Personal loans are a medium to use future’s income today, but we should know that the interest rates on personal loans are very high, so when no other better option is seen, then only go for a personal loan. If you need capital to start a small business, then the personal loan will be very beneficial for you. Let us know how much interest rate banks are offering on a loan amount of one lakh and a personal loan of five years duration.
State Bank of India (SBI) is offering interest rates ranging from 9.60 to 15.65 per cent on a loan amount of Rs 1 lakh and a personal loan of five years duration. EMI on this loan will be between Rs 2,105 to Rs 2,413. At the same time, the processing fee (without tax) is up to 1.50 percent of the loan amount (minimum Rs 1,000 and maximum 15,000) + GST.
Punjab National Bank (PNB), it is offering 8.45 to 14 percent interest rate on this personal loan. EMI here will be between 2049 to 2327 rupees and processing fee will be up to one percent of the loan amount + GST.
The Central Bank of India (CBI) is offering interest rates on this loan ranging from 8.35 per cent to 10.20 per cent. EMI here will be between 2044 to 2135 rupees. At the same time, the processing fee will be up to Rs 500 + tax.
Bank of Baroda (BOB) is offering interest rates for this loan ranging from 9.85% to 15.45%. EMI here will be between 2117 and 2403 rupees. At the same time, the processing fee will be up to two percent of the loan amount (minimum Rs 500 and maximum Rs 10,000).
Bank of India (BOI) is offering interest rates for this loan ranging from 10.35 percent to 12.35 percent. EMI here will be between 2142 to 2242 rupees. At the same time, the processing fee will be up to two percent of the loan amount (minimum Rs 1000 and maximum Rs 10,000).
Indian Bank is offering interest rates on this loan ranging from 9.05 percent to 14.65 percent. EMI here will be between 2078 to 2361 rupees.
UCO Bank is offering an interest rate of 10.30 per cent to 10.55 per cent on this loan. EMI here will be between 2139 to 2152 rupees. At the same time, the processing fee will be up to 1 percent of the loan amount (minimum Rs 750).
