When it comes to taking a personal loan, the interest rate is an important factor that determines whether the loan is affordable or not. Yes Bank is among the leading private sector banks in India that offer personal loans to eligible customers. But how do Yes Bank’s interest rates compare to other major banks in the country? Here’s a closer look.
Yes Bank Personal Loan Interest Rates
Yes Bank’s interest rates on personal loans start from 10.99% per annum. The maximum loan amount can be up to Rs. 40 Lakhs, and the loan tenure can be up to 60 months. Additionally, there may be processing fees and prepayment charges applicable to the loan.
Comparing Yes Bank Personal Loan Interest Rates with Other Banks
1. HDFC Bank Personal Loan Interest Rates
HDFC Bank personal loan interest rates start from 10.50% per annum, slightly lower than Yes Bank’s rates. HDFC Bank offers loans up to Rs. 40 Lakhs, with a maximum loan tenure of 60 months. However, HDFC Bank charges a higher processing fee than Yes Bank.
2. ICICI Bank Personal Loan Interest Rates
ICICI Bank personal loan interest rates start from 11.25% per annum, higher than Yes Bank’s rates. ICICI Bank offers loans up to Rs. 20 Lakhs, with a maximum loan tenure of 60 months. ICICI Bank also charges a processing fee and prepayment charges.
3. Axis Bank Personal Loan Interest Rates
Axis Bank personal loan interest rates start from 10.50% per annum, the same as HDFC Bank’s rates and lower than Yes Bank’s rates. Axis Bank offers loans up to Rs. 25 Lakhs, with a maximum loan tenure of 60 months. Axis Bank also charges a processing fee and prepayment charges.
4. State Bank of India Personal Loan Interest Rates
State Bank of India personal loan interest rates start from 9.60% per annum, the lowest among the banks compared. However, SBI only offers loans up to Rs. 20 Lakhs, with a maximum loan tenure of 72 months. SBI also charges a processing fee and prepayment charges.
Conclusion
Based on the comparison, Yes Bank’s personal loan interest rates are competitive, though not the lowest. While choosing a bank for a personal loan, it’s important to consider not just the interest rates but also the loan amount, loan tenure, and additional fees and charges. Before taking a personal loan, it’s crucial to assess one’s repayment capacity to avoid defaulting on the loan.
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