Personal Loan Offers:Whether it is the big expenses of marriage or the hobby of travelling, money is needed to fulfill every need. Many times it happens that when people do not have money to fulfill their personal needs, they take the help of personal loan. Big and small banks of the country offer personal loans. Usually the interest rates of personal loan are much higher than other loans. However, the interest rates of personal loan of some banks are low. Let us check the list of starting interest rates of personal loan of some banks.

Personal Loan Interest Rates 2024 by Some Top Banks/NBFCs

State Bank of India: 11.35%-15.50%

HDFC Bank: Starting at 10.75%

Punjab National Bank: 10.40% – 16.95%

ICICI Bank: Starting at 10.85%

Bank of Baroda: 11.15% – 18.75%

Union Bank of India: 11.35%-15.45%

Axis Bank: Starting at 11.25%

Bank of India: 10.85% – 16.10%

Indian Bank: 10.00%-15.05%

Kotak Mahindra Bank: Starting at 10.99%

Central Bank of India: 10.95%-12.75%

Indusind Bank: Starting at 10.49%

IDBI Bank: 11.00%-15.50%

Yes Bank: Starting at 10.99%

Credit score is also important

If the applicant has a poor CIBIL score, it is difficult to get a personal loan approved. However, some banks/NBFCs offer personal loans to individuals with low credit scores. Such banks/NBFCs usually charge higher interest rates than large banks and major NBFCs. Please note that personal loan applications are more likely to be approved if the credit score is 750 and above.

Processing Fees

Most banks also charge processing fees before transferring the personal loan. Some banks also give discounts on processing fees under offers. Please note that the processing fee is deducted from the amount approved as personal loan to the customers.

Ways to lower interest

Customers should consider other options to reduce the interest charged on their personal loan. For example, you can transfer the loan to a bank/NBFC that offers lower interest rates and better terms. Part-prepayment of the loan also reduces the interest burden. Apart from this, customers can save on interest costs by choosing a shorter loan period. If you also want to take a personal loan, then you have to keep an eye on all the options before taking the loan so that you can get a better price on the loan.