Loan interest

Cheapest personal loan: Lowest personal loan interest rates from 8.15%: Top 10 banks offering the cheapest personal loans

A personal loan is an unsecured loan from a bank or other financial institution. Personal loan interest rates are among the highest, so it’s best to borrow from a lender that offers lower rates and shorter terms. Keep in mind that banks give lower interest rates to borrowers with high credit scores.

Personal loan interest rates vary from bank to bank.

For example, IDBI Bank personal loan interest rates start at 8.15% and go up to 14%; these come with a term of 12 to 60 months and for an amount between Rs 25,000 and Rs 5 lakh. State Bank of India (SBI) personal loan rates start at 9.6% and go up to 15.65%; these come with a tenor of 6 to 72 months and one can borrow between Rs 25,000 and Rs 20 lakh.

Click here for a full list of bank personal loan interest rates

What is the maximum and minimum limit of the personal loan

The minimum and maximum amount that can be borrowed varies with each bank and institution. SBI, for example, states on its website that salaried people can get a maximum personal loan of Rs 20 lakh. Personal loans of up to Rs 12 lakh are available from HDFC Bank, according to the bank’s website.

You can acquire a personal loan for as low as Rs 75,000 and up to Rs 25 lakh, according to the Tata Capital website, depending on your creditworthiness.

Does a personal loan help deal with a financial crisis caused by the coronavirus?

In response to the covid crisis, some lenders have raised credit scores and income requirements, making it harder for borrowers to qualify for a loan or get a low rate. Is it a good idea to get a personal loan at such a time. Plug into knowledge.

Who is eligible for the personal loan?

Personal loan eligibility requirements differ from bank to bank. According to the SBI website, you must have a minimum monthly income of Rs 15,000 to be eligible for a personal loan, whether or not you have a salary account with the bank.

Your credit score will also play a role in deciding your eligibility for a personal loan. Individuals must be between the ages of 21 and 60 and have worked for at least 2 years, including at least 1 year with the current employer. Those with a monthly net income of at least Rs 25,000 can apply to HDFC Bank.

What is the term of personal loans?

Lending institutions such as banks often provide personal loans for up to five years. However, the duration may differ according to the establishments.

Go contactless: your checklist for an online personal loan application

Are you eligible for an online personal loan?

Anyone eligible to get a regular personal loan offline is also eligible to get the same loan online. All employees and professionals with a stable job can benefit from an online personal loan.

What are the costs associated with a personal loan?

A bank or NBFC charges processing fees, stamp duties, and other regulatory fees on a personal loan.

Also, pre-payment or pre-closing fees will be imposed depending on the lender. Those opting in should be sure to review the many forms of fees that may be imposed before taking out a personal loan.