Which bank offers the lowest interest rate on personal loan in India ? Well the answer of this question is explained here in this article. This article is all about personal loan. What is a loan? What is a personal loan? If you don’t know then read further to find out.
A loan is lending of money by one or more individuals, organizations, etc. and other entities to the individuals, organizations, etc. A loan is a debt which is usually liable to pay interest on that debt unit the loan is repaid and also the principal amount is to be repaid. A personal loan is a fixed amount of money given at a fixed rate of interest and to be repaid in a fixed time. The personal loan can be borrowed from the bank or any other money lender. A personal loan can be secured or it can be unsecured.

Which bank in India is the best for personal loan?
Below mentioned are some of the banks which provide personal loan at lowest rate of interest.
- ICICI BANK
- STATE BANK OF INDIA
- HDFC BANK
- BANK OF BARODA
- CITI BANK
- KOTAK BANK
- YES BANK
- CANARA BANK
- CORPORATION BANK
- IDBI BANK
Top 10 Banks offering the lowest personal loan interest rate in India
The list of top 10 Banks offering the lowest personal loan interest rate in India is mentioned below:
1. ICICI Bank
ICICI Bank is one of the most known and reputed banks of the country. It also provides its customers with great deals of personal loan. This bank provides personal loan to both salaried and self-employed individuals. ICICI Bank provides instant approval for your personal loan.

This bank avails personal loans from Rs. 50,000 to Rs. 1 lakh. Also, the banks disburse the personal loan in only 24 hours. It also provides its customer with attractive rate of interest from 11.25% onwards. The processing fees for the personal loan is around 1.25%. Some of the values may sometimes vary.
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2. State Bank of India (SBI)
State Bank of India is also one of the known banks of the country. It provides its customer with interesting deals of personal loan. This bank provides personal loan to both salaried and self-employed individuals. The interest rate of personal loan at State Bank of India ranges from 10.75% to 18% depending upon the amount of loan.

The processing fees for the personal is 0.25% to 1%. The personal loan tenure ranges from 1 year to 5 years. Some the values may vary.
3. HDFC Bank
HDFC Bank is the leading private bank in India The HDFC Bank is one of the leading providers of personal loans in India with best loan options with attractive features like flexible tenures, competitive rate of interests, pocket-friendly repayments and quick disbursal. This bank provides loan to both salaried and self-employed individuals.

HDFC Bank provides its customers personal loans up to Rs. 40 lakhs. It provides loan disbursal in 4 hours and with minimal documentation. The rate of interest for personal loan ranges from 15.50% to 21.50%. The processing fees of the personal loan is 2.5% of the loan amount. . Some of the values may vary.
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4. Bank of Baroda (BOB)
Bank of Baroda another prestigious bank of India. This bank provides personal loan to both salaried and self-employed individuals. Bank of Baroda Personal Loan rate of interests starts from 11.60% for the salaried individuals and 11.05% to the self-employed individuals. The processing fees is 2% of the loan amount.

For salaried individuals, the loan tenure ranges from 12 months to 36 months while for the self-employed individuals, the loan tenure ranges from 12 months to 48 months. . Some of the values may vary.
5. Citi Bank
Citi Bank is another most popular bank in India. After applying for a personal loan, an applicant can avail loans up to Rs. 30 lakhs in just 48 hours. The application process for personal loan in Citi Bank is convenient and quick process. This bank disburses the loan amount in just 4 hours.

The personal loan at Citi Bank is free of any documentations like income proof, address proof, ID proof, etc. The rate of interest for personal loan at Citi bank starts from 10.99% to 20%. The processing fees for the personal loan is the 0.25% of the loan amount. Some the values may vary.
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6. Kotak Mahindra Bank
It provides personal loan to both salaried and self-employed individuals. Kotak Mahindra Bank offers personal loans starting from interest rates at 10.50%. The processing fees for the personal loan is of 2.5% of the total loan amount. This bank provides personal loans up to Rs. 15 lakhs.

The repayment tenure of the personal loan at Kotak Mahindra Bank is up to 5 years. And the paperwork is minimal for personal loan at this bank. Some of the values may vary.
7. Yes Bank
Yes Bank is an Indian private sector bank of the country. It offers its customers personal loan for Rs. 1 lakh up to Rs. 40 lakhs. The loan tenure at Yes Bank ranges from 12 to 60 months.

At Yes Bank there is no need of any collateral in exchange of the personal loan. The rate of interest for personal loan at Yes Bank starts from 10.75%. Some of the values may vary.
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8. Canara Bank
Canara Bank is one of the largest public sector banks in India which is owned by the Government of India. This bank provides loan to both salaried and self-employed individuals. The rate of interest for personal loan at Canara Bank starts from 13%. The processing fees for the personal loan is 0.50% of the total loan amount.

The loan tenure at this bank ranges from 12 months to 48 months. The loan amount ranges from Rs. 1 lakh to Rs. 3 lakhs minimum. . Some of the values may vary.
9. Corporation Bank
Corporation Bank is a public sector banking company of India. This bank provides loan to both salaried and self-employed individuals. The rate of interest of personal loan for salaried individuals is 12.95% while for the self-employed individuals it is 11.20%.

The loan tenure for salaried individual ranges from 12 months to 36 months while for self-employed individuals it ranges from 12 months to 84 months. The loan amount ranges from Rs. 1 lakh to Rs. 2.50 lakhs minimum. Some of the values may vary.
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10. IDBI Bank
IDBI Bank (Industrial Development Bank of India) provides credit and other financial facilities to fledging Indian industry. This bank provides personal loan to both salaried and self-employed individuals. For salaried individuals the rate of interest is 13.20% and for self-employed individuals the rate of interest is 12.45%. The loan tenure for both salaried and self-employed individuals ranges from 12 months to 60 months. The processing fees for the personal loan is 1% of the total personal loan amount.

The minimum loan amount provided by this bank ranges from Rs. 50,000 to Rs. 10 lakhs. These are the banks with the lowest interest rates for personal loan in India. This article might have cleared your confusion regarding which bank to choose for personal loan, what are the interest rates for personal loans at these banks, loan tenures, etc. Hope this article was helpful for you guys. Stay tuned for some more articles.