5 banks that offer personal loan at lowest interest rates

Punjab & Sindh Bank : Personal loans up to three lakh rupees will be charged interest at the rate of 10.15 percent to 12.80 percent. Its maximum repayment period is 60 months.

Bank of India: The interest rate is charged from 10.25 per cent and upwards for personal loans up to a maximum of Rs 20 lakh. The maximum repayment term of this loan is up to 84 months.

Indusind Bank : On personal loans between Rs 30,000 and Rs 25 lakh, interest is charged at the rate of 10.25 per cent to 32.02 per cent. The repayment tenure of such loans ranges from 12 months to 60 months.

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Bank of Baroda: The interest rate is 10.35 percent to 17.50 percent on personal loan amount between Rs 50,000 and Rs 20 lakh. The repayment tenure of these loans ranges from 48 months to 60 months.

Factors to consider

• Method of interest rate : While taking a personal loan, one should inquire whether the interest rate is fixed rate (the same rate throughout the repayment period) or floating rate (the interest also changes in proportion to the change in MCLR). There is no change in EMI amount at fixed rate. But there is a possibility of change in EMI amount in floating rate.

• Maximum Loan Amount: The maximum loan amount allowed to an individual varies from bank to bank. In general, the maximum sanctioned personal loan is up to 40 lakhs. However, banks allow up to 75 lakhs subject to conditions if the applicant has sufficient qualifications.

• Repayment period: In banking institutions, the maximum repayment period is generally five years.

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