Top 10 Banks Offering Lower Interest Rates on Personal Loan
Personal loans are an unsecured type of loan; it is multi-purpose in nature and therefore, can be used for various purposes. Moreover, there is no restriction on the amount borrowed and can be used for kinds of financial goals. As personal loans come with high-interest rates, this is because this loan is not a secured loan, and any asset does not back it. But since the lockdown situation, the new normal has led to banks and lending institutions offering personal loans at low-interest rates. The RBI’s lending rate cuts gave a flip to the economy. As a result, now banks and NBFCs are offering loans at a low range of 8.35 to 8.90 per cent based on your credit profile. Here’s a list of top 10 banks ranked according to their interest rate offers onpersonal loans: Banks Interest rates Punjab National Bank 8.80%11.65% Bank of Baroda 10.10%15.10% Union Bank of India 9.30%-13.40% Canara Bank 8.50%-13.90% State bank of India 9.60%-15,655 Indian Overseas Bank 9.60%-12.05% Indian Bank 9.20%-13.65