Know before Applying for Bank Loan

When the topic is loan from a Bank, the very first matter is to choose the Bank because every bank charges different rates of interest for loan.

Nowadays Various Banks are offering housing loans, Car loan, Education loan and personal loan. But, Before applying one should care the following matter.

For Housing loans up to period of twenty years and amount of maximum forty lakh, Bank of India, Dena Bank, and Syndicate Bank charges 10.75 percentage rate of interest, IDBI Bank and Corporation Bank charge 10.50 percentage rate of interest, whereas In Private Banks ICICI and HDFC Bank charges 10.50 to 11.50 % , Axis Bank 11%, Karur Vysya Bank 12.25%, and HSBC charges 10 to 13 % of rate of interest.

For Car loan for amount of maximum 03 lakh and period of maximum five years, Dena Bank charges 12% rate of interest, whereas Bank of Baroda 11.25%, Bank of India 12.25%, Axis Bank 12.5 to 15%, and Karur Vysya bank charges 12.50% rate of per Annum.

For Education loan up to 7.5 lakh of amount and maximum tenure of 05 to 07 years, Bank of India charges 13 % interest rate  annual whereas Bank of Maharashtra 13.25 %, Allahabad Bank 13.50%, Bank of Baroda 14 %, and IDBI Bank charges 12.5% rate of interest per Annum.

For Personal loan up to maximum amount of Rs. 4 Lakhs and period of maximum of 05 years, Dena Bank charges 14% rate of interest annually whereas ICICI Bank 14 to 18%, Bank of India 15.5%, Bank of Baroda 15%,  and Axis Bank  charges 15 to 24% rate of interest per annum.

So, I suggest that if you have to apply for loan you must care of above condition.

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Topics:  Finance
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