By Reserve Bank of India (RBI) Banks have cheaper loans cheaper after cutting interest rates for the third consecutive time. Interest has decreased on all types of loans from home, car loan. This has reduced the burden of EMI on people. However, now the question arises that if you are preparing for a new loan lane, then who is giving cheap loans in the government or price bank? Which banks are they are giving home or car loans at the cheapest interest rate? Let’s answer all your questions.
Interest rate on home loan in government banks
SBI: 8%-9.20%
Bank of Baroda: 8%-9.90%
Union Bank of India: 7.85%-10.40%
Punjab National Bank: 7.50%-9.25%
Bank of India: 7.85%-10.60%
Canara Bank: 7.90%-10.65%
UCO Bank: 7.40%-9.00%
Bank of Maharashtra: 7.35%-10.15%
Punjab & Sindh Bank: 7.55%-10.75%
Indian Overseas Bank: 7.90%-8.90%
Indian Bank: 7.40%-9.40%
Central Bank of India: 7.85%-9.45%
Interest rate on home loan in private bank
Kotak Mahindra Bank: Starts from 8.65%
ICICI Bank: Starts from 8.50%
Axis Bank: 8.75%-9.65%
HSBC Bank: Starts from 8.25%
South Indian Bank: 8.30%-10.60%
Karur Vaishya Bank: 8.45%-11.40%
Karnataka Bank: 8.62%-10.86%
Federal Bank: Starts from 9.15%
Bandhan Bank: 8.66%-12.83%
RBL Bank: Starts from 9.00
HDFC Bank: Starts from 8.45%
City Union Bank: 9.85%-13.75%
Interest rate on car loan in government and personal banks
State Bank of India: Starts from 9.20%
Indian Overseas Bank: Starts from 8.15%
Canara Bank: Starts from 8.20%
HDFC Bank: Starts from 9.40%
ICICI Bank: Starts from 9.10%
Karur Vaishya Bank: Starts from 9.25%
IDBI Bank: Started at 8.65% (floating)
Axis Bank: Starts from 9.15%
Bank of Baroda: Fixed: Starts from 8.80%
How to take cheap loan
If you are planning to take a home or car loan, do research first. Talk to banks and ask for rates according to your profile. If you do this, it is very possible that you will be able to take a loan at the best rate. Banks also give loans to good customers at low interest.
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