Which Bank provides the cheapest personal loan in India?

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Which Bank Provides the Cheapest Personal Loan in
India?
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Points to know remember

• The rate of interest and the respective EMI
  varies with an individuals profile. 
• The interest rate depends on individuals income,
  company status, credit payment history,
  existing relationship with the bank, and
  individual negotiation skills.
• One who have a stable job and all the documents
  are in proper place, then you can apply for
  personal loan in big banks like SBI, HDFC,
  ICICI, etc. at Afinoz platform.
• For those who dont have salary slips or bank
  statement, Afinoz has competitive loan options.
  Afinozs objective is to help to find the right
  lender to you and offer the best affordable
  interest rates as possible.

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Case Study

• To prove our hypothesis, lets take an example
• Ms. Mansi, an engineer, took a Personal Loan to
  remodel her kitchen from ICICI Bank at an
  interest rate of 10.99 p.a.
• Mr. Jadhav, a store manager receives a salary in
  cash. He managed to avail a Personal Loan at an
  interest rate of 18 p.a. from HDFC Bank.
• Mr. Khanna, a dentist by profession availed a
  personal loan to renovate his clinic at an
  interest rate of 14 p.a. from SBI.

Name Loan Amount Tenure Interest Rate EMI
Ms. Mansi ? 1 Lakh 3 years 10.99 ? 3273
Mr. Jadhav ? 1 Lakh 3 years 18 ? 3615
Mr. Khanna ? 1 Lakh 3 years 14 ? 3417
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The Cheapest Interest Rates offered by the
Popular Lenders
Banks/NBFCs Rates as per 2019
SBI 10.90
HDFC Bank 11.25
ICICI Bank 10.99
Bank of Baroda 11.60
Axis Bank 16
Allahabad Bank 12.80
Corporation Bank 12.90
IndusInd Bank 11.25
Kotak Bank 10.99
PNB 12.00
Vijaya Bank 12.90
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Factors which affects your Interest Rates

• Interest rates varies case to case.
• One of the major factors impacting an
  applicants personal loan interest rate is
  borrowers credit score. 
• One can avail a personal loan at a cheaper
  interest rate, if you have a good credit score. 
• It is necessary to keep an eye on your credit
  score from time to time and make efforts to bring
  to the range of 700 and above.
• However, if the score falls below the optimum
  range, it is wise to practice financial
  cautiousness.
• Never default on debts, pay the loan EMIs on
  time, timely payment of Credit Card bills, using
  credit wisely.

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What is Credit Score?
Credit Score Ratings
750 and above Very Good
700-750 Good
650-700 Fair
550-650 Poor
550 and below Bad
Note CIBIL is the most popular of the four
credit information companies which are licensed
by RBI to operate as credit information
companies. The other 3 are Equifax, Experian, and
Highmark. 
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Thank You !!!