ICICI Bank, the second-largest private bank in the country, charges between 10.65% and 16% annual interest on personal loans.
Additionally, the bank applies a processing fee of 2.50% plus tax.
HDFC Bank, the largest private bank, charges interest on personal loans ranging from 10.5% to 24%. They also have a fixed processing fee of Rs 4,999.
State Bank of India (SBI) charges interest rates between 12.30% and 14.30% for corporate applicants, 11.30% to 13.80% for government department employees, and 11.15% to 12.65% for defense sector employees.
Bank of Baroda provides loans to government employees at an interest rate of 12.40% to 16.75%.
Private sector employees get loans at an annual interest rate of 15.15% to 18.75%.
PNB offers loans to borrowers with interest rates ranging from 13.75% to 17.25% based on their credit score.
Government employees are eligible for interest rates between 12.75% and 15.25%.
Kotak Mahindra Bank charges a minimum interest of 10.99% on personal loans, but with processing fees and taxes, it can go up to around 3%.
Axis Bank provides interest rates on personal loans ranging from 10.65% to 22% per annum.
IndusInd Bank offers personal loans at a rate of 10.49% per annum, with a processing fee of 3% on loans ranging from Rs 30,000 to Rs 50 lakh.
Now, let’s calculate the EMI
1) If you take a loan for five years with a 10.50% interest rate, the EMI will be Rs 2149.
2) At a 12% interest rate, the EMI increases to Rs 2224.
3) With a 15% interest rate, the EMI is Rs 2379.
4) At 17%, the EMI becomes Rs 2485.
5) And at 18%, it increases to Rs 2539.
