Considering applying for a personal loan? This is how you can ensure best interest rate
Name of the lender Interest rate (in %)Karnataka Bank13.43%South Indian Bank12.85-20.60%UCO Bank12.45-12.85%Federal Bank11.49% onwardsUnion Bank of India11.35-15.45%Bank of Baroda11.05-18.75%State Bank of India11.15-15.30%Bajaj Finserv11.00% onwardsKotak Mahindra Bank10.99% onwardsTata Capital10.99% onwardsCanara Bank10.95-16.40%ICICI Bank10.80% onwardsBank of India10.75-14.75%Punjab & Sind Bank10.75-13.50%IDFC First Bank10.75% onwardsHDFC Bank10.50% onwardsAxis Bank10.49% onwardsIndusInd Bank10.49% onwardsPunjab National Bank10.40-17.95%Bank of Maharashtra10.00-12.80%HSBC 9.99-16.00% Determining the optimal personal loan interest rate hinges on your creditworthiness. However, here are some pointers to assist you: Personal loan interest rates and equated monthly installments (EMIs) are closely connected.
To start with, EMIs are computed utilising a formula that takes into account the principal amount (the loan amount borrowed), the interest rate, and the loan tenure (the repayment period). The majority of banks and financial institutions provide online EMI calculators on their websites.
These tools enable you to input the loan amount, interest rate, and tenure, helping you estimate your monthly EMI. By grasping the concept of interest rates and utilising EMI calculators, you can gain a clearer understanding of the affordability of a personal loan before committing.
Following competitive personal loan interest rates becomes manageable if you're willing to compare personal loans online and make decisions accordingly. The EMI is directly impacted by the interest rate.
A higher interest rate leads to a higher EMI for the same loan amount and duration, while a lower interest rate results in a lower EMI. You can utilise an EMI
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