Top Banks for Personal Loans with Low Interest Rates

When taking a personal loan, you have to choose a bank with good interest rates and good terms. In this article, we will discuss the best banks for personal loans, particularly low-interest personal loans. We will also mention some good options for people with a poor CIBIL score and give you a list of the best banks that can fulfill your financial requirements.

Best Bank for Personal Loans

A few old-age banks have competitive personal loan products with good interest rates and lenient repayment terms. Some of the top banks for personal loans are given below:

1. HDFC Bank

HDFC Bank is one of the top banks for personal loans with a variety of loan products at low-interest rates of 10.50% and above. With its fast approval and easy documentation, HDFC Bank is the preferred bank for many borrowers.

2. ICICI Bank

ICICI Bank offers personal loans at an interest rate of 10.99%. Known for having a great customer service and an easy loan procedure, it is the perfect option for those looking for easy and fast access to money.

3. Axis Bank

Axis Bank is yet another robust contender, providing personal loans with interest rates that start from 10.25%. The bank's willingness to accept flexible repayment periods and their low processing charges increase the appeal of taking a low-interest personal loan from them. 

Best Bank for Personal Loans with Low CIBIL Score

If you possess a low CIBIL score, it is challenging to find a suitable bank that will lend you a personal loan. Nevertheless, some banks are more flexible with CIBIL score conditions and provide personal loans to people with imperfect credit records. Below are some best banks for personal loans with low CIBIL scores:

1. Bajaj Finserv

Although better recognized for other financial products, Bajaj Finserv collaborates with banks that provide personal loans for individuals with poor CIBIL scores. The loans of theirs have good interest rates ranging from 11.99%, thus being a good choice for individuals who have poor credit scores.

2. Fullerton India

Fullerton India is famous for offering loans to those with low CIBIL scores. The bank provides personal loans from 11.99%, with flexible eligibility criteria that can be adjusted to include borrowers with credit scores below 650.

Best Bank for Low-Interest Personal Loan

If your main objective is to find the best bank for low-interest personal loan, some banks are particularly good at offering loans at competitive interest rates. The following are the best options:

1. Kotak Mahindra Bank

Kotak Mahindra Bank provides personal loans with a minimum interest rate of 10.50%. They offer low-interest rates combined with flexible loan amounts and repayment periods, making them a great option for borrowers who want affordable loan terms.

2. State Bank of India (SBI)

State Bank of India (SBI) offers personal loans with interest rates starting at 9.60%. As one of the largest public sector banks in India, SBI’s low-interest rates and wide range of loan amounts make it a popular choice for personal loans.

Best Bank for Personal Loan in Terms of Customer Service

Along with the most competitive interest rates, great customer service is also important while choosing the best bank for personal loans. These are the banks that offer great customer support:

1. HDFC Bank

HDFC Bank is famous for its customer care, providing care through the entire loan procedure and making communication smooth at each step.

2. ICICI Bank

ICICI Bank is also notable for its effective customer service, offering personalized support to borrowers and a smooth loan application process.

Conclusion

Selecting the best bank for personal loans depends on aspects such as interest rates, customer service, eligibility criteria, and terms of the loan. If you are seeking low-interest personal loans, HDFC Bank, ICICI Bank, Axis Bank, and SBI are all leading options. For people with low CIBIL score, the banks that come with relatively tolerant credit score thresholds include Bajaj Finserv and Fullerton India. Be sure to compare loan rates and select that which is ideal for your conditions and financial well-being.