If you need a huge amount of money suddenly, then a personal loan proves to be very helpful. There are many banks that offer personal loans to their customers. The advantage of a personal loan is that you have to pay it in equal monthly installments (EMI). The bank also informs the details of EMI at the time of giving the loan to the customer. To get a personal loan easily, it is important to have a good credit score. The loan amount and the interest rate thereon depends on your income, credit, repayment capacity, etc.
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15 Best Banks For Personal Loan In India – 2021
The interest on a personal loan is higher than other loans. This is the reason why it is also called Unsecured Loan. It is easy to take, but repayment is sometimes overshadowed. Today we are going to tell you about the best private and public sector banks in the country that offer personal loans at a relatively low-interest rate.
| Bank | Interest Rates | Loan Amount | Loan Tenure |
| IDBI Bank | 8.9% to 12.75% | Up to Rs. 5 lakh | Up to 60 months |
| Union Bank of India | 8.90% – 13.00% | Up to Rs. 15 lakh | Up to 60 months |
| Indian Bank | 9.05% – 13.65% | As per applicant profile | Up to 84 months |
| Canara Bank | 9.4% – 13.90% | Up to Rs. 10 lakh | Up to 84 months |
| State Bank of India | 9.60% to 15.65% | Up to Rs. 20 lakh | Up to 72 months |
| Bank of India | 9.65% – 12.35% | Up to Rs. 10 lakh | Up to 60 months |
| Central Bank of India | 9.85% – 11% | Up to Rs. 20 lakh | Up to 60 months |
| Dhanlaxmi Bank | 10% to 15.70% | Up to Rs. 15 lakh | Up to 60 months |
| Kotak Mahindra Bank | 10.50% – 16.99% | Up to Rs. 20 lakh | Up to 60 months |
| Yes Bank | 10.50% to 19.99% | Up to Rs. 20 lakh | Up to 60 months |
| Oriental Bank of Commerce | 10.95% to 12.45% | Up to Rs. 10 lakh | Up to 60 months |
| ICICI Bank | 10.99% to 16.25% | Up to Rs. 25 lakh | Up to 72 months |
| UCO Bank | 11.45% to 11.70% | Up to Rs. 10 lakh | Up to 60 months |
| Allahabad Bank | 12.15% to 12.65% | Up to Rs. 8 lakh | Up to 60 months |
| Bandhan Bank | 15.90% – 20.75% | Up to Rs. 5 lakh | Up to 36 months |
IDBI Bank
This bank offers personal loans at an interest rate of 8.9% to 12.75%. Also, the EMI will be between 2,125 and 2,263 if the loan amount is 1 lakh and the duration is 5 years.
Union Bank of India
Union Bank of India offers personal loans ranging from five lakh to 10 lakh rupees to customers. The interest rate here ranges from 8.90% – 13.00% depending on various criteria. Also, the EMI will be Rs 2,149 to Rs 2,353 if the loan amount is 1 lakh and the duration is 5 years. The maximum period for this loan is five years.
Indian Bank
This bank offers personal loans at an interest rate of 9.05% – 13.65%. Also, the EMI will be between 2,157 and 2,187 if the loan amount is 1 lakh and the duration is 5 years. The loan can be taken for a period of one to five years. Let me tell you that the bank also provides doorstep banking facilities for loans.
Canara Bank
This bank offers personal loans at an interest rate of 9.4% – 13.90% percent. Also, the EMI will be between 2,164 and 2,324, if the loan amount is 1 lakh and the duration is 5 years.
State Bank of India
The interest rate on personal loans in SBI ranges from 9.60% to 15.65% annually. Here the interest rate is effective based on various criteria. SBI provides personal loans up to Rs 10 lakh to customers.
Bank of India
Bank of India provides personal loans to customers at an interest rate ranging from 9.65% – 12.35%. It gives loans of up to Rs 10 lakh to customers. It has a duration of five years.
Central Bank of India
This bank gives personal loans at 9.85% – 11% interest rate. Also, the EMI will be between 2,177 to 2,214, if the loan amount is 1 lakh and the duration is 5 years.
Dhanlaxmi Bank
This bank offers personal loans at an interest rate of 10% to 15.70%. Also, the EMI will be Rs 2,144 if the loan amount is 1 lakh and the duration is 5 years.
Kotak Mahindra Bank
Kotak Mahindra Bank provides a loan of up to Rs. 15 lakh to customers with a loan of Rs. 50 thousand. Its interest rates range from 10.50% – 16.99%.
Yes Bank
This bank offers personal loans at an interest rate of 10.50% to 19.99%. Also, the EMI will be between Rs 2,174 and Rs 2,512 if the loan amount is 1 lakh and the duration is 5 years.
Oriental Bank of Commerce
This bank offers personal loans at an interest rate of 10.95% to 12.45% per annum. Also, the EMI will be between Rs 2,164 and Rs 2,240, if the loan amount is 1 lakh and the duration is 5 years.
ICICI Bank
ICICI Bank provides personal loans for marriage, home renovation, top up etc. Customers can avail a maximum loan of Rs 20 lakh from this bank. Its interest rates range from 10.99% to 16.25% annually. For information, it transfers the loan amount to the account within just three seconds. The tenure of this loan is five years.
UCO Bank
This bank offers personal loans at 11.45% to 11.70% percent interest rate. Also, the EMI will be between Rs 2,187 to Rs 2,199, if the loan amount is 1 lakh and the duration is 5 years.
Allahabad Bank
This bank offers personal loans at 12.15% to 12.65% percent interest rate. Also, the EMI will be between Rs 2,047 to Rs 2,270, if the loan amount is Rs 1 lakh and the duration is 5 years.
Bandhan Bank
A loan of one lakh to five lakh rupees can be taken from Bandhan Bank. It transfers the loan amount to the account within two days. For information, let us know that the interest rate for personal loan here is 15.90% – 20.75% per annum. Its loan period is from one to three years.
Conclusion
If you suddenly need money, then you will contact your friends or relatives for this. If the need is greater or if the financial assistance is not provided to the friends and relatives according to the need, then there is no option other than a personal loan. For personal loans, it is important that your credit score is correct.
People of the younger generation take credit cards and personal loans at an early age to meet their expenses. Taking a personal loan has become much easier nowadays. Some banks offer personal loans within a few hours after applying at a bank or online.
Those figures have been taken from the banks’ website. The EMI is estimated on the basis of interest rates. These interest rates on personal loans may vary slightly according to the credit profile of the person, loan amount, tenure, etc. At the same time, there may be a slight difference in the amount of EMI due to other charges or charges.
