Personal loan interest rates June 2024:Which bank is offering the lowest interest rate on personal loans

In order to meet customers' personal requirements, banks and non-banking financial organisations (NBFCs) provide unsecured personal loans. In the event of an emergency medical situation, a personal loan may be a very helpful tool for swiftly obtaining finances. The loan amount, length, and payment are other significant factors that affect your annual percentage rate (EMI). Your EMI is determined by the loan amount, length, and payment schedule, all of which are significant factors.

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Customers should pay interest-bearing installments to repay the lender's loan amount. Repaying debts on time raises credit scores and increases borrowing opportunities in the future.

What is EMI?

According to the SBI website, “EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. Choose the combination that best meets your financial resources and requirements.

Interest rate on a personal loan

The interest rate is subject to variation across lenders and is determined by several criteria such as the borrower's credit score, loan amount, and loan duration.

List of banks personal loan interest rates on different amounts from Paisabazaar data as on June 12, 2024.

	PERSONAL LOAN - RATES AND CHARGES
	Name of Lender	Interest rate (p.a %)	EMI (Rs) Loan amount- 5 lakh Tenure - 5 years	EMI (Rs) Loan amount- 1 lakh Tenure - 5 years	Processing fee (% of loan amount)
1	HDFC Bank	10.50 onwards	10,747 onwards	2,149 onwards	Up to Rs 4,999
2	Tata Capital	10.99 onwards	10,869 onwards	2,174 onwards	Up to 5.5%
3	State Bank of India	11.15-15.30	10,909-11,974	2,182-2,395	1.50%(Minimum Rs 1,000 to Maximum Rs 15,000)
4	ICICI Bank	10.80 onwards	10,821 onwards	2,164 onwards	Up to 2%
5	Bank of Baroda	11.10-18.75	10,896-12,902	2,179-2,580	Up to 2% (minimum Rs 1,000 and maximum Rs 10,000)
6	Axis Bank	10.99 onwards	10,869 onwards	2,174 onwards	Up to 2%
7	Kotak Mahindra Bank	10.99 onwards	10,869 onwards	2,174 onwards	Up to 3%
8	Bank of India	10.85-14.85	10,834-11,856	2,167-2,371	0.50%-1% (Minimum Rs 250 and Maximum Rs 10,000)
9	Canara Bank	10.95-16.40	10,859-12,266	2,172-2,453	0.50% (Maximum Rs 2,500)
10	Punjab National Bank	10.40-17.95	10,772-12,683	2,144-2,537	Up to 1%
11	HSBC Bank	9.99-15.00	10,621-11,895	2,124-2,379	Up to 2%
12	Federal Bank	11.49 onwards	10,994 onwards	2,199 onwards	Up to 3%
13	Union Bank of India	11.35-15.45	10,959-12,013	2,192-2,403	Up to 1% (Maximum Rs 7,500)
14	Bajaj Finserv	11.00 onwards	10,871 onwards	2,174 onwards	Up to 3.93%
15	Punjab & Sind Bank	10.75-13.50	10,809-11,505	2,162-2,301	0.50%-1%
16	South Indian Bank	12.85-20.60	11,338-13,414	2,268-2,683	Up to 2%
17	UCO Bank	12.45-12.85	11,236-11,338	2,247-2,268	Up to 1% (Minimum Rs 750)
18	IDFC First Bank	10.99 onwards	10,869 onwards	2,174 onwards	Up to 2%
19	Bank of Maharashtra	10.00-12.80	10,624-11,325	2,125-2,265	1% (Rs 1,000-Rs 10,000)
20	Karnataka Bank	13.43	11,487	2,297	Up to 2% of loan amount (Min. Rs 2,500 & Max. Rs 8,500)
21	IndusInd Bank	10.49 onwards	10,744 onwards	2,149 onwards	1.5% -3.5%
	Rates and charges as of 12 June 2024
	Source: Paisabazaar.com