Personal Loan: Personal loans prove to be very helpful at the time of any emergency financial need. Personal loans have now become an important part of everyone’s financial plan. Many banks and financial institutions give personal loans at attractive interest rates for different needs. Let us tell you what happens personal loans and which banks are offering the best offers on it.
First know what is a personal loan?
Easy language, Personal Loan is a loan that you can take from a bank or non-banking financial companies (NBFC) without any mortgage. Nowadays, a personal loan is easily available through many apps. This process is completely online, sharp and without any hassle. The secured loan where you have to mortgage some property, in contrast, personal loan is based on your credit history and income level. You have to return the money borrowed within a certain time in installments (EMI). Personal loan provides you financially flexibility and immediate money.
Personal loan banks at low interest rate
State Bank of India (SBI): It is the largest government bank and its interest rates begin at 10.3% per year. It gives a personal loan of up to Rs 35 lakh.
HDFC Bank: It gives a loan of up to Rs 40 lakh with 100% digital process, whose interest rates can be between 10.9% to 24%. Apart from this, you will also have to pay processing fees up to Rs 6,500 along with GST.
ICICI Bank: Here you can take a loan of up to Rs 50 lakh with interest rates ranging from 10.85% to 16.5% and a flexible period up to 72 months.
Axis Bank: This bank offers a personal loan of up to Rs 40 lakh. Its duration can range from 12 months to 84 months and interest rates start from 11.25% per year. Processing fees are up to 2% of the total amount of loan and GST.
IDFC First Bank: Here you can immediately get a personal loan of up to Rs 10 lakh, the interest rate of which starts from 9.99% per year.
HSBC Bank: This bank gives personal loans ranging from Rs 1 lakh to Rs 50 lakh. Its interest rates range from 10.15% to 16% per year and the processing fee ranges from 2% of the loan amount.
Yes Bank: If your monthly income is Rs 25,000 and your credit score is good, then you can take a personal loan at an interest rate of 11.25% to 21% per year. Its processing fee will be up to 2.5% of the loan amount.
Kotak Mahindra Bank: Here a personal loan of up to Rs 35 lakh can be taken for one to six years, the interest rates of which start from 10.99% per year.
Let us tell you that these rates are till June 25, 2025 and have been taken from the official websites of banks. For more information, please visit the website of the concerned bank.
Tips to get personal loan at low interest rate
You can take care of some things to get a personal loan at the lowest interest rate:
Good credit score: One of the most important things for personal loans is to maintain good credit score. With a credit score of 750 or more, you can easily get a loan at a low interest rate.
Time EMI Payment: If you do not pay any loan or credit card on time, then your credit score has a bad effect, which also affects interest rates.
Low Loan Duration: If you choose a short time to repay the loan, you usually have to pay a low interest rate. However, this will increase your monthly EMI.
