Which bank offers the lowest-interest personal loans?
Personal loans are unsecured loans that can be availed for various purposes, such as medical emergencies, home renovations, education expenses, weddings, or other financial needs. However, interest rates on personal loans can vary from bank to bank, depending on various factors such as the borrower’s credit score, income, loan amount, loan tenure, etc. However, some banks and financial institutions offer personal loans with lower interest rates than others.
Therefore, it is essential to compare the interest rates of different banks before availing of a personal loan to get the best personal loan option for your needs.
Here are some of the banks in India that offer the lowest interest rates on personal loans:
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HDFC Bank:
HDFC Bank offers personal loans at interest rates starting from 10.50% per annum. The bank offers personal loans up to Rs. 40 lakhs with a maximum repayment tenure of 5 years. HDFC Bank also offers pre-approved personal loans to its existing customers, which can be availed instantly without any documentation.
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State Bank of India (SBI):
SBI is one of the leading banks in India that offers personal loans at low-interest rates. The bank offers personal loans at interest rates starting from 9.60% per annum. The maximum loan amount offered by SBI is Rs. 20 lakhs, and the repayment tenure can go up to 6 years.
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ICICI Bank:
ICICI Bank offers personal loans at interest rates starting from 10.50% per annum. The bank offers personal loans up to Rs. 25 lakhs with a maximum repayment tenure of 5 years. ICICI Bank also offers pre-approved personal loans to its existing customers, which can be availed instantly without any documentation.
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Axis Bank:
Axis Bank offers personal loans at interest rates starting from 10.49% per annum. The maximum loan amount offered by Axis Bank is Rs. 15 lakhs, and the repayment tenure can go up to 5 years. Axis Bank also offers pre-approved personal loans to its existing customers, which can be availed instantly without any documentation.
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Bajaj Finserv:
Bajaj Finserv is a non-banking financial company (NBFC) that offers personal loans at low-interest rates. The interest rates offered by Bajaj Finserv start from 11.99% per annum. The maximum loan amount provided by Bajaj Finserv is Rs. 25 lakhs, and the repayment tenure can go up to 5 years.
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Tata Capital:
Tata Capital is another NBFC that offers personal loans at competitive interest rates. The interest rates offered by Tata Capital start from 10.99% per annum. The maximum loan amount provided by Tata Capital is Rs. 25 lakhs, and the repayment tenure can go up to 6 years.
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Kotak Mahindra Bank:
Kotak Mahindra Bank offers personal loans at interest rates starting from 10.50% per annum. The maximum loan amount offered by Kotak Mahindra Bank is Rs. 20 lakhs, and the repayment tenure can go up to 5 years.
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IDFC First Bank:
IDFC First Bank offers personal loans at interest rates starting from 10.49% per annum. The maximum loan amount offered by IDFC First Bank is Rs. 40 lakhs, and the repayment tenure can go up to 5 years.
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Punjab National Bank (PNB):
PNB is a government-owned bank that offers personal loans at low-interest rates. The interest rates offered by PNB start from 9.05% per annum. The maximum loan amount offered by PNB is Rs. 10 lakhs, and the repayment tenure can go up to 5 years.
However, it’s important to note that interest rates are subject to change and can vary based on the individual’s creditworthiness and other factors.
Currently, some of the banks offering the lowest interest rates on personal loans in India are:
It’s important to note that the interest rates mentioned above are subject to change. Individuals are advised to check the current rates with the respective banks before applying for a personal loan. Additionally, it’s essential to compare the interest rates, processing fees, and other terms and conditions offered by different banks before selecting one.
Conclusion;
In conclusion, while there are several banks in India that offer personal loans at competitive interest rates, HDFC Bank, ICICI Bank, Axis Bank, SBI, and PNB are currently among the banks offering the lowest interest rates on personal loans. However, it’s essential to thoroughly research and compare the terms and conditions offered by different banks before finalizing a personal loan. Therefore, it is recommended that individuals shop around and compare the interest rates and terms offered by different banks before making a decision.
Additionally, it’s important to consider other factors such as fees, customer service, and the overall reputation of the bank before choosing a lender for a personal loan.
