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Lowest Personal Loan: Inflation is rising so rapidly that, today, personal savings alone are no longer sufficient to undertake any major financial endeavor. Consequently, people often find it necessary to take out a personal loan. Before applying for a personal loan, numerous questions typically arise in one's mind, such as: Is taking a loan a prudent decision? How can the Equated Monthly Installment (EMI) be minimized? Which bank is the best choice for obtaining a loan?

There is no specific trick or method to artificially lower the EMI of any loan. However, if you secure a loan at a lower interest rate, the EMI naturally decreases. Furthermore, if you possess a strong credit score (or CIBIL score), banks are more inclined to offer loans at reduced interest rates.

Today, we will explore the interest rates currently being offered by various prominent banks. Additionally, we will identify where you can find the most affordable personal loans available on the market.

Cheapest Personal Loan: Where Can You Find the Most Affordable Personal Loan?

Bank    Interest Rate (%)    EMI
Loan Amount - ₹ 5 Lakhs
Loan Tenure - 5 Years    EMI
Loan Amount - ₹ 1 Lakh
Loan Tenure - 5 Years    Processing Fee
HDFC Bank    9.99    10,621    2,124    Up to ₹ 6,500
Tata Capital    10.99    10,869    2,174    Up to 5%
State Bank of India    10.00-15.00    10,624-11,895    2,125-2,379    Up to 1.50% (₹ 1,000 - ₹ 15,000)
ICICI Bank    9.99    10,621    2,124    Up to 2%
Bank of Baroda    10.15-18.00    10,660-12,697    2,132-2,539    Up to 2% (Max ₹ 10,000)
Axis Bank    9.6    10,525    2,105    Up to 2%
Kotak Mahindra Bank    10.99    10,869    2,174    Up to 5%
Bank of India    10.85-16.15    10,834-12,199    2,167-2,440    Up to 1% (Min ₹ 250; Max ₹ 15,000)
Canara Bank    9.70-15.15    10,550-11,934    2,110-2,387    0.50% (₹ 1,000 - ₹ 5,000)
Punjab National Bank    10.25-16.80    10,685-12,373 2,137–2,475    Up to 1%