Often, we rest on the support of a personal loan to accomplish a good cause and get through the emergencies of a life, don’t we? You can avail a personal loan easily without having to submit a collateral which many other loans may require.

And since it is an unsecured loan, the rates can be higher, making it necessary to compare the personal loan interest rates and choose a one that can help you repay the debt smoothly. The question, however, remains, how can you compare the interest rates, isn’t it? Well, the best way to do is to read about the rates charged by different lenders. So, let’s read the rates, compare them and choose the lowest one to suit your budget.

Personal Loan
Personal Loan

SBI Personal Loan Interest Rates

SBI offers a personal loan of up to ₹15 lakhs at an interest rate of 11.35%-15.10% per annum. Apart from the interest rate, the bank debits a processing fee at 0.5% of the loan amount plus GST. The bank gives as much as 5 years to the borrower to repay the debt. All the eligible salaried can get a personal loan from SBI.

Personal Loan
Personal Loan

HDFC Personal Loan Interest Rates

The interest rates offered at HDFC Bank can range from 15%-20.99% per annum. If you apply at HDFC, a processing fee equaling to 1.50%-2.50% of the loan amount plus GST would be debited from the borrower’s account. You can get a tenure of 5 years (maximum) to repay the debt that can total to as much as ₹25 lakhs. The bank offers a personal loan to all the eligible salaried individuals.

Personal Loan Interest Rates Axis Bank

Axis Bank, one of the prominent private lenders in the personal loan segment, disburses you the credit at 15.50%-24% interest rate for a maximum of 5 years. You would need to pay a processing fee that equals to 1.50%-2% of the loan amount plus GST. Salaried class, with a minimum of 21 years at the time of application, can get a loan of as much as ₹50 lakhs.

Personal Loan Interest Rates in ICICI Bank

ICICI Bank, one of the giants in the personal loan space, provides it at an interest rate of 10.99%-22% per annum. You can receive a loan of up to ₹40 lakhs for as much as 5 years. The processing fee can be up to 2.25% of the loan amount plus GST.

Personal Loan Interest Calculator

A true comparison can be made only when you know the EMI in advance from different interest rates. After all, it’s the monthly EMI that goes out servicing the debt for the tenure as agreed. The EMI calculation is simple. You just need to enter the loan amount, interest rate and tenure to compute the monthly installment amount applicable. You can even get to know the total interest payable from your end. So, keep entering the interest rates and other variables to calculate the EMIs, which will vary from one case to another. Choose a one that would go in sync with your budget.

Which Bank is Best for Personal Loan?

A personal loan is best only when it comes with attractive interest rates, coupled with maximum loan amount offering, affordable processing fee, etc. The article has deliberated on the interest rates offered by different banks. If you check it carefully, you will find HDFC Bank and ICICI offering a personal loan at an interest rate of as low as 10.99%. On the other hand, the top limit of interest rate is lowest at SBI, which charges a maximum of 15.10%.

Personal Loan
Personal Loan

Now, you need to understand the actual setting of rates would depend on the income, repayment potential and a credit score you may have. A higher income and repayment capability aided by a good credit score heightens the possibility of bagging away the lowest interest rates possible. Else, the interest rates can notch up and raise the amount of EMI.

Have you made the comparison of interest rates? If so, then you are in a position to choose the best option that can enable a smooth repayment experience.

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