5 banks offering the lowest personal loan interest rates November 2023
Personal loan interest rates are among the highest when compared to other loans like home, car, gold etc. This is why one should compare rates and borrow from a lender offering relatively lower rates with a lower tenure. Added to this, banks offer lower interest rates to those borrowers who have an excellent credit score.
A personal loan comes in handy when we are short of funds and need the money at the earliest. It is an unsecured loan given by a lender. What this means is that while taking this loan, the potential borrower is not required to provide collateral or security against the loan, unlike in a gold loan where gold jewellery is taken as security by the lender.
Source: Compiled by ETIG; Interest rates data as on November 16, 2023
Here's a list of banks which offer the lowest personal loan interest rates
Bank of Maharashtra personal loan interest rates
For loan amounts up to Rs 20 lakh Bank of Maharashtra would charge an interest rate of >=10.00% p.a. for up to 84 months tenure.
Punjab & Sind Bank personal loan interest rates
For loan amounts up to Rs 3 lakh Punjab and Sind Bank would charge an interest rate of 10.15% — 12.80% p.a. The tenure for this would be 60 months.
Bank of India personal loan interest rates
For loan amounts up to Rs 20 lakh and tenure up to 84 months, Bank of India would charge an interest rate
