It’s important that you determine the maximum personal loan amount you’re eligible for before comparing offers from different banks and financial institutions. Although every bank and NBFC would have its own exact eligibility criteria for personal loans, there are some broad guidelines that all lenders follow with regard to their approvals. Some of the basic parameters that are taken into account during loan approval process include age of the individual, his/her income stability, financial situation, credit score and employer type. As personal loans are unsecured in nature, these parameters are the only things that lenders can depend upon to gauge your credit-worthiness.
Personal Loan Interest Rate in India Nov 2019
|Interest Rate||10.50% onwards|
|Processing Fee||Upto 2% of loan amount|
|Loan Tenure||Upto 5 years|
|Lowest EMI Per Lakh||Rs. 2,162 for 5 years|
|Prepayment Charges||Nil to upto 5%|
- Paperless Approval from HDFC Bank, Tata Capital, IIFL, RBL Bank, Citibank, ICICI Bank
- Option to get direct call from IndusInd Bank, IDFC Bank
- Check Best Offers starting @10.50%
Personal loans are borrowed money that can be used for large purchases, alleviate financial hardships or even just supplement an expensive occurrence. These loans are paid back in monthly installments over the course of typically two to six years, but it can take longer depending on your circumstances and how diligent you are with making payments. Although it may seem frivolous to take out a personal loan for, well, personal reasons, it can be greatly beneficial in certain instances and when used and paid back correctly.
The top six reasons to apply and secure a personal loan.
- Consolidate debt
- Alternative to a payday loan
- Finance home remodeling
- Money for moving expenses
- Unplanned emergency expenses
- Make a large purchase