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    Personal Loan in India at Lowest Interest Rates - Compare & Apply Online

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    DILLIP KUMAR MAHAPATRA
    Personal loans offered in India have interest rates starting from 11.49% and can provide amounts between Rs. 50,000 to Rs. 40 lakhs. The loans are unsecured and can be used for purposes like weddings, medical expenses, home renovations, and debt consolidation. Eligibility requires being over 21 with at least 1 year of work experience, making over Rs. 15,000 per month, and providing documents like address proof, income proof, and bank statements. Interest rates vary based on the borrower's salary, credit history, employer, and city of residence.

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    Personal Loan in India at Lowest Interest Rates - Compare & Apply Online

    Uploaded by

    DILLIP KUMAR MAHAPATRA
    154 views3 pages
    Personal loans offered in India have interest rates starting from 11.49% and can provide amounts between Rs. 50,000 to Rs. 40 lakhs. The loans are unsecured and can be used for purposes like weddings, medical expenses, home renovations, and debt consolidation. Eligibility requires being over 21 with at least 1 year of work experience, making over Rs. 15,000 per month, and providing documents like address proof, income proof, and bank statements. Interest rates vary based on the borrower's salary, credit history, employer, and city of residence.

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    Personal Loan Article-Very informative

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    Personal Loan

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    Personal loans offered in India have interest rates starting from 11.49% and can provide amounts between Rs. 50,000 to Rs. 40 lakhs. The loans are unsecured and can be used for purposes like weddings, medical expenses, home renovations, and debt consolidation. Eligibility requires being over 21 with at least 1 year of work experience, making over Rs. 15,000 per month, and providing documents like address proof, income proof, and bank statements. Interest rates vary based on the borrower's salary, credit history, employer, and city of residence.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    154 views3 pages

    Personal Loan in India at Lowest Interest Rates - Compare & Apply Online

    Uploaded by

    DILLIP KUMAR MAHAPATRA
    Personal loans offered in India have interest rates starting from 11.49% and can provide amounts between Rs. 50,000 to Rs. 40 lakhs. The loans are unsecured and can be used for purposes like weddings, medical expenses, home renovations, and debt consolidation. Eligibility requires being over 21 with at least 1 year of work experience, making over Rs. 15,000 per month, and providing documents like address proof, income proof, and bank statements. Interest rates vary based on the borrower's salary, credit history, employer, and city of residence.

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    Personal Loan in India at Lowest Interest

    Rates - Compare & Apply Online


    May 2017 deals for Unsecured Personal Loan online from Rs
    50,000 to Rs 40 lakhs with interest rates starting from 11.49% given by
    the major banks and financial institutions according to your profile.
    Apply for an Online Personal Loan now.

    Personal loans are unsecured loans, disbursed by most banks and NBFCs
    where the loan quantum could vary from Rs. 50,000 to Rs. 40,00,000. These
    are unsecured loans which mean you need not mortgage anything or even
    keep any asset as a security with the Bank. There are multiple reasons for
    which a personal loan is taken such as weddings, medical emergency, travel,
    home renovation, balance transfer, debt consolidation and so on. Read more
    on how to get a personal loan and an instant personal loan online approval.

    The basic requirement to get a loan sanctioned is a good credit history and an
    adequate salary. Other factors like years of employment, company you work
    for, city you stay in, etc will all determine the important factors like eligible
    amount, tenure and lowest interest rates for personal loan. Personal Loan
    Interest Rates vary from around 11.49% during offers to 28% across different
    banks and NBFCs. To be able to offer the best deal for personal loan in your
    city, most banks require you to be at least 21 years with over a year of work
    experience. Personal loans are usually repaid monthly over a pre-decided
    tenure. While most banks charge you a pre-closure charge of 4% - 5% of the
    outstanding loan amount, some of the banks give you the flexibility to pre-
    close the loan without any additional charges.

    Basic Documents Required for Personal Loan


    Three passport size photographs
    ID proof Passport/Voter ID/Aadhar or Drivers Licence
    Residence Proof Passport/ Landline Bill/ Post-paid Mobile Bill/
    Rental agreement or Bank Statement
    Pan Card copy

    Age Proof Passport/ Drivers Licence/ School Certificate or Pan


    Card copy
    Income Proof - Latest 3 months salary slips
    Banking Statement - 6 months bank statements
    Job Stability & Continuity Offer Letter, Relieving Letter and
    Form 16

    Basic Eligibility Criteria for Personal Loans


    Age of the applicant should be between 21-60 Years
    Salaried individual with minimum income of Rs 15,000. Salary bracket would
    again depend on the city you live in and the company you work for. Eg. If you
    are in a Metro the salary requirement will be higher than non-metro and again
    if you are working in a top MNC the salary requirement would be lesser than
    one working with a startup.
    Should be staying in the city for at least 1 Year
    Total work experience should be at least 2 Years
    You would require basic documentation such as your address proof, identity
    proof, latest bank statements etc

    Compare now to check the best interest rates online for your personal
    loan requirement

    FIND LOWEST INTEREST RATES

    Want to know your Personal Loan Interest Rates?


    There are multiple banks which offer a personal loan such as HDFC Bank,
    ICICI Bank, Kotak Mahindra Bank, Axis Bank, Citibank, RBL Bank and NBFCs
    such as Bajaj Finserv, Tata Capital, Fullerton and many more which offer
    personal loans which are all unsecured loans. So if you are wondering how to
    get a personal loan or are looking for instant personal loan online approval
    then read more and either call us or leave your details using our simple form.
    Also the interest rates for your Personal Loan depends on a lot of factors
    according to your profile. They vary from your salary to your credit history and
    includes many other important parameters.

    Personal Loan Interest Rates Explained


    Personal loan interest rates is one of the first parameters that one considers
    along with other value adds like pre-closure options, part payments etc.
    Interest rates are the rate at which the bank is willing to lend money to you
    which in turn is their source of income. Let us have a basic understanding of
    how personal loan interest rates are calculated.

    The Bank has deposits from customers like you in the form of Fixed Deposits,
    balance in the savings account and so on. The bank has a certain payout for
    these deposits. This payout is considered as the cost of capital for the banks
    and they lend at an interest higher than their cost of capital accounting for the
    risk involved with the customer who they are lending to.

    To elaborate this further with numbers, consider a bank giving you 8% for the
    fixed deposit that you have with them. The bank would ideally like to make an
    addition of 6% to 8% on this fixed deposit. Having an interest rate of 16% for
    all customers again is not justified as the bank is not accounting for the
    company where the borrower is working, the borrower's salary, their past
    credit history and so on. Therefore the interest rates for personal loan vary
    based on multiple criteria and different categories.

    To take this further, different banks have interest rate offers for different
    profiles. Personal loan interest rates are usually fixed for a tenure which varies
    from 1 year to 5 years. Also, the interest is calculated on the principal
    outstanding and not the on the initial loan amount. This form of interest rate is
    termed as fixed and reducing. Different banks have offers on a monthly basis
    to attract the cream of customers. This could be as offer for companies, for
    loan amount taken, for a certain salary or even for a transfer of a loan from
    one bank to another.

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