What banks and savings banks offer personal loans with the lowest rates this 2023?

As the school year begins, many parents are struggling to cover the expenses for supplies, tuition, uniforms, pensions, among others. Given this need, this group of people should know the amount offered by financial institutions regulated by the Superintendency of Banking, Insurance and AFP (SBS). for personal loans and their respective interest ratebefore deciding to opt for this option.

Personal loan: which bank or savings bank offers the lowest rate?

For example, as can be seen in the SBS web portal, for a personal loan of S/5,000 to be paid within a year, the most comfortable Annual Effective Cost Rate is offered by Mitsui Auto Financewhose TCEA is 29.71% and a monthly fee of S/478.37.

For the same loan amount, it follows Metropolitan Box with a rate of 34.35% and a monthly fee of S/488.51, according to information as of March 6, 2023 from the SBS. Meanwhile, Caja Arequipa and Banco GNB offer a rate of 36, 39% and 36.67%, respectively.

Personal loan: which bank or savings bank offers the highest rate?

In contrast, both Financiera and Crediscotia offer the highest rates for the S/5,000 loan. The Annual Effective Cost Rates of both entities exceed 100% as the financing amount for 12 months.

Next, La República shows you the comparative table of 32 financial entities with the detail of interest and quota in the modality of personal loan of S/5,000 for 12 months.

Instead, if you want to choose for a personal loan of S/10,000 to be paid within one year, the most comfortable Annual Effective Cost Rate is offered by the Metropolitan Boxwhose TCEA is 28.19% and a monthly fee of S/953.10.

The second entity that offers a loan of the same amount is Mitsui AutoFinance, whose rate is 29.71% and a monthly fee of S/956.73. All this can be seen in the section on Cost and Performance of Financial Products of the SBS.