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These five banks offer the cheapest personal loans starting at 8.9%

Union Bank, Central Bank of India offer the lowest rates on personal loans

November 24, 2021 / 10:22 AM IST
Diwali may have ended in the country, but banks continue to offer festive loan offers across categories. The concessions include discounted festive rates and processing fee waivers.
Diwali may have ended in the country, but several banks continue to offer festive loan offers across categories. The concessions include lower festive rates and processing fee waivers.
Union Bank of India charges 8.9 percent for a personal loan of Rs 5 lakh with a tenure of five years. The equated monthly installments (EMI) will work out to Rs 10,355. Central Bank and Punjab National Bank (PNB), too, offer the same rate. The latter has also dangled a processing fee waiver.
Union Bank of India charges 8.9 percent for a personal loan of Rs 5 lakh with a tenure of five years. The equated monthly installments (EMI) will work out to Rs 10,355. Central Bank and Punjab National Bank (PNB), too, offer the same rate. The latter has also dangled a processing fee waiver.
Indian Bank offers the second-best interest rate on personal loans at the moment. It levies interest of 9.05 percent, with the EMI working out to Rs 10,391.
Indian Bank offers the second-best interest rate on personal loans at the moment. It levies interest of 9.05 percent, with the EMI working out to Rs 10,391.
Bank of Maharashtra is next on the list of lenders who offer the cheapest personal loans. It charges an interest rate of 9.45 percent per annum. Your EMI will amount to Rs 10,489.
Bank of Maharashtra is next on the list of lenders who offer the cheapest personal loans. It charges an interest rate of 9.45 percent per annum. Your EMI will amount to Rs 10,489.
Punjab and Sind Bank and IDBI Bank offer identical lowest rates of 9.5 percent on their personal loans. If you take a personal loan of Rs 5 lakh with a tenure of five years from these banks, you will have to service an EMI of Rs 10,501 every month.
Punjab and Sind Bank and IDBI Bank offer identical lowest rates of 9.5 percent on their personal loans. If you take a personal loan of Rs 5 lakh with a tenure of five years from these banks, you will have to service an EMI of Rs 10,501 every month.
The country’s largest bank’s festive season concessions include processing fee waivers. The lowest interest rate on its personal loans is 9.6 percent per annum, which translates into an EMI of Rs 10,525.
The country’s largest bank’s festive season concessions include processing fee waivers. The lowest interest rate on its personal loans is 9.6 percent per annum, which translates into an EMI of Rs 10,525.
A note on the data: Interest rates on personal loans for all listed (BSE) public and private sector banks have been considered for data compilation. Banks for which data is not available on their website have not been considered. Data collected from respective banks’ website as on November 18, 2021. Banks are listed in ascending order on the basis of interest rates i.e. bank offering lowest interest rate on personal loan is placed at top and highest at the bottom. EMI is calculated on the basis of interest rate mentioned in the table for a Rs 5-lakh Loan with a tenure of five years (processing and other charges are assumed to be zero for EMI calculation). Interest and charges mentioned in the table is indicative and it may vary depending on banks’ terms and conditions.
A note on the data from Bankbazaar.com: Interest rates on personal loans for all listed (BSE) public and private sector banks have been considered for data compilation. Banks for which data is not available on their website have not been considered. Data collected from respective banks’ website as on November 18, 2021. Banks are listed in ascending order on the basis of interest rates i.e. bank offering lowest interest rate on personal loan is placed at top and highest at the bottom. EMI is calculated on the basis of interest rate mentioned in the table for a Rs 5-lakh Loan with a tenure of five years (processing and other charges are assumed to be zero for EMI calculation). Interest and charges mentioned in the table is indicative and it may vary depending on banks’ terms and conditions. Source: Bankbazaar.com
Moneycontrol PF Team

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