Personal loans at less than 11%: From SBI to HDFC Bank, check where to get the best deal

The pandemic has brought the world on its heels. With jobs being lost and reduced incomes, people have become highly dependent on personal loans for financial emergencies. This loan is not only easy to get but also allows e-application and disbursal to avoid physical contact. This means people can get a personal loan sitting back at home, which would reduce the risk of contracting the deadly Covid-19. Besides, there are certain banks that are offering pre approved loan facilities, including SBI personal loan that requires minimal documentation and involves the least hassle.

However, before availing of a personal loan, you need to compare different banks and their interest rates. Hence, below we have listed down 10 banks, including SBI and HDFC personal loans that offer an interest rate below 11% along with their key benefits.

State Bank Of India

Interest rate: 9.60% p.a.

Benefits

You can avail of a maximum loan of 15 Lakhs.
The tenure is flexible and varies between 6 months to 6 years.
The processing fee is 1%.
SBI has different loan schemes for self-employed and salaried individuals and pensioners.
SBI personal loan is easy to avail of and involves quick processing.

UCO Bank

Interest rate: 9.80% p.a.

Benefits

The bank allows a maximum loan of Rs. 10 lakhs.
The loan tenure can be extended up to 5 years and can be modified based on your repayment capacity.
The bank charges a processing fee of 1% of the loan amount.
The loans can be availed online and involve minimal documentation.

Central Bank

Interest rate: 9.85% p.a.

Benefits

It offers a maximum loan of Rs. 10 Lakhs.
The loan tenure is flexible and ranges from 3 years to 5 years.
The processing fee is Rs. 500 along with service tax.
Different types of loan schemes are available based on the type of applicant.
It is easy to avail online and involves fast processing if you submit the documents and meet their eligibility criteria.

Citi Bank

Interest rate: 9.99% p.a.

Benefits

You can avail of a maximum personal loan of Rs. 30 Lakhs.
The loan tenure is flexible and can be extended up to 5 years.
The bank charges a processing fee of 3% of the loan amount.
The loan amount is disbursed, just within 48 years.
You can check your loan eligibility within 4 hours online.

Bank of Baroda

Interest rate: 10.10 % p.a.

Benefits

You can avail a maximum of Rs. 10 Lakhs.
The loan tenure can be expanded up to 5 years.
The processing fee is 2% of the sanctioned amount along with GST.
It offers Quick processing and disbursal.

Punjab National Bank

Interest rates: 10.65% p.a.

Benefits

A minimum of Rs. 15 lakhs can be availed.
The loan tenure varies between 1 year to 5 years.
The processing fee is 1.8% along with GST.
The bank has various attractive schemes.
It allows foreclosure.
The services are transparent and the borrower is always informed beforehand about all the loan related charges.

HDFC Bank

Interest rate: 10.75% p.a.

Benefit

The maximum loan amount is Rs. 40 Lakhs.
The loan tenure is between 1 year to 5 years.
The processing fee is up to 2.50% along with GST.
It is easy to avail of and involves no hassles.

Kotak Mahindra Bank

Interest rate: 10.75% p.a.

Benefits

You can avail a maximum of Rs. 15 lakhs.
The loan tenure is expandable for up to 5 years.
The processing fee is 2.5%.
The bank provides instant personal loans.
The paperwork is negligible.
The bank ensures quick processing of loans.

Bank of Maharashtra

Interest rate: 10.85% p.a.

Benefits

You can avail a maximum loan of Rs. 10 lakhs.
The loan tenure is flexible and can be expanded up to 5 years.
The processing fee is 1% of the loan amount.
The processing is fast and requires minimum paperwork.

Union Bank

Interest rate: 10.90% p.a.

Benefits

The maximum loan amount is Rs. 10 lakhs.
The loan tenure is flexible and is between 1 year to 5 years.
The processing fee is 0.5%.
To avail of a Union Bank personal loan, you just need your income proof and KYC documents.

While availing of a personal loan, it is always wise to check the eligibility criteria along with the required credit score. Most banks sanction a loan only if your credit score is above 750. Else, the interest rate can be the higher or worst case you might not even be eligible for the loan. Furthermore, borrow the exact amount you need, because at the end of the day it is you who have to pay the EMIs.

References https://www.financialexpress.com/money/personal-loans-at-less-than-11-from-sbi-to-hdfc-bank-check-where-to-get-the-best-deal/2034080/

https://www.myloancare.in/personal-loan/sbi#:~:text=Lowest%20SBI%20Personal%20Loan%20interest,charged%20on%20SBI%20personal%20loans.

https://www.paisabazaar.com/sbi-bank/personal-loan/

https://www.paisabazaar.com/uco-bank/personal-loan/

https://www.bankbazaar.com/uco-bank-personal-loan-interest-rates.html

https://www.bankbazaar.com/central-bank-of-india-personal-loan.html

https://www.paisabazaar.com/central-bank-of-india/personal-loan/

https://www.paisabazaar.com/citibank/personal-loan/

https://www.paisabazaar.com/bank-of-baroda/personal-loan/

https://www.paisabazaar.com/punjab-national-bank/personal-loan/

https://www.myloancare.in/personal-loan/pnb#:~:text=PNB%20Personal%20Loan%20Overview&text=The%20bank%20grants%20personal%20loan,charged%20on%20PNB%20personal%20loans.

https://www.paisabazaar.com/hdfc-bank/personal-loan/