Personal Loan Interest Rates: SBI, PNB, or HDFC Bank? Which bank offers lowest EMI and processing fee on Rs 5 lakh and Rs 10 lakh loans?
SBI Bank vs PNB vs HDFC Bank Personal Loan EMI Calculation: Personal loan doesn't have collateral, so the lender charges higher interest rates compared to what it charges from home loan borrowers. The rate of interest also depends on a borrower's Cibil score, current loan liabilities, monthly income, etc.
SBI Bank vs PNB vs HDFC Bank Personal Loan EMI and Processing Fee: A personal loan can help one fulfil short-term and long-term financial goals. People take personal loans for home renovation, large purchases, home appliances, vacations, medical and emergency needs, etc. Personal loan doesn't have collateral, so the lender charges higher interest rates compared to what it charges from home loan borrowers. The rate of interest also depends on a borrower's Cibil score, current loan liabilities, monthly income, etc. PSU and other private banks offer personal loans at different interest rates. In this write-up, we will tell you about the interest rates that State Bank of India (SBI), Punjab National Bank (PNB), and HDFC Bank are charging on on personal loans. Also, know what will be the estimated equated monthly instalment (EMI) on Rs 5 lakh and Rs 10 lakh personal loans and the processing fee on them. (Data Source: Paisabazar.com)
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SBI Personal Loan Interest Rates
SBI offers personal loans in the range of 11.45 per cent to 14.85 per cent.
SBI Personal Loan Processing Fee
SBI doesn't charge any processing fee on personal loans.
EMI on SBI's Rs 5 lakh personal loan
The EMI for SBI Rs 5 lakh loan will be from Rs 10,984-Rs 11,856.
EMI on SBI's Rs 10 lakh personal loan
The EMI for SBI's Rs 10 lakh loan will be Rs 21,970-Rs 23,710.
PNB personal loan interest rates
The interest rate range in the PSU bank is 10.40 per cent to 17.95 per cent.
PNB personal loan processing fee
Punjab National Bank charges 1 per cent of the loan amount as the processing fee.
EMI on PNB's Rs 5 lakh personal loan
The EMI for PNB's Rs 5 lakh loan will be from Rs 10,772 to Rs 12,683.
EMI on PNB's Rs 10 lakh personal loan
The EMI for the PSU bank's Rs 10 lakh loan will be from Rs 21,440-Rs 25,370.
HDFC Bank personal loan interest rates
The leading bank in India offers personal loans from 10.75 per cent interest rate onwards.
HDFC Bank personal loan processing fee
HDFC Bank charges up to Rs 6,500 as the processing fee.
EMI on HDFC Bank's Rs 5 lakh personal loan
The EMI for HDFC Bank's Rs 5 lakh loan will be from Rs 10,809 onwards.
EMI on HDFC Bank's Rs 10 lakh personal loan
The EMI for HDFC Bank's Rs 10 lakh loan will be from Rs 21,620 onwards.