Compare Best Personal Loan in India
| Bank | Interest Rates | Lowest EMI Per Lakh |
|---|---|---|
| HDFC Bank Personal Loan ⊕ Compare | 10.25% | ₹ 2,137 |
| ICICI Bank Personal Loan ⊕ Compare | 10.25% | ₹ 2,137 |
| Bajaj Finserv Personal Loan ⊕ Compare | 12.99% | ₹ 2,275 |
| IDFC First Bank Personal Loan ⊕ Compare | 10.49% | ₹ 2,149 |
Also know, how can I get the lowest interest rate on a personal loan?
9 Ways to Improve Your Chances of Getting a Low Personal Loan Interest Rate
- Shop around.
- Get a co-signer.
- Sign up for an autopay discount.
- Avoid fees.
- Use collateral.
- Work with a credit union.
- Choose a shorter repayment period.
- Improve your credit score.
- Opt for a Higher Down Payment. …
- Choose a Loan With a Longer Repayment Tenure. …
- Go for a Step-Down EMI Plan. …
- Consider Taking Loans With Your Existing Bank. …
- Negotiate With Bank For Lower Rate. …
- Compare Before You Switch Your Lender. …
- Full or Part Prepayment Helps Reduce Loan Burden.
People also ask, how do I apply for a personal loan?
How to apply for a personal loan
- Fill in the online application form with your personal, employment and financial details.
- Choose your loan amount and repayment tenor to receive instant approval.
- A Bajaj Finserv representative will get in touch with you. …
- Receive disbursal of your loan within 24 hours of approval.
How much personal loan can I get if my salary is 15000?
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
How much personal loan can I get if my salary is 40000?
Multiplier Method
| Salary | Expected Personal Loan Amount |
|---|---|
| Rs. 20,000 | Rs. 5.40 lakhs |
| Rs. 30,000 | Rs. 8.10 lakhs |
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
How much personal loan can I get?
However, most banks and NBFCs limit a personal loan at Rs. 25 lakh to an individual. Lenders evaluate the monthly income of loan applicants and the potential growth in it before approving a loan. In most of the cases, individuals are eligible for a personal loan amount of up to 30 times of their monthly income.
Is a personal loan cash?
Personal loans are a form of installment credit. Unlike a credit card, a personal loan delivers a one-time payment of cash to borrowers. Then, borrowers pay back that amount plus interest in regular, monthly installments over the lifetime of the loan, known as its term.
What are the 4 types of loans?
- Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. …
- Credit Card Loans: …
- Home Loans: …
- Car Loans: …
- Two-Wheeler Loans: …
- Small Business Loans: …
- Payday Loans: …
- Cash Advances:
What is personal loan interest rate in SBI?
| Particulars | Salaried/Self Employed |
|---|---|
| Interest rate | 9.60% p.a.- 15.65% p.a. |
| Loan Amount | Minimum: Rs.25,000 Maximum: Rs.20 lakh |
| Loan Tenure | Up to 72 months |
| Processing Fee | 1.5% of loan amount + tax |
What is the cibil score?
CIBIL Score is a 3-digit numeric summary of your credit history, rating and report, and ranges from 300 to 900. The closer your score is to 900, the better your credit rating is.
What is the EMI for 3 lakhs personal loan?
Calculated Monthly EMI for 300000 of loan amount for 3 years at various rate of Interest :
| Loan Amount | Rate of Interest | Per Month EMI |
|---|---|---|
| 3 Lakh | 14.00% | Rs.10253.29 |
| 3 Lakh | 15.00% | Rs.10399.6 |
| 3 Lakh | 16.00% | Rs.10547.11 |
| 3 Lakh | 18.00% | Rs.10845.72 |
Which bank gives personal loan easily?
HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it. Lower interest rates: Interest rates on Personal Loans are lower than other sources.
Which bank has the lowest interest rate?
The major bank with the lowest interest rate for a personal loan is Barclays, at 5.74%. Other notable banks with low personal loan rates include HSBC (5.99%) and PNC (5.99%).
Which loan interest is low in India?
Lowest Personal Loan Rates Comparison
| Banks | Interest Rate | Processing Fees |
|---|---|---|
| ICICI Bank | 10.25% | Upto 2.25% of Loan Amount |
| Kotak Bank | 10.25% | Starting from Rs.999 |
| HDFC Bank | 10.25% | Upto 2.50% Min ₹ 999 |
| Axis Bank | 10.49% | Rs.4,999 |
Which type of loan has lowest interest rate?
Best for lower interest rates
Secured personal loans often come with lower interest rates than unsecured personal loans. That’s because the lender may consider a secured loan to be less risky — there’s an asset backing up your loan.
Which type of loan has lowest interest?
Best for lower interest rates
Secured personal loans often come with lower interest rates than unsecured personal loans. That’s because the lender may consider a secured loan to be less risky — there’s an asset backing up your loan.