personal loan offers: Be it big wedding expenses or traveling hobby, money is needed to fulfill every need. Many times it happens that people do not have money to meet their personal needs, so they resort to personal loans. Even the biggest and smallest banks of the country offer personal loans. Usually the interest rates of personal loans are much higher than other loans. However, some banks have lower personal loan interest rates. Let’s check the list of personal loan starting interest rates of some banks.
HDFC Bank: Starting from 10.75%
Punjab National Bank: 10.40% – 16.95%
ICICI Bank: Starting from 10.85%
Bank of Baroda: 11.15% – 18.75%
Union Bank of India: 11.35%-15.45%
Axis Bank: Starting at 11.25%
Bank of India: 10.85% – 16.10%
Indian Bank: 10.00%-15.05%
Kotak Mahindra Bank: Starting from 10.99%
Central Bank of India: 10.95%-12.75%
IndusInd Bank: Starting from 10.49%
IDBI Bank: 11.00%-15.50%
Yes Bank: Starting from 10.99%
Credit score is also important
If the CIBIL score of the applicant is bad then there is a problem in getting the personal loan approved. However, some banks/NBFCs also offer personal loans to individuals with low credit scores. Such banks/NBFCs usually charge higher interest rates than larger banks and major NBFCs. Let us know that if the credit score is 750 and above, the chances of approval of the personal loan application are high.
Processing fees:
Most banks also charge a processing fee before transferring the personal loan. Some banks offer discounts on processing fees. Let it be known that the processing fee is deducted from the approval amount as a personal loan to the customers.
Ways to reduce interest:
Customers should look at other options to reduce the interest charged on their personal loan. For example, one can transfer the loan to a bank/NBFC that offers lower interest rates and better terms. Part-prepayment tax on loans also reduces the interest burden. Also, customers can save on interest costs by choosing shorter loan tenures. If you also want to take a personal loan then you have to keep an eye on all the options before taking the loan so that you can get a better price on the loan.