Search for a personal loan gets intense when you want your instant gratification of immediate cash needs fulfilled. But when it comes to purposes such as wedding, education or even the home renovation, you need a personal loan and that too at an affordable rate.
The reason being the time you may have before these grand events would actually take place. A greater time calls for a thorough analysis of the market so that a right decision can be made for a right cause. The analysis stands vindicated when you brainstorm on the best personal loan interest rates in India. We can let you analyze deep by providing those rates in this article. So, keep reading.
Which Lenders are Currently Ruling India’s Personal Loan Segment?
India’s personal loan segment stays abuzz with old players like SBI, HDFC and ICICI holding on to the customers like a duck takes to water. Not only their services are impressive but even the rates are lower to make it an exciting proposition for you. Let’s take a close look at the interest rate offers of some leading banks individually.
State Bank of India (SBI) – SBI calls all the shots by providing personal loans to different segments at varied interest rates. The rates would vary based on the profession and credit score of the borrowers.
Its Xpress Credit personal loans are offered to defence or paramilitary Indian coast guard salary package applicants at interest rates of 11.95%-12.45% per annum. Other applicants would need to service the debt at 11.95%-13.95% p.a.
Its Xpress Power Scheme lets a borrower service personal loans at 12.05%-13.70% per annum. On the other hand, the Xpress Credit IT Employees scheme comes with interest rates of 13.35%-15.35% p.a. The bank offers loans to SBI salary account holders at concessional rates of 10.95%-12.45% p.a. Those not maintaining salary account with SBI would need to service the debt at 11.20%-12.70% p.a.
Non-permanent employees of central and state government-owned units, defence, and educational institutions of national repute get service at 12.85%-14.95% p.a. Co-operatives or institutions not falling under the beneficiary list of Xpress Credit would be offered 13.60%-15.20%.
HDFC Bank – One of the largest private lenders with more than 5,000 branches across India, HDFC Bank fulfills the instant cash needs or purposes of wedding and education with a customized personal loan. Currently, the bank lends it at 15%-20.99% per annum.
ICICI Bank – Another private biggie ICICI Bank provides the loan at attractive rates of 10.99%-22% per annum. The rates can enable a seamless credit journey with ICICI to fulfill your personal needs.
Axis Bank – Another lender with big repute, Axis Bank with customized loan processing has grabbed the attention of the borrowers. The rates on which it provides the loan range from 15.75%-24% per annum.
Searching for best personal loan interest rates and picking the best one from there is vital to your cause. And so, you must do this exercise with earnest to be on the right path.