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Personal loan is an unsecured loan. Hence, the interest rate on the loan is invariably higher than the other loans. Coming to your question, the cheapest personal loan cannot be determined by the lender rather a lot depends on the individual’s credit profile. There are a lot of factors involved when banks decide the creditworthiness of the borrower.
A personal loan could be cheaper if the loan amount is higher and credit score and income are higher for the borrower. If you could fulfil all the above eligibility criteria, there are chances of getting a personal loan at low interest rate. Tenure is another factor that comes into play an important role in getting a cheaper personal loan. If the repayment period is higher, the borrower may have to pay more on the interest rate. The interest rate on a personal loan generally starts from 10.99%. This could be the lowest interest rate anyone can get in India.