Need personal loan? 7 lowest interest rates, EMI calculation, other key details here
Personal loans don't have collateral, so banks and non-banking financing companies (NBFCs) offer personal loans at a higher rate than home loans or car loans. All leading banks, such as State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank, and ICICI Bank, offer personal loans.
7 cheapest home loans in India: There are many types of loans, such as home loans and car loans. But sometimes, when we need money to fulfil our personal requirements, such as home improvements, weddings, medical care, etc., we opt for a personal loan. Such a type of loan doesn't have collateral, so banks and non-banking financing companies (NBFCs) offer personal loans at a higher rate than home loans or car loans. All leading banks, such as State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank, and ICICI Bank, offer personal loans. In this gallery, know which banks offer the cheapest personal loans and what the equated monthly installment (EMI) will be on Rs 1 lakh and Rs 5 lakh personal loans for 5 years (Source: Paisabazaar.com).
Photos: Unsplash/Pixabay
9.99%-16.00%- HSBC Loan
HSBC offers the cheapest personal loan in the lower range at 9.99%. The EMI for the Rs 5 lakh, 5-year loan will be between Rs 10,621-Rs 12,159, while the EMI for the Rs 1 lakh, 5-year loan will be in the range of Rs 2,124-Rs 2,432.
10.00%-12.80- Bank of Maharashtra
The starting range for Bank of Maharashtra personal loan is 10.00%. The EMI for the Rs 5 lakh, 5-year loan is Rs 10,624-Rs 11,325, while the EMI for the Rs 1 lakh loan of the same duration is Rs 2,125-Rs 2,265.
10.40%-17.95 Punjab National Bank
PNB offers personal loans starting in the 10.40% range. The EMI for the Rs 5 lakh, 5-year duration loan is Rs 10,772-12,683, while for the Rs 1 lakh loan, it is Rs 2,144-2,537.
10.50% onwards- HDFC Bank
The largest m-cap bank in India offers personal loans at a starting range of 10.50%. The EMI for the Rs 5 lakh, 5-year loan is from Rs 10,747 onwards, while for the Rs 1 lakh loan, it is from Rs 2,149 onwards.
10.75%-13.50% Punjab & Sind Bank
PSB's starting range for personal loans is 10.75%. The EMI for the Rs 5 lakh, 5-year loan is Rs 10,809-Rs 11,505. The EMI for the Rs 1 lakh loan is Rs 2,144-Rs 2,537.
10.80% onwards ICICI Bank
The lender's EMI for the Rs 5 lakh, 5-year loan is Rs 10,821 onwards. The EMI for the Rs 1 lakh loan is from Rs 2,164 onwards.
10.85%-14.85% Bank of India
A personal loan at Bank of India starts at 10.85%. The EMI for the 5-year, Rs 5 lakh loan is Rs 10,834-Rs 11,856, while for the Rs 1 lakh loan, it is Rs 2,167-Rs 2,371.