Personal loan: Lowest interest rates offered by 6 major banks including HDFC Bank, SBI, ICICI Bank – check full list

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personal loans are usually on a higher side, they can at least meet the urgent need of finances as and when they arise. Raising a personal loan is super easy if you are a salaried employee. The documents required for the same include the past three months’ salary slips, bank statement and ID proof documents such as driving license or Aadhaar card.

In some cases, the bank could even ask for the income tax return (ITR) proof documents such as 26AS and AIS (Annual Information Statement). Notably, some banks recently raised their marginal cost of lending based rates, or MCLR, thus impacting the EMIs of borrowers. Here we give a lowdown on some of the top banks and interest rates they charge on offering personal loans: HDFC Bank: The largest private bank charges a minimum of 10.5 percent and up to 24 percent for the salaried persons.

However, one has to pay processing charges of ₹4,999. ICICI Bank: The second largest private bank charges a minimum of 10.65 percent while the maximum rate is 16 percent per annum. But the borrower might have to pay a processing fee of up to 2.5 percent of loan amount plus applicable taxes.

The tenure can be anywhere between 12 months and 72 months. Kotak Mahindra Bank: This private lender offers personal loans at interest rates that start at 10.99 percent per annum. The bank's website does not specify the higher limit.

However, the loan processing charges can be up to 3 percent of loan amount. (Source: Banks’ websites) IndusInd Bank: This private bank charges a minimum of 10.25 percent of interest rate and a maximum of 26 percent. The tenure of personal loan can be anywhere between 12 and72 months.