Cheapest Personal Loans: Top 5 Banks Offer Low Interest Rates

• A CIBIL score of 800 or more is crucial for securing the cheapest personal loan interest rates.
• Bank of Maharashtra offers personal loans starting at 8.75% interest with 1% processing fee, up to ₹20 lakh, requiring ₹3 lakh annual income and no guarantor.
• Punjab & Sind Bank provides personal loans from 9.60% interest, with processing fees between 0.50% and 1%.
• HDFC Bank, Axis Bank, and IDFC Bank offer personal loans starting at 9.99% interest, with varying processing fees and loan limits (HDFC up to ₹50 lakh).
• A ₹12 lakh loan for 5 years at 8.75% results in ₹24,765 EMI, while at 9.99% it's ₹25,491, highlighting interest savings.

Why It Matters: Compare top banks like Bank of Maharashtra, Punjab & Sind, HDFC, Axis, IDFC for cheapest personal loans.