What is the personal loan interest rate in Indian bank?

9.05%

Indian Bank Personal Loan Highlights
Interest rate Starting at 9.05% p.a.
Loan Tenure Up to 84 months
Processing Fees Up to 1% of loan sanctioned
Eligible Applicant Categories Salaried Individuals Pensioners

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Additionally, which Indian Bank is best for personal loan?

Comparison of Best Personal Loan Providers in India

Name of the Lender Loan Amount Interest Rate (p.a.)
State Bank of India (SBI) Up to Rs. 20 lakh. 9.60% onwards
HDFC Bank Up to Rs. 40 lakh. 10.50% onwards
ICICI Bank Up to Rs. 25 lakh. 10.50% onwards
Axis Bank Up to Rs. 15 lakh. 11% onwards
Herein, can I get personal loan from Indian Bank? Avail a personal loan from Indian Bank with interest rates starting at 9.20% for a tenure of up to 7 years. The processing fee charged by the bank starts at 1% of the loan amount.

People also ask, which Indian Bank has lowest interest rate?

Currently, the lowest home loan interest rate being offered is 6.65% p.a. by Kotak Mahindra Bank, followed by other top lenders such as ICICI Bank, Bank of Baroda, State Bank of India, Union Bank of India, Punjab National Bank and HDFC Ltd.

Which bank has the lowest personal loan interest rate?

In the case of personal loans, the lower the interest rate, the better. As of April 28, 2021, the lowest personal loan interest rate on offer is 8.45% p.a. from the Central Bank of India and UCO Bank. However, a majority of lenders are currently offering their personal loans in the 9.00% p.a. to 11.00% p.a. range.

How do Indian banks calculate interest on loans?

USING MATHEMATICAL FORMULA

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.

What is the eligibility for personal loan?

Your monthly income to get a personal loan should be at least ? 25,000. However, some banks give loans to individuals with salary less than ? 25,000. Banks also follow a different limit to calculate the ratio of your fixed obligations to your monthly income.

What is the best place to get a personal loan from?

Best Places to Get a Personal Loan

Lender Pros
Banks Good if you have great credit history and/or an existing bank account
Credit unions Lower rates than banks and willing to work with those with low credit scores
Peer-to-peer / marketplace lenders Competitive rates, especially for average to fair credit

What are the documents required for personal loan in Indian bank?

PAN Card (Permanent Account Number): Please note that this is a mandatory requirement to avail Indian Bank personal loan. KYC Documents: These may include your Aadhar Card, Passport, Election ID, Ration Card, Driving License, etc.

What is the current interest rate on a personal loan?

Best personal loan rates in May 2021

Lender Current APR Range Loan Term
SoFi 5.99%–18.85% (with autopay) 2 to 7 years
LightStream 2.49%–19.99% (with autopay) 2 to 12 years
Avant 9.95%–35.99% 2 to 5 years
Marcus by Goldman Sachs 6.99%–19.99% (with autopay) 3 to 6 years

Which type of loan is cheapest?

To know

Car Loan Lender Interest Rate (in per annum)
ICICI Bank 9.30% – 12.85%
HDFC Bank 7.70% – 13.55%
Bank of India 7.35% – 7.95%
IDBI Bank 8.10% – 8.70%

What is the EMI for 20 lakhs personal loan?

Formula of Calculation of EMI

Loan amount Interest Rate EMI per month
5 Lakh 8.35% Rs. 6,159
10 Lakh 8.50% Rs. 9,847
15 Lakh 8.60% Rs. 13,112
20 Lakh 8.70% Rs. 17,610

What are the 4 types of loans?

• Unsecured personal loans. Personal loans are used for a variety of reasons, from paying for wedding expenses to consolidating debt. …
• Secured personal loans. …
• Payday loans. …
• Title loans. …
• Pawn shop loans. …
• Payday alternative loans. …
• Home equity loans. …