Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan (2024)

Bandhan Bank, HDFC Bank, and State Bank of India offer interest rates between 9.47 and 11.15 percent on a personal loan of Rs 1 lakh for a tenure of 4 years.

April 02, 2024 / 06:35 IST

Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan (1)

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A personal loan is an unsecured loan that requires no collateral. Good credit scores make it easier to get personal loans quickly. You could apply for a personal loan if you need money for emergency purposesÂsuch asÂsudden and uninsured medical expenses, situations arising out of job loss, and so on. Be cautious though; interest rates on personal loans are high. It's easier to get a loan, but if you miss your Equated Monthly Instalments or worse, fail to repay principal, your debt balloons, credit score becomes bad, and you face the wrath of debt collectors. It is betterÂÂto redeem from low-yield or dud investments for emergency needs. As per data compiled by Bankbazaar, these are the banks offering the cheapest personal loans with interest rates in the rangeÂof 9.47-12.4 percent.
Starting at 9.47 percent, Bandhan Bank offers the cheapest interest rate on personal loans of Rs 1 lakh that come with a repayment tenure of four years. The equated monthly installment (EMI) will be Rs 2,592.

Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan (3)

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Private sector lender IndusInd Bank offers an interest rate starting from 10.49 percent on personal loans. The EMI on a Rs 1-lakh loan with a four-year repayment period amounts to Rs 2,560.

Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan (4)

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Axis Bank, Bank of India, Citibank, HDFC Bank, and IDFC First Bank levy an interest rate starting from 10.75 percent on personal loans. The EMI on a Rs 1-lakh loan with a four-year repayment periodÂis Rs 2,572.

Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan (5)

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Private sectorÂlender ICICI Bank levies an interest rate starting from 10.8 percent on personal loans. The EMI on a Rs 1-lakh loan with a four-year repayment periodÂis Rs 2,575.

Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan (6)

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Kotak Mahindra Bank and Yes Bank levy an interest rate starting from 10.99 percent on personal loans. The EMI on a Rs 1-lakh loan with a four-year repayment periodÂis Rs 2,584.
India's largest bank the State Bank of India charges an interest rate starting from 11.15 percent on personal loans. The EMI on a Rs 1-lakh loan with a four-year repayment periodÂis Rs 2,592.

Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan (8)

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Government-owned Bank of Baroda offers an interest rate starting from 11.4 percentÂfor personal loans. Canara Bank also offers a personal loan at an interest rate starting from 11.4 percent. The EMI on a Rs 1-lakh loan with a four-year repayment periodÂat these banks is Rs 2,604.

Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan (9)

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Union Bank of India levies an interest rate starting from 11.75 percent on personal loans. The EMI on a Rs 1-lakh loan with a four-year repayment period amounts to Rs 2,621.

Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan (10)

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Public sector bank Punjab National Bank charges an interest rate starting from 12.4 percent on Rs 1-lakh personal loans with four-year tenures. The EMI will amount to Rs 2,653.

Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan (11)

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A note from Bankbazaar.com: Interest rates on personal loans from the top 15 banks by unsecured assets are considered. Interest rates for eligible borrowers only. Data has been collected from the respective banks' websites as on March 20, 2024. Banks are listed in ascending order on the basis of interest rates — the bank offering the lowest interest rate on the personal loan is placed at the top and the highest at the bottom. EMI is calculated on the basis of the interest rate mentioned in the table for Rs 1 lakh loan with a tenure of four years (processing and other charges are assumed to be zero for EMI calculation).

Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan (12)

Hiral Thanawala is a personal finance journalist with over 10 years of reporting experience. Based in Mumbai, he covers financial planning, banking and fintech segments from personal finance team for Moneycontrol.

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Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan (2024)
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