Need Personal Loan Of Rs 5 Lakh For Five Years? Learn The Most Reasonable Way

Banks and non-banking finance companies offer personal loans to customers. While taking a personal loan, make sure two things: one is the interest rate and other is the processing fee.

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New Delhi: People often opt personal loans when they are surrounded by economic crisis. Nowadays it has become much easier to take a personal loan. You may get a personal loan depending on your credit score.

Banks and non-banking finance companies offer personal loans to customers. While taking a personal loan, make sure two things: one is the interest rate and the other is the processing fee. Processing fee has to be paid only while taking a loan. If you want to take a personal loan of up to Rs 5 lakh for five years, know about the interest rate and processing fees of various banks. 

State Bank of India

• The interest rate started at 9.60 per cent to 13.85 per cent per annum.
• The processing fee is up to 1.5 per cent of the loan amount, which is a maximum of Rs. 15,000.
• If you take a loan of Rs. 5 lakh for 5 years, EMI will be Rs. 10525-11595.

HSBC Bank:

• Interest rates ranging from 75 per cent to 15 per cent annually.
• Processing fees up to 1 per cent of the loan amount.
• If you take a loan of Rs. 5 lakh for 5 years, EMI will be Rs. 10562-11895.

City bank:

• Interest rates ranging from 9.99 per cent to 16.49 per cent annually.
• Processing fee up to 3 per cent of the loan amount.
• If you take a loan of Rs. 5 lakh for 5 years, EMI will be Rs. 10621-12290.

Bank of Baroda:

• Interest rates ranging from 10 per cent to 15.60 per cent per annum.
• Processing fees ranging from Rs. 1000 to Rs. 10000.
• If you take a loan of Rs. 5 lakh for 5 years, EMI will be Rs. 10624-12053.

IDFC First Bank:

• Interest rate starts at 10.49 per cent annually.
• Processing fee up to 3.5 per cent of the loan amount.
• If you take a loan of Rs. 5 lakh for 5 years, EMI will be Rs. 10809.

HDFC Bank:

• Interest rates ranging from 10.50 per cent to 21 per cent annually.
• Processing fee is up to 2.5% of the loan amount, maximum Rs. 25,000.
• If you take a loan of Rs. 5 lakh for 5 years, EMI will be Rs. 0747-13527.

ICICI Bank:

• Interest rates ranging from 10.50 per cent to 19 per cent annually.
• Processing fees up to 2.50 per cent of the loan amount.
• If you take a loan of Rs. 5 lakh for 5 years, EMI will be Rs. 10747-12970.

Kotak Mahindra Bank:

• Interest rates ranging from 75 per cent to 24 per cent per annum.
• Processing fee up to 2.5 per cent of loan amount.
• If you take a loan of Rs. 5 lakh for 5 years, EMI will be Rs. 10809—Rs. 14384.

Tata Capital:

• Interest rate starts at 10.99 per cent annually.
• Processing fee up to 2.75 per cent of the loan amount.
• If you take a loan of Rs. 5 lakh for 5 years, EMI will start from Rs. 10869.

IndusInd Bank:

• Interest rate starts at 11 per cent annually.
• Processing fee up to 2.5 per cent of loan amount.
• If you take a loan of Rs. 5 lakh for 5 years, EMI will start at Rs. 10871.