Personal Loan: Top Public And Private Banks Offering Lowest Interest Rates This Holiday Season
With interest rates as low as 10.10%, public sector lender the State Bank of India has the lowest rates for personal loans.
As India's festive season intensifies, those looking for personal loans are in for a treat. This is a good time for borrowers to obtain funds at low interest rates because banks, both public and private, are launching some of the most attractive offers of the year.
Personal loans are often taken out to pay for festival shopping and travel, while others do so to cover unforeseen medical costs or job loss. The festive season sees a jump in personal loan demand, with prominent banks offering lower interest rates and eliminating processing fees for clients with strong credit scores.
Winner among private lenders:
Axis Bank steals the show with rates as low as 9.99% per annum for amounts up to Rs 40 lakh and terms ranging from one to seven years. A loan of Rs 5 lakh with a five-year payback period has an EMI of Rs 10,621.
Not far behind, ICICI Bank is another alluring option for the private sector, with rates starting at 10.6% per annum. A loan of Rs 5 lakh with a five-year payback period has an EMI of Rs 10,772.
Interest rates on personal loans from Kotak Mahindra Bank start at 10.99%. A loan of Rs 5 lakh with a five-year payback period has an EMI of Rs 10,869.
For personal loans, HDFC Bank has interest rates that start at 10.9%. A Rs 5 lakh loan with a five-year payback period has an EMI of Rs 10,846.
Yes Bank offers personal loans of up to Rs 5 lakh with a five-year repayment period, with interest rates starting at 11.25%. The EMI is expected to be Rs 10,934.
Strong contenders from public banks:
State Bank of India, a trusted public-sector lender, has the lowest interest rates on personal loans, with rates as low as 10.10%. For a loan of Rs 5 lakh with a five-year payback period, the equated monthly instalment is Rs 10,648.
Interest rates on personal loans from Union Bank of India start at 10.75%. For a five-lakh loan with a five-year payback period, the monthly instalment is Rs 10,809.
Punjab National Bank provides personal loans of Rs 5 lakh with a five-year payback period starting at 10.5%. Rs 10,747 will be the EMI.
Canara Bank provides personal loans of Rs 5 lakh with a five-year payback period starting at 13.75%. The EMI amounts to Rs 11,569.
Interest rates on personal loans from Bank of Baroda start at 10.90%. A loan of Rs 5 lakh with a five-year payback period has an EMI of Rs 10,846.
Why now is the perfect time to act
Since February 2025, the Reserve Bank of India has lowered repo rates by 100 basis points, which has encouraged public sector banks to lower their lending rates faster than private lenders.
Lenders such as HDFC and Bank of Baroda continued to pass on gains to borrowers through decreases in the Marginal Cost of Funds-based Lending Rate (MCLR), even as the RBI kept rates unchanged at its August meeting, according to the Economic Times.
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