Top Banks Personal Loan Lowest Interest Rate Starting at 10.90% p.a. as on 19 Nov 2018

Top Bank Personal Loan Interest Rate (updated on 19 Nov 2018)

BankInterest RateTenureExplore
South Indian Bank10.90% - 15.00%Tenure max. upto 48 Months Explore
Oriental Bank Of Commerce11.20% to 12.95% Maximum Tenure 60 months Explore
Uco Bank11.35% to 11.60%Maximum Tenure 60 months Explore
Central Bank Of India11.40%Maximum Tenure of 48 Months Explore
Kotak Mahindra Bank Limited11.5% to 24%Maximum Tenure 60 months Explore
Andhra Bank11.50% to 13%Contact Bank Branch Explore
Icici Bank Limited11.59% to 22.00%Maximum Tenure 60 months Explore
Dhanalakshmi Bank11.68% to 15.65%Max. Tenure 60 months Explore
Indian Overseas Bank11.80%Maximum Tenure 60 months Explore
Punjab National Bank11.90% to 14.90% Contact Bank Branch Explore
Yes Bank11.99% - 20.00%Maximum Tenure 60 months Explore
Indusind Bank11% to 30.50%Maximum Tenure 60 months Explore
Catholic Syrian Bank Limited12.00% to 19.00%Maximum Tenure 60 months Explore
Idbi Bank12.20%Maximum Tenure 60 months Explore
State Bank Of India12.45%Maximum Tenure of 48 Months Explore
Bharatiya Mahila Bank Limited12.45%Maximum Tenure of 48 Months Explore
State Bank Of Mysore12.45%Maximum Tenure of 48 Months Explore
State Bank Of Hyderabad12.45%Maximum Tenure of 48 Months Explore
State Bank Of Patiala12.45%Maximum Tenure of 48 Months Explore
State Bank Of Travancore12.45%Maximum Tenure of 48 Months Explore
State Bank Of Bikaner And Jaipur12.45%Maximum Tenure of 48 Months Explore
Vijaya Bank12.50% to 13.50%Maximum Tenure 60 months Explore
Bank Of Maharashtra12.75%Maximum Tenure 36 months Explore
Corporation Bank12.75% to 13.75%Maximum Tenure 60 months Explore
Punjab And Sind Bank12.75% to 14%Maximum Tenure 60 months Explore

Personal Loan

When you have some important expenses like a holiday trip abroad, household shifting, marriage in the family, payment of credit card bill, repayment of an existing loan, medical emergencies and many more but don't have enough money for the same, personal loan helps you to easily pay off such expenses.

Personal loans are unsecured loans offered by banks without any collateral such as your home, flat, property, etc. Personal loans are usually available at fixed interest rates where interest rates are based on your credit score. The better your credit score, the lower your interest rate and vice-versa.

Personal loans aren't cheap but expensive one. The beneficial part is that they can be easily available and their processing is very fast as compared to other types of loans like home loan, education loan, car loan, gold loan, etc.

A personal loan is offered at a higher interest rate than a secured loan due to higher risk involved as you are not asked for any collateral to ensure repayment.

These personal loans allow you to repay them from 12 to 60 months.

A personal loan may help you gain financing or pay off your bills but there a few things you should know before you take out a loan.

Banks will use your credit score to help them determine the quantum of loan, interest rate, repayment tenure and whether to offer you a personal loan.

KYC documents for Personal Loan

  • Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
  • Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport)
  • Copy of PAN Card
  • Latest Passport size photo of the applicant (2 copies)

Income documents for Personal Loan

  • Latest salary certificate/ Last 3 months salary slips
  • Form 16/Income Tax Returns( last 2 years)
  • Last 6 months salary account statement

Risks Associated with Personal Loan

  1. If you don't repay personal loan on time, the lender bank has the right to sue you and take you to court, as it is not backed by any security.
  2. Secondly, if you feel to pay off your personal loan too early i.e. before a certain date, there may be huge penalty.
  3. Thirdly, don't lure by a false advertising and enter into a fake loan agreement.

Upcoming Bank Holidays

2018 November 20 is a bank holiday in Kerala due to Milad-i-Sherif (Birthday Of Prophet Muhammed).
2018 November 21 is a bank holiday in Andhra Pradesh due to Eid Milad-un-Nabi\Eid-e- Milad (Prophet Mohhammad's Birthday)/Barawafat.
2018 November 23 is a bank holiday in Andaman And Nicobar Island due to Guru Nanak Jayanti/Kartika Purnima/Seng Kut Snem/Friday Following Eid-I-Milad-ul-Nabi.
2018 November 26 is a bank holiday in Karnataka due to Kanakadasa Jayanthi.
2018 December 03 is a bank holiday in Goa due to Feast Of St.Francis Xavier.
2018 December 05 is a bank holiday in Jammu And Kashmir due to Birthday Of Sheikh Mohammad Abdullah.

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