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Personal Loan Interest Rate:  A personal loan is one of the most demanded loan instruments for working persons and businessmen. It is a kind of unsecured loan, which means borrowers do not need to think about any collateral for taking a loan. Because there is no collateral backing for a personal loan, the bank takes extra care in evaluating the borrower's creditworthiness.

The bank will review the personal loan applicant's credit score, monthly income, business profile, and company profile. Interest rates on personal loans are often high, so borrowers should be cautious when applying for a loan. According to PesaBazaar data, some banks are offering personal loans at interest rates of 10-10.99 percent.

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Below are the Banks providing personal loans at the lowest interest rates:

Bank of Maharashtra public sector bank is offering the lowest interest rate on personal loans starting at 10%. For a loan of Rs 5 lakh, the EMI for 5 years is Rs 10,624.

Punjab National Bank-  Punjab National Bank provides personal loans at a rate of 10.4 percent. For a loan of Rs 5 lakh, the EMI for 5 years is Rs 10,772.

IndusInd Bank-  IndusInd Bank charges 10.49 percent interest on personal loans. For a loan of Rs 5 lakh, the EMI for 5 years is Rs 10,744.

HDFC Bank-  HDFC Bank is providing personal loans at the rate of 10.5 percent. For a loan of Rs 5 lakh, the EMI for 5 years is Rs 10,747.

Punjab & Sind Bank-  Punjab & Sind Bank charges 10.75 percent interest on personal loans. For a loan of Rs 5 lakh, the EMI for 5 years is Rs 10,809.

ICICI Bank-  ICICI Bank charges 10.8 percent interest on personal loans. For a loan of Rs 5 lakh, the EMI for 5 years is Rs 10,821.

Bank of India-  Bank of India charges 10.85 percent interest on personal loans. For a loan of Rs 5 lakh, the EMI for 5 years is Rs 10,834.

Canara Bank-  Canara Bank charges 10.95 percent interest on personal loans. For a loan of Rs 5 lakh, the EMI for 5 years is Rs 10,859.

Kotak Mahindra Bank- Kotak Mahindra Bank and IDFC First Bank charge 10.99 percent interest on personal loans. For a loan of Rs 5 lakh, the EMI for 5 years is Rs 10,869.

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