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Check Out Banks That Offer Lowest Interest Rates On Rs 5-Lakh Personal Loan During THIS Festive Season

Ahead Of the Raksha Bandhan, many people look for ways to fund their celebrations and big purchases. So, there could be an increase in demand for personal loans. India's leading banks are offering personal loans at discounted interest to borrowers with a good credit score and waive off processing charges. Consumers who are applying for personal loans for travelling and shop during the festive season can look at the leading banks of India. Here are the banks offering the lowest interest rates on a Rs 5-lakh personal loan, helping you find the most cost-effective borrowing options during this special time of year.

Zee Media Bureau|

Updated:Aug 06, 2024, 02:15 PM IST

1/9

Bank of Maharashtra

This bank offers the lowest interest rate on personal loans, starting at 10%. For a Rs 5 lakh loan with a five-year repayment period, the EMI is Rs 10,624.

2/9

Bank of India

The Bank of India charges an interest rate starting at 10.85% for personal loans. For a Rs 5 lakh loan with a five-year repayment period, the EMI is Rs 10,834.

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Canara Bank

Canara Bank charges an interest rate starting at 10.95% for personal loans. For a Rs 5 lakh loan with a five-year repayment period, the EMI is Rs 10,859.

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HDFC Bank

HDFC Bank, a private bank, charges an interest rate starting at 10.5% for personal loans. For a loan of Rs 5 lakh with a repayment period of five years, the EMI is Rs 10,747.

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ICICI Bank

ICICI Bank levies an interest rate starting from 10.8 per cent on personal loans. The EMI on a Rs 5-lakh loan with a five-year repayment period is Rs 10,821.

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IndusInd Bank

This Bank levies an interest rate starting from 10.49 per cent on personal loans. The EMI on a Rs 5-lakh loan with a five-year repayment period is Rs 10,744.

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Kotak Mahindra Bank

Kotak Mahindra Bank and IDFC First Bank levy an interest rate starting from 10.99 per cent on personal loans. The EMI on a Rs 5-lakh loan with a five-year repayment period is Rs 10,869.

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Punjab & Sind Bank

Punjab & Sind Bank charges an interest rate starting at 10.75% for personal loans. For a Rs 5 lakh loan with a five-year repayment period, the EMI is Rs 10,809.

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Punjab National Bank

This bank offers personal loans starting at 10.4% interest. For a Rs 5 lakh loan with a five-year repayment period, the EMI is Rs 10,772.