Short term loans help an average person living in India to deal with their expenses, emergencies and needs. One of the most popular loans from these is Personal loans. From the name itself, you will understand that these loans are given by the Bank/NBFC to a customer so they can clear the current debts they have.
Basic facts of Personal loans in India:
|Minimum income required for personal loans – 15,000 INR per month|
|Personal loan tenure – Up to 60 months|
|Processing fees for personal loans – Up to 3.00%|
|Prepayment charges for personal loans – Up to 5.00%|
|Minimum Interest Rate for personal loans – 11.25% onward|
|Minimum personal loan amount – 50,000 (Fifty thousand rupees)|
Which bank gives lowest personal loan interest rates?
There are multiple lenders in India. These Banks and NBFCs provide best deals on personal loans. With so much competition in the market to get customers, Banks and NBFCs provide schemes which can lure any customer into taking a loan from that Bank/NBFC.
A customer might be confused and hence need help. In order to clear this confusion, we have provided below with a list of banks that offer personal loans in India. This list will help you compare and choose the Bank/NBFC which suits your requirements.
|Bank||Interest %||Processing Fee|
|CitiBank||10.99||up to 0.5%|
|Kotak||11.5||up to 2.5%|
|PNB||12||1.8% + taxes|
|Fullerton||17.25||Up to 2%|
|Tata Capital||11.75||Up to 2%|
|RBL||13.99||up to 2.0%|
Here you can compare which bank provides with the lowest interest rates. But please note that you must also calculate the processing fee along with this interest rate so you can derive the final amount which you will have to repay as EMI.