Top 10 personal loans from banks with lowest interest rates. Details here

livemint.com:

raise a loan that could be of any type i.e., business, car, housing and even education. What if you need money for miscellaneous expenses which do not fall under any of these categories e.g., to throw a wedding party or to go on an urgent foreign trip. For such immediate cash requirement, one can, of course, raise a personal loan from a bank.

Personal loans are usually unsecured but the banks which also give an option of secured personal loan charge a relatively lower interest rate. For instance, Karur Vysya Bank charges 11 percent per annum on secured loans and 13-14 percent on unsecured personal loan. As a practice, banks usually charge a higher rate of interest on personal loans but the rate they charge hinges on several factors such as applicant’s credit score, relationship with the bank, category of employer (MNC/ govt/ defence, etc.), among other factors.

Here we list out the lowest interest rates charged by major banks as they reveal on their official websites. ICICI Bank: The second largest private lender charges 10.65 percent to 16 percent per annum on its personal loans while, its processing charges are up to 2.50 percent plus applicable taxes. HDFC Bank: HDFC Bank, the largest private bank, charges 10.5 to 24 percent as interest rate while the processing charges are ₹4,999.

SBI: The State Bank of India (SBI) charges 12.30 to 14.30 percent for corporate applicants while the employees are CLSEs and government departments are given at 11.30 to 13.80 percent per annum. The defence employees are offered personal loans at concessional rates of 11.15 to 12.65 percent per annum. Bank of Baroda: Private sector employees (with relationship with the bank) are offered personal loans at 13.15 to 16.75 percent per annum