Personal Loan EMI: These 13 banks are offering the cheapest personal loans. Find out how much EMI you will have on a loan of ₹1 lakh
Personal Loan EMI: During festive seasons like Diwali and Chhath, Personal loans are taken by many individuals for shopping and other expenditures. When taking out a personal loan, understanding the bank’s interest and processing fees for personal loans is very crucial. The lower the interest rate, the more manageable your EMI is likely to be. Let’s find out which banks offer personal loans at what rates.
With an interest rate of 9%, Bank of Maharashtra maintains itself as the lowest lender. The processing fee here is capped at 1% of the loan amount. For those borrowers who are interest rate sensitive, this is a good option to consider. For a ₹1 lakh loan with a tenure of 1 year, the borrower would be expected to repay an EMI of approximately ₹8,745 with total interest repayment amounting to ₹4,938.
Axis Bank maintains an interest rate range of 9.99% to 21.55% while charging a processing fee that is capped at 2% of the loan amount. Flexibility seekers will be satisfied with this offering. For a ₹1 lakh loan, the expected EMI stands at ₹8,794, while total interest repayment would amount to ₹5,532 with a repayment tenor of 1 year and interest rate of 9.99%.
IDFC First Bank
sets a personal loan interest rate at 9.99%. The processing fee charged is a maximum of 2% of the loan amount. The Bank is reputed for a relatively quick turnaround time combined with minimal documentation. For a principle loan amount of 1 lakh repaid over a period of 1 year, the estimated equated monthly installment is 8794 and interest paid is 5532.
The interest rates for
State Bank of India
(SBI) are between 10.05% and 15.05%, and the processing fee is a maximum of 1.50% of the loan amount. For a Bank that is state owned, it is the go-to establishing for general consumers globally. The repayment amount for a 1 lakh loan at 10.05% is about 8798, with an interest payment of 5575.
Bank of Baroda
sets interest rates that go from 10.40% to 18.10% and the processing fee charged, the lesser of 2% of the loan amount. For a 1 lakh personal loan at 10.40 percent the estimated payment is 8824 with the total interest amount of 5889.IndusInd Bank sets the personal loan interest rates from 10.49%. The interest rates are arbitrary owing to the processing fee which can go up to 3.5%, higher in comparison to many other banks. Nonetheless, the promptness within which the loan gets sanctioned is a key factor that lures the customers. If the loan is ₹1 lakh and interest is ₹10.49%, the EMI will be 8,830 with the interest touching ₹5,957.
“For personal loans, Punjab National banks (PNB) lends money with an interest fee of over 10.50%. The defining aspect of PNB is that they charge a processing fee that is only 0.35% of the loan value which makes PNB the cheapest loaning bank in the market. The bank charges an EMI of approximately ₹8,831 on a loan of ₹1 lakh with the interest amounting to ₹5,965.”
Yes Bank has personal loans with interest charges gradually moving up from 10.85% to 21%. The bank does suffer from high processing charges that can take 2.5% from the loan value. New clients on the other hand, are the only customers that gain from the bank as they are provided with alterations and other advantages. The interest charged on a loan of ₹1 lakh is ₹10.85%. The EMI charged on the loan is around ₹8,854 with the total interest charged being ₹6,250.”HDFC Bank is one of the largest private banks in India, and it also offers personal loans. The interest rate charged is between 10.90-24% and the processing fees charged is ₹ 6500 +GST. The Bank is well known for its entirely digital banking system and has a huge customer base. For a personal loan of ₹ 1 lakh with an interest rate of 10.90%, the customer is expected to pay an EMI of ₹ 8,857 and the total interest paid would be ₹ 6,287.
The personal loans offered by ICICI Bank come with an interest rate of 10.60%-16.50% and is said to be one of the best in India. The processing fees is charged between 0-2% of the total loan amount. Many salaried employees preferred the bank due to the convenient loan repayment terms. As for HDFC, the bank offers personal loans for ₹ 1 lakh with an interest rate of the HDFC personal loan of ₹ 1 lakh with an interest rate of 10.60% and the customer would pay an EMI of ₹ 8,837 and total interest of ₹ 6,057.
The personal loan interest rates of Kotak Mahindra Bank starts is none other than 10.99%. This is the only bank till now which has processing fees of 5% and the loan amount is said to target a certain category of customers. For a personal loan of ₹ 1 lakh with an interest of 10.99%, the customer is expected to pay an EMI of ₹ 8,862, and the total interest paid would be ₹ 6,344.
IDBI Banks' offered interest rates span between 11% to 15.50%. Processing fees are 1% of the loan amount. IDBI has a reputation for relaxed policies and documentation which attracts customers to branches. Loan amounts of 1 lakh for 11% interest accrue EMI payments of nearly 8863 and a total interest of 6354.
Bank of India’s‘ personal loan interest rates begin at 11.10%. The processing fee is 1% of the loan amount. As a result of being a government bank, there is widespread trust for the. Bank of India’s EMI payments for a loan of 1 lakh at an interest of 11.10% is 8870 which leads to a total interest of 6431 (BankBazaar.com).
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