SBI Loan Interest Rate: In case of sudden need of money, personal loan is the easiest option. If you are also thinking of taking a personal loan, then you should know about the interest rates and processing fees of banks. Banks usually charge higher interest on personal loans. The interest rate sometimes depends on your credit score, relationship with the bank and where you work. Let us know the interest rates of different banks-
ICICI Bank, the country’s second largest private bank, charges 10.65 percent to 16 percent annual interest on personal loans. The bank charges 2.50 percent plus tax as processing fee.
HDFC Bank is the largest private bank in the country. The interest charged by the bank on personal loan ranges from 10.5 to 24 percent. But a fixed processing fee of Rs 4,999 is charged by the bank.
State Bank of India (SBI) charges 12.30 to 14.30 percent interest from corporate applicants. Government department employees are charged interest at the rate of 11.30 to 13.80 percent. For defense sector employees, it is 11.15 to 12.65 percent per annum.
Bank of Baroda gives loans to government employees at the rate of 12.40 to 16.75 percent per annum. Apart from this, private sector employees get loans at an annual interest rate of 15.15 to 18.75 percent.
PNB gives loan to borrowers at the rate of 13.75 to 17.25 percent per annum depending on the credit score. Government employees are offered interest rates between 12.75 percent and 15.25 percent.
Kotak Mahindra Bank charges a minimum interest of 10.99 percent per annum on personal loan. However, after adding processing fee and tax on the loan fee, it goes up to around 3 percent.
Axis Bank offers interest rates ranging from 10.65 percent to 22 percent per annum on personal loans. IndusInd Bank gives loan for personal loan at the rate of 10.49 percent per annum. The bank’s processing fee on loans ranging from Rs 30 thousand to Rs 50 lakh is 3 percent.
How much will the EMI be?
If you take a loan for five years and the interest rate is 10.50 percent, then you will have to pay an EMI of Rs 2149. If the interest rate on the same period and amount is 12 percent, then the EMI increases to Rs 2224. EMI at 15 percent interest is Rs 2379. At 17 percent interest the EMI becomes Rs 2485 and at 18 percent it increases to Rs 2539.
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