5 banks charge lowest interest rates on personal loans; check full list here (2024)
When you face a sudden paucity of cash and have no immediate inflow in sight, knocking on a bank’s door to seek personal loan seems like a natural thing to do for most of us.
When you decide to raise a personal loan, it is rational to compare the interest rates charged by most lenders before you zero in on the one that suits your needs.
Usually, most lenders charge a lower rate from borrowers with a high credit score and a high interest rate from the ones who have a low credit score.
Let us take a look at which banks charge which interest rates.
Top 5 banks charge the lowest interest rates:
HDFC Bank: HDFC Bank charges interest rate that ranges between 10.75 percent to 24 percent per annum on the loans it disburses. The processing fees for the loan is ₹4,999 plus GST. The loan tenure is between 3 to 72 months. The bank gives a loan up to ₹40 lakh
ICICI Bank: ICICI Bank charges anywhere between 10.65 to 16 percent per annum on loans. The loan processing charges of loan are up to 2.50 percent of loan amount plus applicable taxes.
(Source: Banks’ websites, lowest rates are offered to borrowers with high credit score)
State Bank of India (SBI):SBI charges interest rate that starts from 11.15 percent. The state lender lends loans up to ₹20 lakh even to customers who don’t have a bank account with SBI.
Kotak Mahindra Bank: Kotak Mahindra Bank gives personal loans in the range of ₹50,000 to ₹40 lakh at an interest rate that starts at 10.99 per cent. The loan processing charges are up to 3 percent of loan amount plus applicable taxes.
PNB: Punjab National Bank (PNB) charges 12.75 to 16.25 percent based on the credit score from corporate employees. Lowest interest rate on personal loans disbursed to government employees is 11.75 percent. The lowest rate for defence personnel is 11.40 percent.
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The best personal loan rates are currently from 6.99% to 35.99%. Compare interest rates on personal loans from online lenders, banks and credit unions. The lowest rates go to borrowers with strong credit histories, high incomes and low existing debt.
The best personal loan rates are currently from 6.99% to 35.99%. Compare interest rates on personal loans from online lenders, banks and credit unions. The lowest rates go to borrowers with strong credit histories, high incomes and low existing debt.
To be eligible for a personal loan, you are required to have an open Wells Fargo account for at least 12 months. Repay a personal loan in terms of 12-84 months. Rates range from 7.49% to 23.24% Annual Percentage Rate (APR) 4, which includes a relationship discount of 0.25%. No origination fee or prepayment penalty.
Unlike many banks, Bank of America does not offer personal loans. It has quite a few credit card options — and a small loan for unexpected expenses — but you will need to look elsewhere if you want to borrow a large personal loan.
Current rates are more than double their all-time low of 2.65% (reached in January 2021). But if we take a step back and look at rates over the long term, they're still close to the historic average.
7% Interest Savings Accounts: What You Need To Know
As of April 2024, no banks are offering 7% interest rates on savings accounts.
Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Introduction: My name is Mr. See Jast, I am a open, jolly, gorgeous, courageous, inexpensive, friendly, homely person who loves writing and wants to share my knowledge and understanding with you.
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