Personal Loan Interest Rates

All About Personal Loan Interest Rates

Loans are the best way to afford a good and decent lifestyle. Thanks to the various options rendered by the financial system, we now have many loans ; we have loans for house, house renovation, car purchase, education etc.  

Amongst all these, we have personal loan which can be used to meet the current and emergent financial needs. It is a type of unsecured loan . This loan is available at a higher interest rate and this is primarily because you don’t need any security to avail this loan .

The best part about personal loan is that you have the flexibility to use this loan as per your convenience . To be precise, personal loan is an instant source of cash which you can use as per your requirement.

Key Features of Personal Loan-

  • Hassle free loan approval
  • No need for guarantee
  • Flexibility to use the loan money
  • Unsecured loan
  • Source of instant cash
  • Higher interest rate

Why Choose a Personal Loan?

Well, a personal loan is always a good option if you are looking for instant cash. Personal loan is a last resort for any financial emergencies or to fullfill your lifelong desires or for a wishful life.

Though it is so accessible, it’s advisable to check the personal loan  interest rate. Since personal loans are unsecured and most of the banks, don’t need a guarantor for the same, the banks and the financial lenders  have comparatively a higher Personal loan interest rate.

 

How can you use personal loan? Here is a list of things you can do with the personal loan :

  1. House renovation
  2. Wedding
  3. Buying gadgets
  4. Going on holiday / vacation
  5. Emergency need like clearing the dues, investing in business and many others

The primary reason why some people tend to choose personal loan over others is that it requires lesser documentation and are highly flexible. Most of the banks and NBFCs provide the personal loan. It is easy to apply and avail personal loan, but, you must fulfill specific eligibility criteria.

General Eligibility Check for Personal Loan Applicant – 

Minimum Age 21 years
Maximum Age 60 years
Employment Salaried professionals/business owners/Professionals and  others
Employment Status Employed or in-business for at least two years. And at least one year with current employer/business
Minimum Income Rs.4000-20,000 per month
Maximum Loan Amount Up to 50 lacs, but it also varies with the income, repayment capacityand existing EMI
CIBIL Score 350-900

Here is the list of the banks Loanyantra is tied up with for personal loans.

Personal loan interest rates –
Bank Name Personal loan Interest Rate Minimum Tenure- Maximum Tenure Personal Loan Amount
Citi Bank 10.99% – 15.99% 1-5 years Max-30Lakhs.
Axis Bank 15.50% to 24% p.a. 1-5 years Min- Rs 50,000

Max-Rs 15 lakhs.

STANDARD CHARTERED BANK 10.99% – 14.49% 1-5 years Max- 30lakhs.
HDFC Bank 10.99% – 20.75% 1-5 years Max- 25Lakhs
FULLERTON 14% – 33% 1-4 years Max- 15lakhs
HSBC 11.29% p.a. to 17.5% up to 5 years Max- 30 lakhs
ICICI 10.99% to 22.00% per annum 1-5 years Max- 20lakhs
IDBI 12.75% to 13.75% up to 5 years Min- Rs. 50,000

Max-10lakhs

SBI 12.90% – 14.90% 5 Years Min- 25,000

Max- 15 lakhs

Why Choose loanyantra over many other for lower personal loan interest rates

About Loanyantra- We are one of the leading service providers when it comes for those searching for any financial service ‘online’.  We assist you in finding the right bank which can offer you the best rates.

Loanyantra for Lower personal loan interest rates – Loanyantra marks a different place in the market as it outstands it responsibility w.r.t the customer providing personal loans at a comparatively lesser interest rate from your favourite bank. 

When you look for a faster process and an immediate disbursal of personal loan amount, we are on top of the ladder among many whom you can rely on.

Continue to celebrate life as we take care of your personal loan process and that too for a lower interest rate and also cash back if any offers available.  Connect with us to know more about a personal loan. All you have to do is just dial a missed call to 040-71011991.

Personal loan from SBI

Personal loan from SBI is categorized into different sectors. You also have the opportunity of taking two personal loans at a time if you are an SBI customer.

Advantages of taking a personal loan from SBI- 
  • Low interest rate and the  interest rate is charged on a daily reducing balance.
  • Low processing charges
  • No hidden costs /administrative charges.
  • No security required and minimal documentation.
Documents Required for a Personal loan from SBI – 
  • Passport size photograph
  • Latest salary slip and form 16.
Personal Loans from SBI – Categories – 
  1. SBI Saral Personal loan
  2. Xpress Credit Personal loan
  3. SBI loan for pensioners

Let us discuss in detail about all the categories of personal loan from SBI.

SBI Saral Personal loan : 

Eligibility for  SBI Saral Personal loan – 

A Salaried individual of good quality corporate, self employed engineer, doctor, architect, chartered accountant, MBA with minimum 2 year of experience.

Loan Limit for Saral Personal Loan from SBI –

Your personal loan limit would be determined by your income and repayment capacity.

Minimum :
Rs.24,000/- in metro and urban centres
Rs.10,000/- in rural/semi-urban centres
Maximum :
12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs.10 lakhs.

Margin for SBI Saral Personal Loan – No margin

Repayment for SBI Saral Personal Loan – 48 EMIs. You can also increase your EMI amount with no penalty or prepayment charges.

Prepayment Charges for SBI Saral Personal loan – 

  • Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount
  • No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme

Processing Fees for SBI Saral Personal loan –  2% – 3% of the loan amount + applicable Service Tax

Xpress Credit Personal Loan from SBI : 

Need funds for any unseen expenses? Or planning  a family vacation? Don’t miss out because of financial crisis. Personal loan from SBI is available with different features. Xpress Credit personal loan from SBI is available to the below mentioned employees maintaining salary account with SBI at zero margin.

    • Central and state Government
    • Quasi-Government
    • Central PSUs
    • Profit making State PSUs
    • Educational Institutions of National Repute
    • Selected Corporates who have business relationship with the Bank
    • Corporates who do not have business relationship with the Bank as well as do not have ECR, subject to certain terms and conditions.

Income  Requirement for Xpress Credit Personal loan from SBI – 

    • Minimum Net Monthly Income (NMI) : Rs.5000/-
    • EMI/NMI Ratio should not exceed 50%

    Loan Amount for Xpress Credit Personal loan from SBI –

    (i) Term Loan:

    • Min: Rs.25,000/-
    • Maximum: 24 times NMI subject to maximum of Rs 15.00 lacs.

    (ii) Overdraft:

    • Minimum: Rs.5.00 lacs,
    • Maximum: 24 times NMI subject to maximum of Rs 15.00 lacs.

    The OD will be subject to monthly reduction in DP so that DP becomes NIL in 60 months

    Note: Maximum loan amount for School Teachers is capped at 12 months Gross Salary both under Term Loan and Overdraft facility

    Repayment Period for Xpress Credit Personal Loan from SBI

Maximum 60 months or residual service period whichever is less.

  1. Provision for 2nd Loan for XPRESS CREDIT PERSONAL LOAN FROM SBI –Second Loan can be taken after 1 year of disbursement of the first loan. Only if the 1st loan has been satisfactorily conducted and is regular at the time of sanction of 2nd Loan.
  2. There cannot be more than 2 Xpress Credit Loans standing in the name of a borrower. However this is subject to the overall EMI/NMI ratio of 50%
  3. Margin : Nil
  4. Security : Nil
  5. Third Party Guarantee : Nil
  6. Prepayment terms : No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme.

Charges/Fees of Xpress Credit Personal Loan from SBI

  1. Processing Fees – 1% of the Loan Amount + applicable Service Tax
  2. Penal Interest – Penal Interest @2% p.a. would be charged over and above the applicable interest rate on the overdue amount for the period of default. If part installment or part EMI remains overdue then penal interest should not be levied.
  3. Prepayment Charges – Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount.

Interest Rates for Xpress Credit Personal loan from SBI – 

Xpress Credit to employees of Rated Corporates (W.E.F. 01.11.2017) with No Reset:

 

Facility Type Check Off Category Rating 2 year MCLR Spread over 2 year MCLR Effective Interest Rate
Term Loan
Check Off
A- and above
8.05%
3.80%
11.85%
Term Loan
Check Off
BBB+ and below
8.05%
4.30%
12.35%
Term Loan
No Check off
A- and above
8.05%
5.90%
13.95%
Term Loan
No Check off
BBB+ and below
8.05%
6.40%
14.45%
Overdraft
Check Off
A- and above
8.05%
4.05%
12.10%
Overdraft
Check Off
BBB+ and below
8.05%
4.55%
12.60%
Overdraft
No Check off
A- and above
8.05%
6.15%
14.20%
Overdraft
No Check off
BBB+ and below
8.05%
6.65%
14.70%

Xpress Credit to employees of Unrated Corporates (W.E.F. 01.11.2017) with No Reset :

 

Facility Type Check Off Category Credit Bureau Score 2 year MCLR Spread over 2 year MCLR Effective Interest Rate
Term Loan
Check Off
=800
8.05%
4.55%
12.60%
Term Loan
Check Off
700 – 799
8.05%
5.05%
13.10%
Term Loan
No Check off
= 800
8.05%
5.40%
13.45%
Term Loan
No Check off
700 – 799
8.05%
6.65%
14.70%
Overdraft
Check Off
= 800
8.05%
4.80%
12.85%
Overdraft
Check Off
700 – 799
8.05%
5.30%
13.35%
Overdraft
No Check off
= 800
8.05%
5.65%
13.70%
Overdraft
No Check off
700 – 799
8.05%
6.90%
14.95%

Xpress Credit – IT Employees Scheme : Rate of Interest (W.E.F. 01.11.2017) with No Reset :

 

Credit Info Bureau Score 2 year MCLR Spread over 2 year MCLR Effective Interest Rate
750 and above
8.05%
4.80%
12.85%
550 – 749
8.05%
5.80%
13.85%
Less than 550 / No Score
8.05%
6.80%
14.85%

Xpress ELITE SCHEME : Rate of Interest (W.E.F. 01.11.2017) with 1 year Reset Period
SBI Salary Package A/C Holders

 

Credit Info Bureau Score 1 year MCLR Spread over 1 year MCLR Effective Interest Rate
800 and above
7.95%
3.40%
11.35%
700 – 779
7.95%
3.90%
11.85%
600-699 / No Score
7.95%
6.90%
14.85%
Less than 600
No Loan (This will override even if the applicant has clear sanction/ refer to higher authority as per the Personal Loan Risk Scoring Model).

Other than Salary Package A/c Holders (including Applicants not maintaining Salary A/c with our Bank)

 

Credit Info Bureau Score 1 year MCLR Spread over 1 year MCLR Effective Interest Rate
800 and above
7.95%
3.65%
11.60%
700 – 779
7.95%
4.15%
12.10%
600-699 / No Score
7.95%
7.15%
15.10%
Less than 600
No Loan (This will override even if the applicant has clear sanction/ refer to higher authority as per the Personal Loan Risk Scoring Model).

Xpress Credit – Non-Permanent Employees (NPEs)

Employer Type Rate of Interest
i) Central and State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel, Educational Institutions of National Repute

Check-off Category-I * :

  • 430 bps above 2 yr MCLR i.e. 12.35%

Check-off Category-II * :

  • 640 bps above 2 yr MCLR i.e. 14.45%
ii) Co-operatives/ Institutions not covered under regular Xpress Credit loan scheme and Unrated Corporates

Check-off Category-I * :

  • 505 bps above 2 yr MCLR i.e. 13.10%

Check-off Category-II * :

  • 665 bps above 2 yr MCLR i.e. 14.70%
SBI Pension Loan / Personal Loan for pensioners from SBI :

If you are a Central or State Government or Defense pensioner drawing your pension through one of the SBI branches and are not more than 76 years of age, you can avail of a loan from your branch to meet your personal expenses. We understand you may have an urgent or unexpected need for funds or a family obligation to be fulfilled and appreciate your association with us.

Nominal processing fees (Nil Processing Fees for Defence Pensioners), no hidden costs and quick loan processing. Whenever you have some surplus funds, you can credit your loan account, thereby reducing your loan liability and interest burden.

Eligibility for Personal loan from SBI  :

(A) For Pensioners:

(i) For Central & State Government Pensioners:

The pensioner should not be more than 76 years of age In addition, pensioners whose pensions are disbursed by Government Treasuries by means of cheques drawn in favour of SBI branches, as per mandate of the pensioner, are also proposed to be included. In such cases, the original Pension Payment Order (PPO) remains in the custody of the Treasury and the pensioner gives a mandate to the Treasury for payment of pension through a particular branch of a bank.

Such pensioners will be included under the purview of the Scheme subject to the following conditions:

  • The pensioner concerned furnishes an irrevocable undertaking that he will not amend his mandate to the Treasury to pay his pension from the branch, during the currency of a loan availed by him from SBI.
  • The Treasury concerned consents in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank/ branch till an NOC is issued by the Bank.

All other terms and conditions of the Scheme will be applicable, including guarantee of the spouse (who will be eligible for family pension) or a suitable third party. The norms for family pensioners will continue.

(ii) For Defence Pensioners:

Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles who’s Pension Payment Order is with SBI.

There is no minimum age bar under this scheme.

The Maximum age at the time of availing the personal loan should be 76 years.

(B) For Family Pensioners (including Defence Family Pensioners) :

Family pensioner, i.e. spouse authorized to receive pension after the death of the pensioner, subject to condition that family pensioner should not be more than 76 years of age.

Loan  Amount for Personal loan for pensioners from SBI

(i) For Central & State Government Pensioners

Minimum : Rs. 25,000/-
Maximum : 18 months’ Pension with a ceiling of:

Age Max Loan Amount
= 72 years Rs 14.00 lac
> 72 but = 74 years Rs 12.00 lac
> 74 but = 76 years Rs 7.50 lac

(ii) For Defence Pensioners

Minimum : Rs. 25,000/-
Maximum : 
36 months’ Pension with a ceiling of RS 14.00 lac for Pensioners who are up to 56 years of Age

18 months’ Pension with a ceiling of :

Age Max Loan Amount
> 56 but = 72 years Rs 14.00 lac
> 72 but = 74 years Rs 12.00 lac
> 74 but = 76 years Rs 7.50 lac

(EMI / NMP not to exceed 50% in all the cases for all type Pensioners)

EMI = Equated Monthly Instalments

NMP = Net Monthly Pension

(iii) For Family Pensioners (including Defence Pensioners):

Minimum : Rs. 25,000/-
Maximum : 18 months’ Pension with a ceiling of: 

Age Max Loan Amount
= 72 years Rs 5.00 lac
> 72 but = 74 years Rs 4.50 lac
> 74 but = 76 years Rs 2.50 lac

(EMI / NMP not to exceed 33% in all the cases for Family Pensioners)

EMI = Equated Monthly Instalments

NMP = Net Monthly Pension

Age and Repayment Period – 

(A) For Pensioners:

(i) For Central and State Government Pensioners :

Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
Up to 72 years of Age 60 months 77 years
More than 72 years and up to 74 years 48 months 78 years
More than 74 years and up to 76 years 24 months 78 years

(ii) For Defence Pensioners :

Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
Up to 56 years 84 months 63 years
More than 56 years and up to 72 years 60 months 77 years
More than 72 years and up to 74 years 48 months 78 years
More than 74 years and up to 76 years 24 months 78 years

(B) For Family Pensioners (including Defence Pensioners) :

Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
Up to 72 years of Age 60 months 77 years
More than 72 years and up to 74 years 48 months 78 years
More than 74 years and up to 76 years 24 months 78 years

Repayment Mode for Personal loan for Pensioners –

Standing Instruction to debit the pension account for recovery of the EMIs

Processing Fees for Personal Loan for Pensioners – Nil

 

Margin: Nil

Prepayment Charges for Personal Loan for Pensioners – 

  • Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount
  • No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme

Guarantee for Personal Loan for Pensioners :

(a) TPG of Spouse eligible for family Pension.

(b) In the absence of spouse, TPG of any other family member or a third party worth the loan amount

Insurance : Nil

Interest Rates for Personal Loans from SBI (SBI Saral Personal Loan and SBI personal loan for Pensioners) – 

Other Unsecured Personal Loans Revised (w.e.f. 01.11.2017)
Scheme 2 year MCLR Spread over 2 year MCLR Effective Interest Rate Reset Period
SBI Pension Loan
8.05%
4.35%
12.40%
No Reset
Jai Jawan Pension Loan
8.05%
4.35%
12.40%
No Reset
Pension Loan to coal mines Provident fund for pensioners 
8.05%
4.35%
12.40%
No Reset
Clean Overdraft
8.05%
8.45%
16.50%
No Reset
OD for e-Commerce purchases
8.05%
5.50%
13.55%
No Reset

Security for SBI personal loan– Nil

How Loanyantra Helps with your personal loan – 

Loanyantra, first-ever online loan management company, manages all your loans under one account. Once you decide you want a personal loan, you can give us a missed call on 040-71011991.  Our relationship manager calls you back within no time and calculates your eligibility and also will let you know the best options available according to your priority and preference.

Just relax as we take care of collecting the documents from your home and get all the things done at your doorstep.

Not just that, we also track your loan and let you know how and when you can complete it faster.

All you need to do is just a missed call to 040-71011991.

Personal loan interest rates Axis bank

Personal loan, a multi-purpose loan, in Axis bank comes with different features and also lower interest rates. For the convenience of the customers, Axis bank, one of the fastest growing private banks in India, now does not levy an extra charge for pre-closure or part payment of the personal loan.

A personal loan ensures that you need not go back on your targets that you have set for yourself. Be it the perfect wedding for your daughter, the complete renovation for your new apartment or a fun-filled holiday for your family. Get the best personal loan interest rate with Axis Bank.

Personal Loan Interest rates Axis bank

Here is the list of charges and personal loan interest rates Axis bank details.

Interest Rates & Charges*
Rate of Interest 15.50% to 24%
Loan Processing Charges 1.50% to 2.00% + GST as applicable
Cheque Bounce Charges Rs. 500 per cheque bounce + GST as applicable
Cheque/ Instrument Swap charges Rs.500 per instance + GST as applicable
Prepayment/ Foreclosure Charges Nil
Default Interest Rate @24.00% per anum i.e 2% per month on the overdue installment
Duplicate Statement Issuance Charges

Duplicate Amortization Schedule Charges

Duplicate Interest Certificate
(Provisional/ Actual) issuance Charges

Rs 250 per instance + GST as applicable

Rs 250 per instance + GST as applicable

Rs 250 per instance + GST as applicable

Cibil Report Issuance Charges

Stamp Duty Charges

Rs. 50/- per instance per set+ GST as applicable

As per State Stamp Act

Issuance Charges for Photocopy of Loan Agreement/ Documents Rs 250 per instance + GST as applicable
*(Subject to change as per Bank’s discretion from time to time)
* Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)
Personal Loan Axis bank Features 
  • Simplified Access – Minimal documentation and quick approval
  • Loan Amount – Minimum Amount  – Rs. 50,000 ; Maximum Amount  – Rs. 15,00,000
  • Loan Tenure – 12 to 60 months.
  • Balance Transfer – Carry over existing loans from other banks to Axis Bank
  • Axis eDGE Rewards – Earn reward points on taking a Personal Loan
Personal Loan Axis bank Eligibility

You have to fulfill certain requirements to be eligible for a personal loan from Axis bank. The documents and eligibility criteria are mentioned below. So go ahead, get the personal loan and watch your dreams come true with affordable personal loan interest rates from Axis bank.

Individuals who can take a Personal Loan from Axis bank

  • Salaried Employees
    • Salaried doctors
    • Employees of Public and private limited companies
    • Public and private limited companies
    • Government sector employees including Public Sector Undertakings and central and local bodies
  • Minimum age of 21 years
  • Maximum age of 60 years at loan maturity
  • Minimum net monthly income – Rs. 15,000
Documents required for Personal Loan Axis bank
  • Application form
  • Photograph
  • Age proof
  • ID proof
  • Income proof
  • Bank statement
  • Residence proof
  • Signature verification proof

Post-sanction / pre-disbursement documentation

  • Loan Agreement duly signed
  • Standing Instruction (SI) Request / ECS Form. Security Cheques required for SI and ECS

Qualification or registration proof required for doctors, architects, CA, CS, ICWA, MBA consultant, engineers may vary from customer to customer.

Frequently Asked Questions About Personal Loan Axis bank

1. What is the usual time taken for deciding on the Personal loan application?

Axis Bank will convey its decision within 30 working days from the date of receipt of the application provided the application is complete in all respects. The computation of 30 days shall starts from the day on which all documents required for a proper appraisal of the application are provided by the Customer to bank.

2.What are the different options for making the payment to personal loan

You may repay your Personal Loan in any of the following three ways:

  • Standing Instruction (SI): This mode can be used if you have an existing savings, salary, or current account with Axis Bank. You may wish to open a savings account with Axis Bank to use this option. Your EMI amount will be debited automatically at the end of the monthly cycle from the Axis Bank account you specify.
  • Electronic Clearing Service (ECS): This mode can be used if you have a non-Axis Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
  • Post-Dated Cheques (PDCs) : You can submit post-dated EMI cheques from a non-Axis Bank account at your nearest Axis Bank Loan Center. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

Axis bank recommends you to opt for either the SI or ECS mode of payment as they both are faster and less prone to error than the use of PDCs.

3. Can you make part-payment towards personal loan or can you pre-close the personal loan? If so, what is the extra charge levied?

Yes, you can make a part-prepayment towards your Personal Loan at your nearest Axis Bank Loan Center. Also, yes, you can pre-close the personal loan. Currently, Axis Bank levies no charge for part prepayment.

4. How do you keep a track of your personal loan? Or how do you get a statement of your repayment track?

You may place request for Statement of Account or Repayment Schedule or Interest Certificate in either of the following ways:

  • By calling the Call Center at any of these toll free numbers (1-860-419-5555 ) (1-860-500-5555)
  • By using your registered email id to write to Axis bank at: loans@axisbank.com
  • In person at any Axis Bank Loan Center.
How Loanyantra.com helps in dealing with your Personal loan interest rates Axis bank

The process for your personal loan Axis bank is as follows.

You can give a missed call to our number 040-71011991. Our customer relationship manager will get into contact with you. As and when you get the call, you can share your requirements.

Our service towards your personal loan axis bank application will be taken forward after a detailed discussion about the documentation process.

We ensure you keep all the documents ready as our executive will reach you to your doorstep for a free home service.

You can relax as we take forward and give you the best lower interest rate possible and also the refund according to the  cash back offer available.

Loanyantra still works for you till you close the loan as we keep a track about your personal loan interest rate till the end. You get a call as and when you can save on your EMI and reduce the interest rate.

Personal loans with us are even affordable and more accessible. All you need to do is just a missed call to 040-71011991.

 

 

Reasons to Get a Personal Loan

Personal loan is always an option to look for when you need huge amount for unseen or unknown reasons. Though it is quite expensive, it is accessible. People look up for personal loan for different reasons. Some reasons can be really for true and good while others reasons for personal loan can be for a mere waste such as taking personal loan for gambling is really not a wise decision.

However, loanyantra helps you to find out the real reasons for when to get a personal loan.

The most popular reasons to get a personal loan are :

  1. Paying off debt / To consolidate Debt : You may be stuck up with some long-time pending loans which may be eating too much of your income. Personal loans are handy and affordable as you can avail the personal loan to pay off those debts. Some of such debts may include, credit card bills, car loans, home related loans like home improvement loans,etc.

At times, you might have different loans under different names paying different interest rates. To avoid confusion or if you find clearing all the loans is worth, then opting for a personal loan is best.

Home improvement loan is not given for 35 year old houses or if the applicant’s age is above 60 years. To get a personal loan, the banks will not ask to mention a reason. So, if you need changes for your old house, you can get a personal loan.

Paying credit card bills on-time will not affect your credit score. So, it is always advisable to get a personal loan within your limit and clear off all the debts and bills. This will help you in further loan applications.

Reasons to get a personal loan
Reasons to get a personal loan – Loanyantra’s support to you

2. Medical Emergencies : Nothing is more important or more expensive than health. Your insurance might take time to cover your ill health or your dear one’s expenses or medical bills. Or you must not have opted for insurance ever. So, you can avail personal loan to cover all your medical expenses either the unpredictable ones or expenses to fulfill daily medical expenditure.

3. Perform a Wedding : Now-a-days it is very common to plan well in advance to perform a wedding. But marriage is something you never knew what and where it happens or rather when it happens. It truly is ‘Planning the unplanned’.  The so called investments might not reach the maturity period and you might not be able to be left with cash in hand.

So, irrespective of the plans, you can anytime go for a personal loan to fulfill your heart content style of wedding.

But remember opt for a loan amount to an extent you can repay it.

4. Luxury Needs : Today’s world is in comfort-friendly zone. So, if you are in need of that high-end phone or a laptop, or if you crave for that newly launched car or a smart T.V., you can definitely get a personal loan. Usual lifestyle now in India is having a fun-filled and lovely family time. So, the financial crisis might interrupt your vacation plans.  Personal loans always help you to fulfill all your dream desires.

Personal loans are therefore also known as multi-purpose loans as they may be used for a variety of reasons. The lender does not question the intent of the borrower.

Moreover, loanyantra is always with you to take care of your financial health. We assure you with a lower interest rate and that too with the best bank. Also avail the discount for one full year which will again reduce your interest rate.