New Delhi, July 1 -- When you are planning to raise a personal loan, it is vital to remember that being unsecured, a personal loan tends to carry a higher rate of interest.

Therefore, it is recommended to compare the interest rates charged by different banks so that you can choose the one which gives a better deal to borrowers. A small tiny difference of 50 basis point in interest rate for even Rs.10 lakh loan, repayable over five years, can cost you an extra financial burden of Rs.14,760 during the duration of loan.

Let us check how different banks are charging different interest rates from borrowers.

HDFC Bank: The largest private sector bank charges interest in the range of 10.90 percent to 24 percent per annum. Aside from this, the...