PSBs are offering personal loans at attractive rates, shows CIBIL data

The interest rate offered by PSBs like State Bank of India (SBI), Bank of Baroda and Bank of India hover around 8.9 per cent-10.50 per cent.

Hit by economic disruptions caused by the Covid-19 pandemic, the overall personal loan business declined by 42.2 per cent on a year-on-year (YoY) basis in August 2020.

However, the approach of public sector banks (PSBs) stood out during the pandemic with their business rising by 66.5 per cent, according to credit bureau CIBIL data.

PSBs are offering personal loans at attractive rates compared to their peers. This is prompting consumers, who are facing financial hardship, to avail personal loans from PSBs.

The interest rate offered by PSBs like State Bank of India (SBI), Bank of Baroda and Bank of India hover around 8.9