10 Banks That Are Giving A Personal Loan At Very Low Interest Rates, Check Now!!!

Are you struggling with paying medical bills or in need of money to renovate home or saving money for your next summer trip? You don’t have to suffer or wait longer anymore. Take a secured personal loan but beware, as you may end up repaying more in case you don’t know which bank offer personal loan at low interest rates.

Thus, it is necessary to compare different banks and understand what they offer to the borrowers. It will give you a clean and clear idea about several factors that affect interest rate and your odds of getting a loan.

For example, processing fees, pre-closure charges, discounts (if any) and other charges such as swap charge, EMI bounce charge, stamp duty and more. Read on to get complete information about personal loans and which bank offers low interest rates on this type of loan.

What Is A Personal Loan?

In other words, personal loan can either be secure or unsecure. You must understand these two in details as they can greatly affect the repayment.

Secured loan- This is to assure lenders that they will get their money back and if not then they can keep collateral. Any physical asset can be kept as a security for getting the loan.

Unsecured loan- It is just opposite of secured loan where borrowers don’t keep any asset or belongings as a security. But banks prefer them risky thus the interest rates on such personal loan are very high.

Also Read: How To Apply For Personal Loan & Get Quick Approval

Which Bank Has Lowest Interest Rates On Personal Loan?

Name Of LendersInterest RateProcessing Fees1.Bank of Maharashtra9.45%Upto 1 %2.IDBI Bank9.50%Upto 1 %3.State Bank of India9.60%- 11.10 %Upto 1.50%4.HDFC10.25% onwardsUpto 2.50%5.Central Bank of India9.85%-10.05%Rs 500+ GST6.Indusland Bank11%2.5% onwards7.Axis Bank12%Upto 3.5%8.Tata Capital10.99%Upto 2.75%9.Bank of Baroda10.50%Upto 2%10.Karur Vysya Bank9.40% onwards0.30% onwards

[Note : For further details about loan amount and offer, contact bank]

Will I Get A Personal Loan?

If your credit history is poor or income is low, odds of getting loan increases. If you are a defaulter then also chances are low that bank will provide you loan instantly. There are other criteria as well that affect the possibility of further processing of your application.

Personal Loan Eligibility:

1. You must be above 21 or below 68 years of age
2. Your employment must fall under any of these categories- salaried professional, self-employed, student, business owner, homemaker, or retired individuals
3. If you are a businessman then you must be at least 2-5 years in the field
4. Your monthly net income must not be below Rs 5000
5. If you have taken any other loan then your credit score must not be less than 750

If everything falls under these eligibility criteria, then you are eligible to get a loan instantly. However, a few banks take more time to disburse the loan amount. So, if you need funds in an emergency, then taking a personal loan would cost you more as banks may charge high-interest rates.

Also Read: Best Car Loan Interest Rates 2022: Full Comparison, Eligibility Criteria, Processing Fee, Etc

How Much Personal Loan Can I Get?