Often a personal loan taken from any bank is very useful to deal with the situation of the financial crisis. There is no hassle of more documents for this loan. At present, the interest rate on the personal loan is higher than other loans like car loan, home loan or gold loan. The loan amount and interest rate of a personal loan depend on your income, credit score, ability to repay the loan and other factors. Apart from this, if you want a personal loan at a cheaper rate, then compare the loan given by the other bank.
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You should also keep an eye on the seasonal offers of various lenders offering personal loans. Maintain a good credit score for personal loans. In this news, we are comparing the interest rates offered by big banks like State Bank of India, Punjab National Bank, and HDFC Bank.
The Personal Loan of State Bank of India (SBI): The country's largest lender charges between 10.45% and 16.55% interest rates on personal loans. In addition, the bank charges a processing fee of 1% on the loan amount.
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PNB Personal Loans: This bank charges between 9.95% to 14.50% on personal loans. The minimum loan amount should be Rs 50,000 and the maximum loan amount should not be more than 20 times your monthly net take-home salary (net salary all current EMI). PNB charges processing fees up to 1.80% on the personal loan.
HDFC Bank: This bank offers personal loans with an interest rate between 10.75% and 21.30%. The bank charges up to 2.50% processing (subject to a minimum of Rs. 2,999) on personal loans.
