If you are planning to get a personal loan, one key factor to keep in mind is the interest rate. The interest rate is the cost of borrowing money, expressed as a percentage of the total amount of the loan. A low interest rate will signify a low cost of borrowing, whereas a high interest rate would have a higher cost of borrowing. Therefore, borrowers mostly look for lenders providing low interest rates.
There are several factors that determine the interest rate on a personal loan.
HSBC Bank personal loan
Interest rate: 9.99% to 16% per annum
Processing fee: 2% of the loan amount
Loan amount: ₹75,000 to ₹30 lakhs
HDFC Bank personal loan
Interest rate:10.75% to 24% per annum
Processing fee: ₹4,999 and GST
Loan amount: Up to 40 lakhs
IndusInd Bank personal loan
Interest rate: 1.49% per annum onwards
Processing fee: 3.5% of the loan amount
Loan amount: Up to 50 lakhs
Tenure: 12 months to 7 years
ICICI Bank personal loan
Interest rate:10.85% to 16.25% per annum
Processing fee: 2% of the loan amount
Yes Bank personal loan
Interest rate: 11.25% to 21% per annum
Processing fee: Up to 5% of the total loan amount
Loan amount: Up to ₹35 lakhs
Axis Bank personal loan
Interest rate: 11.25% to 22% per annum
Processing fee: 2% of the total loan amount
Loan amount: Up to 40 lakhs
State Bank of India personal loan
Interest rate: 11.45% to 14.60% per annum
Loan amount: Up to ₹30 lakh
Bank of Baroda personal loan
Interest rate: 11.40% to 18.75% per annum
Loan amount: Up to 20 lakhs
South Indian Bank personal loan
Interest rate: 13.1% to 20.6% per annum
Loan amount: Up to 20 lakhs
Bank of India personal loan
Interest rate: 10.85% per annum onwards
Processing fees: Up to 2%
Loan amount: Up to ₹25 lakh
Please note that the processing fee will include taxes. Kindly contact your lender to know about the exact processing cost and other features about specific personal loans.
(Note: Raising a personal loan has its own risks)
