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Need a personal loan of Rs 5 lakh for five years? learn the best way

August 10, 2021
Bharat Times English News

New DelhiPeople often opt for personal loans when they are surrounded by financial crisis. Taking a personal loan has become very easy nowadays. You can get a personal loan based on your credit score.

Banks and non-banking finance companies provide personal loans to customers. There are two things to keep in mind while taking a personal loan: one is the interest rate and the other is the processing fee. The processing fee has to be paid at the time of taking the loan. If you want to take a personal loan of up to Rs 5 lakh for a tenure of five years, then know about the interest rates and processing fees of various banks.

state Bank of India

  • The interest rate started from 9.60 per cent to 13.85 per cent per annum.

  • The processing fee is up to 1.5 percent of the loan amount, subject to 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:

  • The interest rates range from 75 per cent to 15 per cent per annum.

  • Processing fee up to 1% of the loan amount.

  • If you take a loan of Rs. 5 lakh for 5 years, EMI will be Rs. 10562-11895.

City Bank:

  • The interest rates range from 9.99 per cent to 16.49 per cent per annum.

  • Processing fee up to 3 percent 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 range from 10 percent to 15.60 percent per annum.

  • The processing fee ranges 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:

  • The interest rate starts from 10.49 per cent per annum.

  • Processing fee up to 3.5 percent 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 range from 10.50 per cent to 21 per cent per annum.

  • The processing fee is up to 2.5% of the loan amount, subject to a maximum of Rs. 25,000.

  • If you take a loan of Rs. 5 lakh for 5 years, EMI will be Rs. 0747-13527.

ICICI Bank:

  • The interest rates range from 10.50 per cent to 19 per cent per annum.

  • Processing fee up to 2.50 percent of the loan amount.

  • If you take a loan of Rs. 5 lakh for 5 years, EMI will be Rs. 10747-12970.

Mahindra Bank Box:

  • Interest rates range between 75 percent to 24 percent per annum.

  • Processing fee up to 2.5 percent of the loan amount.

  • If you take a loan of Rs. 5 lakh for 5 years, EMI will be Rs. 10809—Rs. 14384.

Tata Capital:

  • The interest rate starts from 10.99 per cent per annum.

  • Processing fee up to 2.75 percent of the loan amount.

  • If you take a loan of Rs. 5 lakh for 5 years, EMI will start from Rs. 10869.

IndusInd Bank:

  • The interest rate starts at 11 per cent per annum.

  • Processing fee up to 2.5 percent of the loan amount.

  • If you take a loan of Rs. 5 lakh for 5 years, EMI will start from Rs. 10871.

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