New Delhi. Due to the increasing needs and ease of getting loans, the trend of taking loans has increased a lot these days. Today we can take various types of loans from banks which include personal loans, home loans,s and vehicle loans. A personal loan is the most popular of all types of loans. This is because of easy and quick access to personal loans. It is an unsecured loan, for which we do not need to pledge anything with the bank.
The interest rate of personal loans is higher as compared to other loans given by banks. Every bank has its own rules for offering personal loans, as well as varying interest rates and processing fees. Today we will tell you from which banks you can take a cheap personal loan, that too at a low processing fee. Which bank is charging how much interest and processing fee on a personal loan of Rs 1 lakh for a period of five years is mentioned below.
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Bank Interest Rate EMI Processing Fee
Indian Bank 8.50-9 2,052-2,076 1% of the loan amount
Union Bank of India 9.30-13.40 2,090-2,296 0.50% of the loan amount (Min. 500+GST)
Bank of Maharashtra 9.45-12.80 2,098-2,265 1% of loan amount + GST
IDBI 9.50-14 2,100-2,327 1% of the loan amount (minimum 2,500)
Punjab & Sind Bank 9.50-11.50 2,100-2,199 0.50 to 1% Loan Amount + GST
State Bank of India 9.60-13.852 2,105-2,319 1.50% of loan amount + GST
Central Bank of India 9.85-10.05 2,117-2,149 1% of loan amount for soldiers Nil
PNB 9.90-14.45 2,120-2,350 1% of loan amount+GST
Indian Overseas Bank 10-11 2,125-2,174 0.40 to 0.75% Loan Amount
HDFC Bank 10.25-21 2,137-2,877 2.50% of Loan Amount + GST ​​+ Other Charges
Get information from bank
The information we are giving you here is taken from the websites of banks till April 21, 2022. The EMI limit is indicative and is calculated based on the interest rate range. In actual circumstances, banks may also levy other fees and charges. The interest rate mentioned here is applicable to salaried and pensioners. One thing to note is that the interest rates may vary according to the credit profile, loan amount, loan tenure, and the company you work for. Therefore, before applying for a personal loan, it is important to get information about the interest rate, etc. from the bank.
