Personal Loan Interest Rate: If there is any medical emergency at home or sudden need of money for marriage etc. then personal loan is considered a good option. Its biggest feature is that cash is available immediately and there is no need to pledge anything or deposit anything as security. However, in this the interest rate has to be paid higher than that of car or home loan.
Keep this in mind before taking a loan
Today, through this news, we are going to give you information about the interest rates charged on personal loans by some major government and private banks. However, it is worth keeping in mind that the interest rate keeps increasing and decreasing from time to time. In such a situation, before taking a loan, go to the bank and get complete information about the interest rate. It is also worth noting that sometimes the interest rate also depends on things like your credit score.
List of interest rates charged by different banks
- HDFC Bank – 10.85 to 24 percent
- ICICI Bank – 10.85 to 16.25 percent
- Bank of Baroda (BOB) – 11.40 to 18.75 percent
- Kotak Mahindra Bank – 10.99 to 16.99 percent
- State Bank of India (SBI) – 11.45 to 14.60 percent
- Punjab National Bank (PNB) – 12.40 to 17.95 percent
- Axis Bank – 10.49 to 22.50 percent
As you can see, HDFC Bank charges interest between 10.85 percent to 24 percent on personal loan depending on your profile. Along with this, the bank charges Rs 6,500 as processing fee including GST. Whereas ICICI Bank charges interest between 10.85 percent to 16.25 percent and also charges processing fee of up to 2 percent. Kotak Mahindra Bank charges interest on personal loans ranging from 10.99 to 16.99 percent with a processing fee of up to 5 percent.
Similarly, State Bank of India (SBI) charges interest between 11.45 to 14.60 percent on personal loans. Punjab National Bank (PNB) charges interest at the rate of 12.40 to 17.95 percent per annum. Let us tell you that government banks have not charged any processing fee till January 31, 2025. Axis Bank charges interest in the range of 10.49 to 22.50 percent. Private banks charge processing fees up to 2 percent.
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