No matter, whether It’s for a luxury purchase or an emergency expense, just with a minimum hassle a Personal Loan can provide you with financial support. In India, with the passing years personal loans have gained immense popularity. The advent of online lending platforms has transformed the process of Applying For Personal Loans, making it more convenient than ever to obtain fast funds.
So now if you wish to travel to your dream destination or fulfill some of your lifestyle needs you don’t have to worry much, as the best Personal Loan can help you achieve all this in no time. But there are numerous things that one should consider prior to going for a Personal Loan. Let’s walk you through some of the points to consider that would help you to avail of the best Personal Loan.
ICICI Bank is offering an attractive interest rate of as little as 10.50% p.a. depending upon certain criteria. The interest rate is calculated on the outstanding loan amount every month besides getting levied on a diminishing balance.
Why Should You Consider ICICI Bank Personal Loan?
Here are some of the key characteristics of ICICI Bank Personal Loans.
|Rate of Interest||10.50% to 18.49% p.a.|
|Age||Salaried – 23 to 58 Years, Self-employed – 25 to 65 Years|
|Loan Amount||Up to 20 Lacs|
|Processing Fees||Up to 2.25% p.a. of loan amount + GST|
|Prepayment charges||5% p.a. of principal outstanding + GST|
|Tenure||From 12 to 60 months|
HDFC Bank is known as one of the leading private-sector banks. It offers a range of various banking products at a competitive interest rate. You can check your eligibility for HDFC Bank in just 1 minute online besides at some of the selected branches you can check through its Personal Loan Eligibility Calculator Tool.
Why Should You Consider HDFC Bank Personal Loan?
Below are Some of The Key Characteristics of HDFC Bank Personal Loans.
|Age||From 21 to 60 Years|
|Interest Rate||Range from 10.50% to 21.50 %p.a.|
|Minimum income requirement||Rs. 15,000 per month|
|Loan amount||Up to Rs. 15 Lac|
|Processing fee||Up to 2.5% of the loan amount with a minimum of Rs. 1,999|
|Tenure||From 12 months to 60 months|
Axis Bank Personal Loan comes with a super fast and efficient process besides offering outstanding features and numerous advantages including minimal processing fees, flexible payback, and competitive interest rates.
Why Should You Go For Axis Bank Personal Loan?
Here are a few key characteristics of Axis Bank Personal Loan
|Interest Rate||From 12% – 24% p.a.|
|Processing Charges||1.5% to 2% + GST as applicable|
|Age||21 to 60 years|
|Minimum income requirement||Rs. 15,000|
|Loan amount||Rs, 50,000 to 15 Lacs|
|Tenure||Up to 60 months|
YES Bank offers collateral-free personal loans of up to Rs 40 lacs at an attractive interest rate.
Why Should You Consider YES Bank Personal Loan?
|Loan Amount||Rs. 1 Lakh – Rs. 40 Lakhs|
|Interest Rate||10.99% p.a. onwards|
|Processing Fees||Up to Rs. 4,999 or up to 2.5% of the loan amount|
|Minimum Monthly Income||Rs. 18,000 or Rs. 25,000|
Here, we present a comprehensive list of the best Personal Loan plans available in India. In addition to the ones already mentioned here, there are numerous other loan plans in India that provide quick Personal Loans.
Listed below is some common eligibility criteria of leading Personal Loan providers in India.
Minimum Age: For salaried applicants, the minimum age should be 21 years when applying for a loan, whereas for self-employed the age required is 25 years.
Maximum Age: At the time of loan maturity salaried persons should not be above 60 years. Whereas the maximum age of a self-employed person should be less than 65 years at the time of loan maturity.
Occupation: A salaried individual should be working with a reputed government or private company. Self-employed non-professional, self-employed professionals such as doctors, architects, chartered accountants, and so on.
Nationality: One should have Indian nationality to be eligible.
CIBIL Score: To avail of the best personal loan in India your CIBIL Score should be above 750 or above.
Minimum Income: Your monthly income should be Rs 25,000 or above.
Minimum Work Experience: To get a Personal Loan you should have an experience of at least 2 years and should be serving for at least 1 year with the current employer.
Prior to going for a Personal Loan, you should check for the eligibility criteria to get a better understanding.
Now let’s talk about the factors affecting the Personal Loan Interest Rate
Banks and other financial institutions have established specific criteria for personal loans, based upon which they determine and offer interest rates.
Loan Amount: The most essential factor that usually banks consider is the loan amount that a borrower requires. The loan amount is considered depending on the borrower’s income and occupation. With the increase in loan amount, the interest rate of Personal Loans decreases.
Tenure: The tenure of the loan directly influences the interest rate. Thus, with the increase in tenure interest rate decrease.
Income of the Borrower: The interest rate of your loan directly depends on your income. If you have a higher income and steady revenue stream the lenders will be convinced that you will be able to make loan payments on time. Thus, if you have a higher income you can be benefited with a cheaper interest rate.
Repayment Capacity: One of the key factors that are determined to consider interest rate is the ability of an individual to repay debt. Usually, lenders believe that if a borrower doesn’t have too many financial obligations he/she can repay the loan on time.
Credit Score: Depending upon your credit score lenders determine the loan amount and the interest rate. If you have a credit score of 750 and above then the interest rate might be considerably low.
These are some of the key factors that are considered by lenders while finalizing the interest rate for your Personal Loan.
Here are some of the crucial points to consider to avail of a Personal Loan with a low-interest rate.
There are numerous things to keep in mind to choose the Best Personal Loan.
With a few simple steps, you can apply for a personal loan and get it disbursed in a few days.
It’s important to know the pros and cons of Personal Loans when you’re looking for a lender and deciding whether to apply for a Personal Loan. Let’s walk you through the pros and cons of Personal Loans to get a better understanding.
A Personal Loan can be a wise choice when you are facing financial need, but it’s important to consider the pros and cons associated with it in order to achieve the best outcomes.
Prior to deciding on a Personal Loan it is crucial to have an understanding of the benefits and risks associated with it. No matter Personal Loans can provide quick access to funds but on the other hand, high-interest rates can pose financial risks. Nevertheless, when used responsibly and with thoughtful consideration, personal loans can serve as a beneficial tool for accomplishing short-term financial objectives.
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