Cheapest Personal Loan 2016: Are you planning to take personal loan? Do you know which bank is providing the cheapest personal loan in 2016? I have taken personal from HDFC bank and that was @ 13.99% interest rate due to some corporate discount.
If you need some urgent cash, then personal loan is the best way to get emergency fund. But remember one thing that, personal loan is very costly and you have to pay a high interest rate while repaying your personal loan. If you don’t have any other choice to arrange money, then definitely you have to go for personal loan.
Best Personal Loan Interest Rate in 2016
I will share more details about my HDFC personal loan experience in upcoming articles. But before that, here I am sharing the top 5 banks sharing cheapest personal loan with the processing fee details. Generally the data is applicable for the loan amount if Rs 1-2 lakh max.
|Name of the provider||Interest Rate||Processing fee|
|State Bank of India||11.15%-17.65%||1%-3% of the loan amount + applicable Service Tax|
|ICICI Bank||11.49%-22.00%||Upto 2.50% of the loan amount + Service Tax, as applicable|
|HDFC Bank||11.49%-20%||· Upto 2.5% of the loan amount,|
subject to a maximum of 25,000 INR and a minimum of 1,000 INR
|Canara Bank||12.45%-15.5%||1%(min 250) of the loan amount + applicable Service Tax|
|Punjab National Bank||12.50% to 15.50%||Upto Rs. 2 lac: Rs.270 + ST ; Over Rs.2 lac: Rs.450 + ST|
Personal loan has it’s own terms & conditions. So you should talk to your bank before applying or any personal loan after reading anyone’s experience. Based on the amount of loan you are applying, you may get some discount as well. But you should ask for various terms & conditions and understand them clearly before applying for personal loan.
Which bank you have tried to apply for personal loan? You can share your experience or any kind of query related to personal loan by writing a comment below.