These banks are getting cheap personal loan, how much interest will be paid in 5 years
In the Corona era, the importance of personal loan has increased a lot to overcome the financial crisis. People are also taking a personal loan to overcome their crisis because it has become very easy to avail it. Just your credit score should be fine. After which you can easily get a personal loan.
Banks and non-banking finance companies offer personal loans. According to experts, it is very important to keep some things in mind while taking a personal loan. In which the interest rate and processing fee are prominent. Where the processing fee has to be paid only once at the time of taking the loan. On the other hand, you have to pay the personal loan interest till the entire loan tenure. Let us also tell you which bank is charging how much interest and processing fee on a personal loan of 5 lakh rupees for 5 years.
State Bank Of India : At present, the interest rate of personal loan from SBI is 9.60 per cent to 13.85 per cent per annum. The bank charges 1.5 per cent of the loan amount as processing fee, subject to a maximum of Rs 15,000. If you have a loan of Rs 5 lakh for 5 years, you will have to pay an EMI ranging from Rs 10,525 to Rs 11,595.
City Bank : The interest rate of personal loan in this bank ranges from 9.99 percent to 16.49 percent annually. The bank charges 3% of the loan amount as processing fee. If you have taken a loan of Rs 5 lakh for 5 years, then you will have to pay an EMI of Rs 10621 to 12290.
Bank Of Baroda : Here you have to pay interest on personal loan ranging from 10% to 15.60% per annum. The processing percentage also ranges from Rs 1000 to Rs 10 thousand. If you have taken a loan of Rs 5 lakh for 5 years, then you will have to pay EMI of up to Rs 10624-12053 every month.
IDFC First Bank : The interest rate on the bank side is starting from 10.49% p.a. At the same time, the bank is charging processing fees up to 3.5 percent of the loan amount. If you took a loan of Rs 5 lakh for 5 years, then you will have to pay an EMI of Rs 10809.
HDFC bank : Here banks are giving you personal loans at an annual interest of 10.50 percent to 21 percent. The processing fee is 2.5 per cent of the loan amount and the maximum is Rs 25,000. If you took a loan of Rs 5 lakh for 5 years, then you will have to pay EMI ranging from Rs 10747 to Rs 13527.
#banks #cheap #personal #loan #interest #paid #years