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.