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In today's fast-paced life, personal loan has become the biggest and easiest way to meet sudden financial expenses. Whether you want to renovate your home, finance your children's higher education, deal with a medical emergency or repay any old loan, a personal loan fulfills every need in a jiffy. But the biggest question remains that from which bank should the loan be taken so that the interest burden is minimal and the EMI does not become heavy on the pocket. To solve this confusion of customers, major government and private banks of the country have started offering personal loans at very attractive and low interest rates. If you are also planning to take a loan at this time, then it is very important to know the complete list of latest interest rates and processing fees of different banks, so that you can get the cheapest and affordable option. Major banks of the country are offering the most affordable personal loans, know the complete mathematics of interest rates. Whenever a person applies for a personal loan from a bank, his first attention goes to the interest rate. At present, there is tremendous competition in the Indian banking sector, due to which many banks are providing loans at very low interest rates. From the country's largest government bank SBI (State Bank of India) to big financial institutions like HDFC Bank (HDFC Bank), ICICI Bank (ICICI Bank) and Bank of Baroda (Bank of Baroda) are giving loans at very competitive rates on the basis of CIBIL Score and financial history of their customers. Generally, interest rates are kept very low for customers with good CIBIL score i.e. score above 750, making their monthly installments quite affordable. Apart from this, many banks are also giving huge discounts in processing fees during the festive season or under special schemes, which reduces the initial cost of taking the loan. List of top banks with low interest rates and important eligibility rules To repay the personal loan without any financial pressure, it is important to know which are the cheapest options available in the market at present. Some public sector banks like Bank of Baroda and Canara Bank are currently offering personal loans at very attractive starting interest rates, which prove to be quite affordable compared to many private banks. Along with this, HDFC Bank and Axis Bank are also providing pre-approved personal loan facility to their salaried customers through digital medium in a jiffy. To avail a loan from these banks, your minimum monthly income, your type of job or business setup, and your past credit record should be completely transparent. If your credit score is excellent, banks not only give you the benefit of low interest rates but also transfer the loan amount directly to your bank account within a few hours without any lengthy paperwork. Before taking a personal loan, pay special attention to these things and save your money in this way. While looking for a cheap personal loan, not only the low interest rate should be considered as a criterion, but there should also be complete information about the other charges associated with it. While taking a loan, one should read the rules of Processing Fee, Foreclosure Charges, i.e. penalty for premature repayment of loan, and part-payment very carefully. Many times banks show very low interest rates in the initial advertisement, but with the addition of hidden charges and GST, the total cost increases significantly. Therefore, always choose a bank which follows transparent policies and has a flexible pre-payment policy. Additionally, choose the loan tenure that suits your financial condition, so that EMIs can be paid on time every month and your CIBIL score always remains strong.