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.

1 Punjab National Bank 8.80% and above Up to 84 months
2 IDBI Bank 8.90% 12 months to 60 months
3 SBI 9.60% and above 6 months to 72 months
4 Central Bank of India 9.85% and above Up to 48 months
5 Citi Bank 9.99% and above 12 months to 60 months
6 South Indian Bank 10.15% and above Up to 60 months
7 Bank of Baroda 10.25% and above 12 months to 60 months
8 Bank of India 10.35% Up to 60 months
9 Nainital Bank 10.40% Up to 36 months
10 HSBC Bank 10.50% and above 12 months to 60 months

Strategies to get a low-interest rate on a personal loan

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

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  • 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

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