Which is the best bank 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

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Herein, which bank has lowest interest rate on personal loan?

Which bank has the lowest interest rate on a personal loan? If you have a strong credit score, you can receive the lowest interest rate through LightStream. LightStream has rates as low as 2.49% if you enroll in autopay. Other lenders, like SoFi, PenFed, Wells Fargo, Marcus and U.S. Bank, offer rates as low as 5.99%.

In respect to this, 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%

In this regard, 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

How can I get a low interest personal loan?

9 Ways to Improve Your Chances of Getting a Low Personal Loan Interest Rate

  1. Shop around.
  2. Get a co-signer.
  3. Sign up for an autopay discount.
  4. Avoid fees.
  5. Use collateral.
  6. Work with a credit union.
  7. Choose a shorter repayment period.
  8. Improve your credit score.

How can I get the lowest interest rate on a personal loan?

4 Ways to get the best personal loan interest rate

  1. Highlights.
  2. Maintain a good credit score of 750 and above.
  3. Compare lenders to find the best interest rate.
  4. Keep an eye open for promotional offers and deals.
  5. Leverage your employment status to get better terms.

What’s a good rate for 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

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