Personal loan: These are the lowest interest rates offered by top banks in May 2024
When unexpected expenses come knocking, while your savings fall short, reaching out to a bank to seek personal loan can be a saviour. Choosing the right lender, therefore, is crucial to avoid high-interest rates that can make repayment burdensome and at times – unaffordable.
The good news is that looking around can lead to significant savings, especially if you have a good credit score. Borrowers with high credit scores often enjoy lower interest rates, making it imperative to compare offers from different banks.
Also Read: How does a pre-approved loan influence your CIBIL score? MintGenie explains
Today we will explore the top banks offering the lowest interest rates on personal loans, helping you make an informed decision and secure the best deal. Whether you're planning a major purchase, consolidating debt, or facing an emergency, knowing where to find the most competitive rates can save you money and reduce financial stress.
Also Read: Benefits of securing a personal loan for salaried employees
Let’s dive in and see which banks top the list for affordable personal loans:
Name of lender
Interest rate (p.a %)
EMI (Rs)
Loan amount- 5 lakh
Tenure — 5 years
EMI (Rs)
Loan amount- 1 lakh
Tenure — 5 years
Processing fee
(% of loan amount)
HDFC Bank
10.50 onwards
10,747 onwards
2,149 onwards
Up to ₹4,999
Tata Capital
10.99 onwards
10,869 onwards
2,174 onwards
Up to 5.5%
State Bank of India
11.15-15.30
10,909-11,974
2,182-2,395
1.50% (Minimum ₹1,000 to Maximum ₹15,000)
ICICI Bank
10.80 onwards
10,821 onwards
2,164 onwards
Up to 2%
Bank of Baroda
11.10-18.75
10,896-12,902
2,179-2,580
Up to 2% (minimum ₹1,000 and maximum ₹10,000)
Axis Bank
10.99 onwards
10,869 onwards
2,174 onwards
Up to 2%
Kotak Mahindra Bank
10.99
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