Do you know the names of these 5 banks that give the cheapest personal loan, know how much is the interest rate

Personal Loan Lowest Interest Rate: Personal loan meets the financial needs of the people. Many banks and non-banking financial companies (NBFCs) offer personal loans to people without any security. You can also get personal loan approved online and money will also come into your account sitting at home. Due to personal loan being more risky, more interest is charged on it. At the same time, after increasing the repo rate from RBI, it has increased further.

In such a situation, if you are planning to take a personal loan, then here is information about personal loans of some banks, which are giving you loans at very low interest (Low Interest Rate on Personal Loan). The loan amount will be decided according to your credit score and eligibility. Let us know which bank is giving how much amount as loan on which interest.

Which banks are giving loans at cheap interest

• Bank of Maharashtra will charge an interest of over 8.90 per cent for a tenure of 84 months on personal loans up to Rs 20 lakh.
• Bank of India is giving a loan of up to 20 lakhs on a tenure of 84 months, on which interest will be charged from 9.75 percent to 14.25 percent.
• Punjab National Bank is giving a loan of up to Rs 10 lakh on a tenure of 60 months, on which interest will be charged from 9.80 percent to 16.35.
• Karur Vysya Bank will charge interest from 9.85 percent to 12.85 percent for a loan of 10 lakhs for 12 to 60 months.
• IDBI Bank will charge interest from 9.90 to 15.50 percent for 12 to 60 months on loans of 25 thousand or more and up to 5 lakhs.

Charges on Personal Loan
Most of the banks charge various types of charges for taking a personal loan. SBI Bank will charge a processing fee of 0.50 to 1 percent of the loan amount. At the same time, PNB Bank will charge up to 1 percent processing fee and document fee. Similarly, other banks also levy personal loan charges. Apart from this, if you miss the personal loan EMI in between, you will have to pay a penalty, which is charged differently by all banks.

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