Personal loan interest rates compared: Allahabad Bank vs HDFC Bank vs SBI｜Personal Loan｜EMVertex Credit

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Personal loans are one of the most expensive categories of loans you can avail of. These are unsecured loans that can be easily availed of and banks are eager to offer them. In fact, you might have received a few calls offering instant personal loan because you have been a loyal customer to your bank. However, if you opt for a personal loan, expect to pay an interest rate of anywhere between 9% and 20% per annum. The reason is simple: an unsecured loan means that the lender will not ask for a collateral. This is only feasible for the lender if they have a sense of what your credit history is like and whether you have the capability to repay the loan. But that isn’t enough of a safety net. Hence the high interest rate.
Given that they are expensive, but easily available, personal loans seem like a good option to fund an emergency expense, if you don’t have a contingency fund in place, or if the fund was depleted for some reason. Of course in the absence of emergency money, falling back on taking a personal loan may seem like a feasible solution if say a family member needs to be hospitalized suddenly. But funding lifestyle expenses using debt is a strict no no.
But that doesn’t stop most from borrowing for all the wrong reasons. According to RBI data, personal loans constituted 96 % of new bank loans taken in financial year 2018, according to RBI data. And according to a report by CASHe, a digital lending company, in 2018, 23% salaried millennials took short-term personal loans to refinance individual EMIs and 14% borrowed to pay off their loans.
While it’s not advisable to take a personal loan unless you have an emergency or immediate requirement for funds that can’t be serviced otherwise, if you do want to opt for one, it’s wise to analyse which bank can offer you the lowest interest rates. Allahabad bank offers the most affordable interest rates at 8.40-12.90% and also charges a processing fee of 1.06% of the loan amount. But even among the top 15 banks we have listed, the highest interest rates goes up to 11.25-13.65% offered by Syndicate Bank, with an additional processing charge of 0.50%. Take a look at the list of personal loans available at the best rates before you make your decision.
Via:Metro-News

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