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Attractive personal loan interest rates to fund your next expense

Richa Sharma 7 Stories

Friday June 23, 2017 , 3 min Read

Rahul (30) was at his wit’s end. He was short of funds, and he was planning to remodel his home. It was when he chanced upon a Personal Loan, did he realise its full potential. He completed an online application form, and attached as proof all the relevant documents. The loan amount was disbursed to his bank within 72 hours of the loan approval.

Quick overview

A Personal Loan from a leading NBFC or bank acts as a driving force to help you realise your dreams. Whether you are seeking funds to finance further studies, wedding or even pay your debt, a Personal Loan has been a prime choice.

You need to fill an online form, and check your eligibility criteria online. Once the lending bank approves your loan request, funds are made available in few hours’ time. Choose from a flexible tenor and low interest Personal Loan so you can easily repay your loan in monthly installments.

Personal Loan interest rates

Personal Loan offered by any bank depends on few factors such as the applicant’s credit history, age and income. For salaried individuals, interest rate commences from 11.99 percent per annum. You are entitled to receive a minimum loan of Rs.1 lakh and maximum of Rs.25 lakh. Loan tenor ranges from a minimum of 24 months up to a maximum of 60 months.

Personal loan interest rate in India varies from one bank to another. For instance, a private bank offers the loan at 12.50 percent to 16.60 percent and another commercial bank charges from 11.25% to 24.0%. You can compare the loan rates using online comparison websites.

Best Personal Loan interest rates

There are several comparison tools online like Personal Loan EMI Calculator and eligibility calculator. With the help of these tools you can take a decision regarding personal loan. A public sector bank is known to give loans at 11.5 % to 13.25% interest rate. You get a maximum of Rs.25 lakh without any processing fee. Your tenure ranges from 1 year to 5 years.

Another privately aided financial institution charges 13.55%, and the loan amount varies from Rs.50,000 to Rs.7,50,000.

It is recommended that you make an estimate of the amount required and apply further. For best results, apply in banks where you have your salary account. This way the banks will be glad to offer a low loan interest rate on your Personal Loan.

Conclusion

Before applying for a loan, do a research or compare Personal Loan interest rates in India. Find out what are the additional charges, repayment period and if collateral is required.

With these simple ideas, you can find the best Personal Loan without any hassles.