At present, to boost and recover the economy, along with home loans and car loans, personal loans have also become cheaper. These are now available at as low as 8.15%. Earlier personal loans were offered at the rate of 20-25%. A personal loan is an unsecured loan. It is provided by banks and other financial institutions. Its interest rate is higher than all the loans. However, if you take it for a short time, then some banks provide it at cheaper rates as well. Also, if your credit score is good, then you also get the benefit of it in the form of low interest. So, if you too are planning to take any personal loan here are some best offers.
IDBI Bank personal loan
IDBI Bank is currently offering personal loans at the cheapest interest. It gives loans at the rate of 8.15%. However, its rate also goes up to 14%. It depends on the tenure of the loan. Under this, a loan of 25 thousand to 5 lakh rupees is available.
SBI personal loan
The country’s largest bank State Bank of India is offering personal loans starting from 9.6%. SBI’s maximum rate on the personal loan is 15.65%. The tenure varies from 6 months to 72 months. You can take a loan of 25 thousand to 20 lakh rupees from this bank.
Punjab National Bank
Punjab National Bank offers personal loans up to Rs 10 lakh. The bank has kept the interest rate in the range of 8.90 to 14.45%. PNB is offering a tenure of up to 60 months.
Indian Bank offers personal loans for 12 to 36 months at the rate of 9.05 to 13.65%. From here, you can take a loan of 50 thousand to 5 lakh rupees.
Punjab and Sind Bank
It gives a loan of 1 lakh to 3 lakh and its tenure is 60 months. It is charging 9.35 to 11.50% interest.
Bank of Baroda
Bank of Baroda is a large public sector bank. It is offering a personal loan of 50 thousand to 10 lakh rupees. BOB charges 9.75 to 15.60% interest for a tenure of 48 to 60 months.
One of the biggest private sector banks, Axis Bank, gives personal loans up to Rs 15 lakh. The bank offers this loan on the interest of 12 to 21% interest for 60 months.
Factors influencing loan amount and tenure
The minimum or maximum limit for a personal loan is decided by the bank itself. It is decided on the basis of the customer. For this, other matters including your earnings and CIBIL score are looked at. Whether you are eligible for a personal loan or not also depends on each bank. In this mainly your savings are seen in the month. If you want more loans at low interest, then you must have a good CIBIL score. Besides, Banks give more importance to customers in the age group of 21 to 60 years for a personal loan.