If you plan to make a personal loan, we recommend that you compare the interest rates of various banks so that you can get the most advantageous conditions.
Banks are usually determined by some factors, such as borrower credit scores, monthly salaries, and fluid debts. However, each bank has a unique credit policy, so you will be charged a different interest rate.
Even if the difference in interest rates claimed by two different banks is, for example, 50 Basis points, there is a significant difference in the long term. Here we list the interest rates imposed on individual loans by various banks.
The top 6 banks impose these interest rates on individual loans
HDFC Bank: The largest private bank claims 10.85% to 24% interest rates for individual loans. The processing fee is Lingering6,500.
ICICI Bank: This private bank fee is 10.85% to 16.65% per year. The processing fee is up to 2% of the loan amount.
Kotak Mahindra Bank: This lender charges a fee of 10.99% to 16.99% a year, but the processing fee is up to 5% of the loan amount.
India State Bank (SBI): India’s largest financial institutions collect 12.60% to 14.60% fees to office workers. On the other hand, different charges are set for each employee category.
For example, public servants are given a loan from 11.60 % to 14.10 %.
AXIS Bank: This private bank imposes interest from 10.55 percent to 21.80 % for individual loans.
PNB: Second, the largest state financing company imposes interest rates from 12.50 to 14.50% for individual loans.
commission
Apart from interest rates, borrowers are to pay other costs in the form of fees. This fee refers to the cost of the lender to charge for the loan application.
This fee is from 0.5% to 2.5% of the loan amount, and is determined by the lender selection. This fee is usually deducted when the loan is executed.
(Please note that loans are risky, so be careful.)
