For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Top 10 Banks Offering Lower Interest Rates on Personal Loan

|

People are experiencing financial problems in the wake of the coronavirus pandemic owing to employment losses and salary cuts. To deliver certain help to individuals banks have come forward with personal loans with lower interest rates. One of the key factors in making use of a personal loan as a borrower is the interest rate. As an unsecured form of financing, the interest rates on personal loans are a little higher.

 

It is essential to check which banks are offering the lowest interest rates while opting for a personal loan. A borrower must keep in mind that interest rates are not the only aspect that is factored, a credit score also plays an essential role while availing a personal loan. A good credit score enables the borrower to be creditworthy and goodwill to cover loan reimbursement abilities.

 
Top 10 Banks Offering Lower Interest Rates on Personal Loan
Sr No.BankInterest Rates (in %)Tenure
1Punjab National Bank8.80% and aboveUp to 84 months
2IDBI Bank8.90%12 months to 60 months
3SBI9.60% and above6 months to 72 months
4Central Bank of India9.85% and aboveUp to 48 months
5Citi Bank9.99% and above12 months to 60 months
6South Indian Bank10.15% and aboveUp to 60 months
7Bank of Baroda10.25% and above12 months to 60 months
8Bank of India10.35%Up to 60 months
9Nainital Bank10.40%Up to 36 months
10HSBC Bank10.50% and above12 months to 60 months

Strategies to get low-interest rate on a personal loan

Follow the below-listed suggestions to get low interest rate on your personal loan:

  • Always hold a good credit score
  • Maintain a low status of credit usage.
  • Preserve a fixed obligation to income ratio
  • Do not avail a personal loan simultaneously with different lenders
  • Always avail a personal loan from a bank/NBFC with which you already maintain a savings account or FD

Goodreturns.in

Read more about: personal loan
Story first published: Saturday, August 15, 2020, 20:27 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X