Though Reserve Bank of India (RBI) governor Shaktikanta Das has cautioned banks to stay vigilant against ballooning personal loans, which are collateral-free and pose a threat, personal loans fuel consumption which is vital for the economy.
With the festive season approaching, we are at the threshold of the peak shopping season across the country, which is partly fuelled by personal and consumer loans. Let us take a peek at some of the cheapest loans available with the major banks in the country.
Apart from repayment capacity and track record of repayment of earlier loans, banks typically check the credit score of an applicant before sanctioning a loan.
Bank of Maharashtra personal loan interest rate
Paisabazaar has found that the cheapest loan in the market is offered by Bank of Maharashtra. It begins at 10%. A person taking Rs 2 lakh loan from this bank for 3 years has to pay an EMI of Rs 6,453.
PNB personal loan interest rate
Punjab National Bank (PNB), India’s second-largest PSU bank after SBI, offers the next cheapest rates that start from 10.4%. The EMI will be Rs 6,491 on a loan of Rs 2 lakh taken for 3 years.
HDFC Bank, IndusInd Bank personal loan interest rate
The biggest private sector bank in India, HDFC Bank, comes next offering interest rates beginning from 10.5%. The EMI in this case would begin from Rs 6,500, the same as IndusInd Bank.
The interest rate for loans from IndusInd Bank begins at 10.50%. The lowest EMI on Rs 2 lakh loan for 3 years will come to Rs 6,500.
Punjab & Sind Bank personal loan interest rate
Interest rates begin from 10.75% for Punjab & Sind Bank. For a loan of Rs 2 lakh repayable in 3 years, the lowest EMI would be Rs 6,524.
ICICI Bank personal loan interest rate
ICICI Bank levies an interest rate starting from 10.8% on personal loans. The EMI on a Rs 2-lakh loan with a 36-month- repayment period is Rs 6,529.
Bank of India personal loan interest rate
Bank of India charges a minimum rate of 10.85% on personal loans, the minimum EMI on a Rs 2 lakh loan for 3 years being Rs 6,533.
Canara Bank personal loan interest rate
Another bank to charge sub-11% rate is Canara Bank. Rates here begin from 10.95%, the minimum EMI working out to be Rs 6,543.
Kotak Mahindra Bank, IDFC First Bank personal loan interest rate
Kotak Mahindra Bank and IDFC First Bank charge a minimum interest rate of 10.99%. The EMI on a Rs 2-lakh loan for 3 years is Rs 6,547. These rates were as on July 31, 2024.
Personal loans fuel consumption. The festive season is the peak season for consumption in any year. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
