Loan on Mutual Funds: know ICICI, SBI, HDFC Bank and Others Bank Interest Rate
A loan on mutual funds allows investors to take money on their mutual fund units without selling them. It works like an overdraft facility, with interest charged only on the amount used as credit.
Most of the banks provide this facility to the investors. The banks are registered with Computer Age Management Solution Private Limited (CAMS). Here is a breakdown of the interest rates given by different banks and the EMI for a loan of Rs. 10 lakh over three years.
ICICI Bank
ICICI Bank is a private bank in India that provides banking products and financial services. ICICI Bank gave an interest rate of 11.50%, and the EMI amount is Rs. 32,976 on a loan of Rs. 10 lakh for three years.
Axis Bank
Axis Bank is the third largest private bank in India. This bank provides financial services to customers, including large and midsized companies, MSMEs, farmers, and retail businesses. Axis Bank gave an interest rate of 11.49%, and the EMI amount is Rs. 32,971 on a loan of Rs. 10 lakh for three years.
Kotak Mahindra Bank
The bank provides financial services and banking products to retail and corporate customers in the areas of investment, personal finance, life insurance, and wealth management. Kotak Mahindra Bank gave an interest rate of 8.50%, and the EMI amount is Rs. 31,568 on a loan of Rs. 10 lakh for three years.
Bank of Baroda
Bank of Baroda is the second largest public sector bank in India, which gave an interest rate of 9.90% and an EMI amount of Rs. 32,220 on a loan of Rs. 10 lakh for three years.
State Bank of India
State Bank of India is the 48th largest bank in the world. It is the public sector bank and the largest bank in India, with a 23% market share by assets and a 25% share of the total loan and deposit market. State Bank of India, which gave an interest of 10.05% and an EMI amount is Rs. 32,291 on a loan of Rs. 10 lakh for three years
HDFC Bank
Housing Development Finance Corporation Limited (HDFC) is the largest private sector bank in India. Which provide financial products and services, including loans, payments, and wealth management. HDFC Bank gave an interest rate of 10.08%, and the EMI amount is Rs. 33,305 on a loan of Rs. 10 lakh for three years.
Three NBFCs—Tata Capital, SMFG India Credit, and IIFL Finance—gave interest between 8 and 10%. The EMI amount is Rs 31,336, Rs. 31,800, and Rs. 32,267, on a loan of Rs. 10 lakh for three years.
