Personal Loans: These govt banks are offering cheapest loans at interest rates as low as 8.90%

According to the data compiled by Bankbazaar.com, Union Bank of India offers the cheapest personal loans at the interest rate of 8.90 percent for a loan of Rs 5 lakh with a five-year tenure as on November 26. If you want to opt for personal loans, here is the list of banks you can refer to which are offering the cheapest personal loans to you. Interest rates on personal loan for all listed (BSE) public and private banks have been considered for the data compilation. EMI is calculated on the basis of interest rate mentioned in the table for Rs 5-lakh loan with tenure of five years (processing and other charges are assumed to be zero for EMI calculation). Interest and charges mentioned in the table are indicative and may vary depending on bank's terms and conditions.

10 | HDFC Bank | Interest rate: 10.75 percent | EMI: Rs 10,809

9 | Federal Bank | Interest rate: 10.49 percent | EMI: Rs 10,744

8 | Bank of Baroda | Interest rate: 10.10 percent | EMI: Rs 10,648

7 | UCO Bank | Interest rate: 10.05 percent | EMI: Rs 10,636

6 | State Bank of India | Interest rate: 9.60 percent | EMI: Rs 10,525

5 | Bank of Maharashtra | Interest rate: 9.55 percent | EMI: Rs 10,513

4 | Indian Bank | Interest rate: 9.05 percent | EMI: Rs 10,391

3 | Central Bank of India | Interest rate: 8.95 percent | EMI: Rs 10,367

2 | Punjab National Bank | Interest rate: 8.95 percent | EMI: Rs 10,367

1 | Union Bank of India | Interest rate: 8.90 percent | EMI: Rs 10,355