You were going to raise a personal loan lately? It is recommended that you first compare the interest rates charged by different banks and non-banking financial corporations (NBFCs). Typically, interest rates on personal loans are relatively higher as they are unsecured and banks therefore compensate for the risk of capital loss by charging higher interest.

It is worth noting that the interest rate is one of the key determining factors equal monthly rateor EMI, with personal loan. The higher the interest rate, the higher the EMI and the lower the rate, the lower the EMI.

Notably, the other key factor that determines a personal loan EMI is the loan tenure.

These are some of the interest rates charged by banks for personal loans:

SBI: The largest state-owned lender charges a rate ranging between 12.60% and 14.60% and between 11.45% and 11.95% for salary account holders with SBI.

HDFC Bank: The largest private lender charges 10.85% to 24% for personal loans. The processing fees are borrowed ₹6,500 plus GST on it.

ICICI Bank: This private lender charges anywhere from 10.85 to 16.25 percent per annum.

Federal Bank: This private lender charges between 11.49 and 14.49% on personal loans.

Kotak Mahindra Bank: It charges an interest rate of 10.99% to 16.99% on personal loans.

Punjab National Bank (PNB): The personal loan interest rate ranges from 12.5 to 14.50 percent per annum.

Axis Bank: It charges anywhere from 10.49 to 22.50 percent per year.

(Note: Taking out a loan involves some risks)