Need some extra cash urgently? Taking a small personal loan is a good option in that case. But before taking any loan you need to look at the interest rates first because they change from bank to bank. Some bank offers lower interest rates and some charges high. It’s better to choose a low-interest personal loan. In today’s article, we will share some of the lowest-interest bank loans with you.
Personal Loans
There are a variety of loans available, Personal Loan is one of them. It is an unsecured loan which can be used in emergency situation or any other situation. It provides flexible repayment options, but the interest rates are a bit higher as its unsecured loan.
Eligibility Criteria
Currently, loan is given on the basis of Credit Score. If you have a good credit history and credit score more than 750 you are likely to get a loan easily. The higher the score, the easier it is to get a loan. However if your score is less than 750 not only does it make getting a loan harder but it also interest rates will get higher.
Different Bank Interest Rates for Personal Loans
Below are the interest rates of Personal loans offered by different Banks:
- Bank of Maharastra – 10.00%
- Punjab National Bank – 10.40%
- Axis Bank – 10.49%
- Canara Bank – 10.65%
- Bank of Baroda – 10.90%
- IDBI Bank – 11.0%
- State Bank of India – 11.0%
- Punjab and Sindh Bank – 11.15%
- Federal Bank – 12.50%
- Karur Vysya Bank – 12.50%
- Bank of India – 13.75%
These interest rates are indicative, it can change from person to person. So before taking any loan you are advised to contact the respective banks or check online about their current interest rates.
