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When you are in dire need of money and cannot think of any other option, then personal loan is for such situations only. It is useful for you in special circumstances but it is called the most expensive loan. However, if your CIBIL score is very good then you can definitely get a personal loan at the lowest rate. With this, approval is also obtained quickly. Come, let us understand the personal loans of State Bank of India (SBI), Punjab National Bank (PNB), HDFC Bank and ICICI Bank so that we can know which of these loans is the cheapest.
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If your CIBIL score is above 750 then you can easily get a personal loan. Staying below this may or may not be a problem. CIBIL score reflects your history of payment of dues. This is how banks test you. The interest charged on personal loan is quite expensive.
State Bank of India is currently offering an initial interest rate of 11 percent on personal loans. This interest rate is up to 14 percent. In this you can take a personal loan up to Rs 20 lakh. The loan tenure is for up to six years. According to the official website of the bank, to get a personal loan, the monthly income should be at least Rs 15,000. The bank is charging very low processing fees.
Home loan can also be taken from Punjab National Bank. According to the official website of the bank, if your annual package is at least Rs 6 lakh and CIBIL score is above 750, then you can take a personal loan. This loan can be repaid in maximum 60 EMIs. If you make prepayment, you will not have to pay any penalty or charge. Currently the rate on PNB personal loan is 11.85 percent per annum.
The largest private sector bank is also offering personal loans. The interest rates on personal loans for salaried class range from 10.50% to 24%. The bank is charging up to Rs 4999 plus GST as processing fee. According to the official website, you can do it for a period ranging from 3 months to 72 months.
Leading private sector bank is also offering personal loan from ICICI Bank. From here you can apply for a personal loan at an initial interest rate of 10.50 percent per annum. The maximum interest rate is up to 16 percent per annum. In this, you can repay the loan in 12 months to 84 months. Up to 2.5 percent of the loan amount plus applicable taxes will have to be paid as processing fee.
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