Which Bank has lowest interest rate on Personal Loan?

Taking out a personal loan can seem like a daunting task, but which bank has the lowest interest rate on personal loans? With so many banks and credit unions offering Personal Loans, it can be difficult to figure out which one is right for you. In this article, we will take a look at some of the key factors that you need to consider when choosing a bank or credit union for your personal loan.

How do you assist the best price for personal Loans?

Many of us only decide on the basis of the interest rate and end up choosing a less convenient option. Well, interest rates are very important, but they are not the only thing to take into account. You should also look for lenders that are able to lend you more based on revenue and the repayment capacity, apart from lower rates. You will only increase your comfort if you quickly get the loan by paying a lower processing fee.

Compare Lowest Interest Rate on Personal Loan

Banks Interest Rate* Loan Amount
Allahabad Bank 10.65% onwards 50,000-20 lakhs
Andhra Bank RLLR + 3.00% to RLLR + 5.65% As per applicant’s profile
Axis Bank 12-24% 50,000-15 lakhs
Bajaj Finserv 12.99% onwards Up to 25 lakhs
Bank of Baroda 11.40-16.40% 50,000-10 lakhs
Bank of India 10.50% onwards Up to 10 lakh
Bank of Maharashtra 10.85-11.85% Up to 10 lakh
CASHe 30% to 36% 9,000 – 3 lakh
Central Bank 11.25% onwards Up to 10 lakhs
Citibank 10.50-18.99% 50,000-30 lakhs
Early Salary 24% to 30% 8,000 – 2 lakh
Federal Bank 11.49% onwards Up to 25 lakhs
Fullerton India 12-36% Up to 25 lakhs
HDFC Bank 10.75-21.30% 50,000-40 lakhs
Home Credit 24% to 49% 25000 – 2.40 lakh
HSBC Bank 10.50-17.84% Up to 30 lakhs
ICICI Bank 11.25% onwards 50,000-20 lakhs
IDBI Bank 12% – 14% 25,000-10 lakhs
IDFC First 11.50% onwards 1 lakh-25 lakhs
Indiabulls As per loan agreement Rs. 1000 to Rs. 15 lakh
Indian Bank 10.35% onwards As per applicant’s profile
Indian Overseas Bank 10.50% onwards Up to Rs. 15 lakh
IndusInd Bank 10.75% onwards 50,000-15 lakhs
Kotak Mahindra Bank 10.99-24% 50,000-15 lakhs
Kreditbee 12.24% onwards 1000 – 2 lakh
Moneytap 1.25% p.m. onwards Rs. 3000 to Rs. 5 lakh
Moneyview 1.33% p.m. onwards Rs. 10,000 to Rs. 5 lakh
Muthoot Finance 14.50% onwards 50,000-10 lakhs
Punjab National Bank RLLR+2.15 to RLLR+6.70% 50,000-10 lakhs
RBL Bank 12-23% 1 lakh-20 lakhs
Standard Chartered Bank 10.99% onwards 1 lakh-30 lakhs
StashFin 11.99% to 59.99% 500 – 5 lakh
SBI 10.50% onwards Up to 20 lakhs
TATA Capital 10.99% onwards 75,000-25 lakhs
UCO Bank 10.95% onwards Up to 10 lakhs
Union Bank of India 10.10% onwards Up to 10 lakhs
Yes Bank 10.99% onwards 1 lakh-40 lakh

What is the difference between fixed and variable interest rates?

Depending on the loan and the borrower you can choose between fixed rate (which stays the same over the life of the loan) or variable (which can increase or decrease depending on market changes).

The variable-rate loan interest always begins low, but can rise over time. The terms of the loan agreement dictate the number of times the lender will increase the interest rate, and certain loans restrict the maximum rate to a certain proportion. By contrast, the fixed rate loan payments and interest charges remain the same.

Basis your decision on whether you want a fixed rate security or a variable rate savings possibility.

Is it worth a personal loan?

If you need a large amount of money in advance and the security of a regular monthly payment, a personal loan might be a good choice. Personal loans typically have stronger APRs than credit cards or credit lines, and most personal loans retain the fixed rate over the life of the loan.

Before you commit to a personal loan, though, make sure that you carefully weight the APR, so that a monthly loan payment suits your budget. Some loans have 10 years’ repayment periods, and some companies charge a fee if you decide to pay your loan in advance. It is also necessary to take out just as much as you need in connection with your project or expenses; borrowing extra will raise your monthly payments and your overall interest rate.

If you are uncertain about a loan, consider using a personal credit machine to see how much interest you pay in addition to your loan costs.

What is a good personal loan interest rate?

A “healthy” personal loan interest rate depends on your credit score. You will usually aim for an average rate below the APR — 10.3% to 12.5% for outstanding loans, 13.5% to 15.5% for decent loans, 17.80% to 19.9% for mediocre loans and 28.5% to 32% for poor loans.

The quoted rate depends on many factors, including your credit interest, your credit background and your annual profits. Many lenders require you to pre-qualify, so you can see whether you are qualified for a loan without a hard pull. A test with some companies will help you decide which APR is the best for you.


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