Are you also thinking of taking out a loan? Then there is important news for you. At present, many people take personal loans for any emergency work. One of the main advantages of personal loans is that you can access cash right away without needing to put up any collateral or security. However, it’s important to note that the interest rates for these loans tend to be higher compared to those for car or home loans. In this article, we will provide you with details about the interest rates offered by several prominent government and private banks for personal loans. Keep in mind that these rates can change frequently, so it’s wise to check with the bank for the most current information before applying. Additionally, your credit score may also influence the interest rate you receive.
Here’s a breakdown of the interest rates from various banks:
– HDFC Bank: 10.85% to 24%
– ICICI Bank: 10.85% to 16.25%
– Bank of Baroda (BOB): 11.40% to 18.75%
– Kotak Mahindra Bank: 10.99% to 16.99%
– State Bank of India (SBI): 11.45% to 14.60%
– Punjab National Bank (PNB): 12.40% to 17.95%
– Axis Bank: 10.49% to 22.50%
For instance, HDFC Bank offers personal loans with interest rates ranging from 10.85% to 24%, depending on your financial profile, and charges a processing fee of Rs 6,500, which includes GST. ICICI Bank’s rates fall between 10.85% and 16.25%, with a processing fee of up to 2%. Meanwhile, Kotak Mahindra Bank has interest rates from 10.99% to 16.99% and a processing fee that can reach up to 5%.
State Bank of India (SBI) offers personal loans with interest rates ranging from 11.45% to 14.60%. Meanwhile, Punjab National Bank (PNB) has interest rates between 12.40% and 17.95% annually. It’s worth noting that government banks will not impose any processing fees until January 31, 2025. On the other hand, Axis Bank’s interest rates vary from 10.49% to 22.50%. Private banks may charge processing fees of up to 2%.
