Not SBI, these banks offer cheapest personal loans – Union Bank, PNB, Central Bank of India and more

If you are considering taking out personal loans to support yourself financially, there are many options available from both public and private sector banks. Although you can take out personal loans from any bank, it is always advisable to compare the interest rates charged by those banks as it affects your personal finances in the longer term. It is clear from this list that the State Bank of India (SBI) does not offer the cheapest personal loan.

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As a comparison of data from bank websites, five banks offer the cheapest personal loans and all of them are in the public sector. Data is as of February 5, 2021, in one case.

A quick comparison shows that Union Bank at an interest rate of 8.90 per annum is the cheapest, closely followed by another public sector lender, the Punjab National Bank (PNB). PNB offers an interest rate on personal loans as low as 8.95%.

Next in the list is the Central Bank of India, which also lends the lowest personal loan at 8.95%. The other two banks are Indian Bank and Bank of Maharashtra. With interest rates of 9.05 and 9.55 percent respectively, these banks fill the top 5 banks with the lowest personal loan offers.

These banks also offer EMI options in the range of Rs 10,355-10,513, with the lowest by Union Bank and the highest among the top 5 by Bank of Maharashtra.

On top of that, the State Bank of India (SBI), the country’s largest lender and also next on the list, is offering an interest rate as low as 9.60 per year on its personal loan.

People wishing to apply for a personal loan are advised to check the websites of the banks or their respective branches to understand the terms and conditions in detail and other changes.