Banks that offer cheap personal loans

Loan has become a very common word these days and people are always looking for cheap personal bank loans. With so many banks offering cheap personal loans in India, it becomes a bit difficult to know which is the cheapest personal loan bank?

But, you do not have to worry, we are giving you the list of cheapest personal loan banks in this post, from where you can take personal loan at the lowest interest rate as per your convenience and requirement.

Banks that offer cheap personal loans

Many times people need to take a personal loan to meet their emergent needs. All banks charge different interest rates on personal loans, which depend on several factors.

When you take a loan for your personal use, it is called a personal loan that you get within the shortest possible time. Usually these banks offer personal loans ranging from Rs 10,000 to Rs 40 lakh.

Special features of personal loan with these banks –

  • collateral free loan
  • Payback period from 1-5 years
  • Loan amount from ₹10,000 to ₹40 lakh
  • Processing fee – up to 3% of the sanctioned loan amount

Banks check the credit score of the customer before giving a personal loan, but the special thing is that no item or goods are pledged on the personal loan. Let us know from which banks you can get cheap personal loan.

personal loan banks Minimum interest rate per annum
SBI Personal Loan 10.45%
IDBI Personal Loan 9.50%
Bank of Baroda Personal Loan 9.70%
Bandhan Bank Personal Loan 10.99%
Bank of India Personal Loan 10.85%
PNB Personal Loan 8.90%
UCO Bank Personal Loan 9.85%
ICICI Bank Personal Loan 10.75%
hdfc personal loan 11.00%
Axis Bank Personal Loan 12.00%
IndusInd Bank Personal Loan 10.49%
Citi Bank Personal Loan 10.75%
Yes Bank Personal Loan 10.75%
IDFC Bank Personal Loan 10.49%
Kotak Mahindra Bank Personal Loan 10.99%

Personal loan depends on your good CIBIL score and good credit history. Hence, better your credit score, higher are the chances of getting the loan amount. Credit score is a 3 digit number which is calculated on the basis of your credit history.

These banks try to give you the maximum personal loan amount at the lowest rate of interest by looking at your income tax return, credit history etc. So whenever you think of taking a personal loan, do try these banks once.

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