Personal loan on lowest interest rates: Personal loan is the fastest and easiest way to meet the need of money in emergency. The interest rate on personal loans varies depending on the bank and credit score, apart from other criteria.
New Delhi: Personal loan is the fastest and easiest way to meet the need of money in case of emergency. Personal loans can be taken for any reason, be it credit card payments or to cover a financial crisis. Personal loans can also be availed for urgent needs like buying items for your home, schooling of your children, hospitalization etc. What will be the loan amount and interest rate, it varies according to the banks.
The interest rate on personal loans varies depending on the bank and credit score, apart from other criteria. Apart from this, the interest rate also depends on the amount repayment tenure. Similarly, the EMI is determined by the personal loan amount, tenure and interest rate. Banks keep changing the interest rates.
Personal loan tenure, interest rate and amount
Personal loan interest rate is like the monthly fee charged by a bank for borrowing money from them. Any bank can issue a minimum of Rs 50,000 to Rs 30 lakh to the applicant as a personal loan. For this, the repayment tenure is between 1 year to 5 years and the interest rate can be between 1 percent to 50 percent. Interest rates may vary from bank to bank.
Documents Required for Personal Loan
If you are a salaried professional, you will need to submit your ID proof, address proof and latest 3 salary slips as income proof along with your employer’s details. There is no documentation process for a pre-approved personal loan if you are already a bank customer and KYC compliant.
These 10 banks are offering personal loans at the lowest interest rates
- Bank of Maharashtra- Offering personal loan amount up to 20 lakhs at 10.00% interest rate for tenure up to 84 months.
- Bank of India- is giving up to 20 lakhs at 10.25% interest rate on tenure up to 84 months.
- IDFC First Bank – Up to 1 crore is being given at 10.49% interest rate on tenure of 6-60 months.
- Kotak Mahindra Bank – 10.99% interest rate with tenure of 12-60 months from 50000 to 25 lakh rupees.
- Federal Bank – is giving up to 25 lakhs at 11.49% interest rate for 48 months tenure.
- Bandhan Bank – is giving amount from Rs 50000 to Rs 25 lakh at 11.55% interest rate for tenure up to 60 months.
- J&K Bank – Amount from Rs 50000 to Rs 25 lakh is being given at 12.90% interest rate for 120 months tenure.
- Karnataka Bank – is giving up to 5 lakhs at 14.12% interest rate for tenure up to 60 months.
- City Union Bank – is giving up to 1 lakh with an interest rate of 18.75% for a tenure of 36 to 60 months.
- IndusInd Bank – 30000 to 25 lakh rupees with 10.25% to 32.02% interest rate for 12-60 months tenure.
Personal Loan Processing Fee
The bank charges some administrative charges while disbursing your loan. This is often a nominal amount which varies from bank to bank and generally costs between 0.5% and 2.50% of the total loan amount. Each bank sets the minimum and maximum percentage of the loan processing fee that the loan applicant has to pay.
