&imwidth=800&imheight=600&format=webp&quality=medium "Banks that offer personal loans at lowest rates")
People take personal loans for a varietyof reasons. Some want to buy an expensive phone, some want to travel, while others take out such loans to fund their emergency expenses. However, personal loans are expensive. Here are some options for those who want cheaper personal loans.
What's a personal loan?
Personalloans generally increase the lender's risk because they are dished out without securing collateral. They are insecure loans.
Banks with the lowest personal loan rates
State Bank of India (SBI) offers the cheapest interest rate. It gives loans starting at just 10.10 per cent per annum, reported Money Control. A loan of Rs 5 lakh for five years would require an EMI of over Rs 10,600.
Punjab National Bank's personal loans start at a 10.5 per cent interestrate. The EMI for Rs 5 lakh for five years will cost Rs 10,740.
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Union Bank of India provides personal loans at rates starting at 10.75 per cent. A loan of Rs 5 lakh for a period of five years willgenerate an EMI of Rs 10,809.
Bank of Baroda's interest rates for such loans start at 10.90 per cent. The EMI for a Rs 5-lakh loan for five years will turn out to be Rs 10,846.
Canara Bank offers personal loans at steeper rates. Its loans start at 13.75 per cent. The EMI for a Rs 5 lakh loan for five years will turn out to be Rs 11,569.
Axis Bank, a private lender, charges at least 9.99 per cent on personal loans. The EMI for a Rs 5 lakh loan will cost Rs 10,621.
ICICI Bank's interest rates start at 10.6 percent for personal loans.
HDFC Bank's personal loan interest rates start from 10.9 per cent. The EMI on a Rs 5-lakh loan with a five-year repayment period is Rs 10,846.