Personal Loans are unsecured loans that are taken for personal use for which no requirement of any security or guarantee as well as it can be taken for any reason, like wedding expenditure, vacation or acquiring consumer durables. The personal loan is very useful & takes care of all needs and wants. The sum of loan can start from Rs. 50,000 – Rs. 20 lakh & the term for reimbursing the loan ranges from 1 to 5 years.
Benefits of Personal loan
1. Personal Loan is an unsecured loan where one is not required to vow a house or other security to acquire a loan.
2. Personal Loan can be checked with negligible formalities or credentials and is less time consuming to acquire.
3 Personal Loan helps to get bigger loan requirement done, as a person can take a loan ranging from Rs. 50,000 to Rs. 20 lakh without much paperwork.
The major reason for the assessment is the status as to a person is working for an employer that is salaried or a person is an employer himself that is self employed. The features that decide the Personal Loan interest rates are as follows:
•Income of the person
•Person’s Company Status
• Individual’s Credit and Payment history.
• Individual’s relationship with the bank the loan is to be taken from.
• Individual’s bargaining capacity.
Some of the Personal Loan interest rates are discussed below:
- Fullerton India Personal Loan
Interest rate – 19-24
EMI – 14950.1
Prepayment Charges – Nil
Repayment Period – 1-4
Personal Loan Amount – 100,000-1,000,000 - Reliance Personal Loan
Interest rate – 16-23
EMI – 14170.1
Prepayment Charges – 6
Repayment Period – 1-4
Personal Loan Amount Available – 200,000-1,500,000 - HDFC Personal Loan
Interest rate – 15.5-22
EMI – 14042.4
Prepayment Charges – 4
Repayment Period – 1-5
Personal Loan Amount Available – 50,000-1,500,000 - Citi Financial Personal Loan
Interest rate – 16-21
EMI – 14170.1
Prepayment Charges – 4
Repayment Period – 1-5
Personal Loan Amount Available – 10,000-1,000,000 - Citi Bank Personal Loan
Interest rate – 15-20
EMI – 13915.4
Prepayment Charges – 5
Repayment Period – 1-5
Personal Loan Amount Available – 24,000-1,000,000 - SBI Personal Loan
Interest rate – 16-20
EMI – 14170.1
Prepayment Charges – 0
Repayment Period – 1-4
Personal Loan Amount Available – 24,000-1,000,000 - Axis Bank Personal Loan
Interest rate – 14-28
EMI – 13663.2
Prepayment Charges – 0
Repayment Period – 1-5
Personal Loan Amount Available – 1 Lakh to 20 Lakhs - Bank of Baroda Personal Loan
Interest rate – 16
EMI – 14170.1
Prepayment Charges – 0
Repayment Period – 1-3
Personal Loan Amount Available – 20,000-200,000 - Canara Bank Personal Loan
Interest rate – 14
EMI – 13663.2
Prepayment Charges – 2
Repayment Period – 1-5
Personal Loan Amount Available – Rs. 1 Lakh - Corporation Bank Personal Loan
Interest rate – 13.5-14.5
EMI – 13538.2
Prepayment Charges – 0
Repayment Period – 1-5
Personal Loan Amount Available – Rs. 2 Lakhs - ICICI Bank Personal Loan
Interest rate – 14-18
EMI – 13663.2
Prepayment Charges – 5
Repayment Period – 1-4
Personal Loan Amount Available – Rs. 10 Lakhs - IDBI Bank Personal Loan
Interest rate – 13-16
EMI – 13413.7
Prepayment Charges – Up to 6
Repayment Period – 1-5
Personal Loan Amount Available – Rs. 10 Lakhs - Indian Bank Personal Loan
Interest rate – 12.9 up to 20 Lakhs
EMI – 13388.9
Prepayment Charges – 2
Repayment Period – 1-3
Personal Loan Amount Available – Rs. 60000-Rs 1 Lakh - Standard Chartered Bank Personal Loan
Interest rate – 15.5-22
EMI – 14042.4
Prepayment Charges – 5
Repayment Period – 1-5
Personal Loan Amount Available – Rs. 50,000-Rs 30 Lakhs - Bank of India Personal Loan
Interest rate – 10.75-12.75
EMI – 12862.1
Repayment Period – 1-5
Personal Loan Amount Available – 10,000-10 Lakhs - UCO Bank Personal Loan
Interest rate – 14.90
EMI – 13890
Prepayment Charges – 0
Repayment Period – 1-4
Personal Loan Amount Available – Rs. 2 Lakhs - Saraswat Bank Personal Loan
Interest rate – 13
EMI – 13413.7
Prepayment Charges – 0
Repayment Period – 1-5
Personal Loan Amount Available – 5 Lakhs
All the above given rates can be compared on policybazaar.com.