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.