30%. At a Rs 5 lakh loan for 5 years, one needs to pay an EMI in the range of Rs 10,909–Rs 11,974.
HDFC Bank
HDFC Bank
The largest bank in India provides personal loans at an interest rate of 10.50% onwards. It means the EMI of a Rs 5 lakh loan for 5 years will be Rs 10,747 onwards.
ICICI Bank
ICICI Bank
The bank provides personal loans at a rate of 10.80% onward. Its EMI for a Rs 5 lakh loan will be Rs 10,821.
Canara Bank
Canara Bank
Canara Bank provides personal loans ranging from 10.95% to 16.40%. The EMI for a Rs 5 lakh loan for 5 years is from Rs 10,859 to Rs 12,266.
PNB
PNB
Punjab National Bank offers personal loans in the range of 10.40% to 17.95%. The EMI for the loan will range from Rs 10,772 to Rs 12,683.
Axis Bank
Axis Bank
The interest rate for personal loans at Axis Bank is 10.49% onwards. The EMI for the personal loan will be from Rs 10,744 onwards.
Bank of Baroda
Bank of Baroda
The lender's interest rate for personal loans ranges from 11.05% to 18.75%. The EMI for the Rs 10,884 and Rs 12,902.