If you are thinking of taking a personal loan, it is important to know which bank can give you a loan at a low interest rate.
Credit Score:
- A high credit score (750 or higher) is required to get a loan.
- A loan can be obtained on a low credit score, but the interest rate will be higher.
Comparison of Interest Rates:
Before taking a personal loan, compare the interest rates of different banks.
Below is a list of some banks and their interest rates:
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HDFC Bank:
- Personal Loan Interest Rate: Starts from 10.50% and goes up to a maximum of 24%.
- Processing Fee: ₹4,999.
ICICI Bank:
- Personal Loan Interest Rate: Starts from 10.65% and the maximum rate is 16%.
- Processing Fee: 2.5% of the loan amount.
- Personal Loan Interest Rate: Ranges from 11.15% to 14.30%.
Bank of Baroda:
- For Government Employees: Personal Loan starts at 11.90%.
- For Corporate Employees: Personal Loan starts at 12.40%.
- Maximum Interest Charged by the Bank: 16.75%.
Processing Fee:
Every bank charges a processing fee ranging from 1% to 3% of the loan amount.
Other costs: Apart from the loan, there may be other costs, such as documentation fees and prepayment fees.
Loan Amount and Repayment Term:
- Choose the loan amount and repayment term as per your requirement.
- A longer repayment term will mean lower EMIs, but higher total interest payments.
Before taking a personal loan:
- Analyze your financial needs carefully.
- Consider your repayment capacity.
- Compare the offers of different banks.
- Read the terms and conditions carefully.
- Borrow responsibly and repay on time.
For more information:
Visit the websites of banks and consult a financial advisor.