Personal Loan : Personal loan proves to be the most effective way to deal with sudden financial problems.
For this you do not even have to mortgage anything. Apart from this, you can also make full repayment in easy monthly installments.
With a personal loan, you can meet the expenses of home renovation, children’s education, medical, vacation etc.
Before taking it, you need to check which bank is giving personal loan at what rate of interest? Apart from this, you must also take complete information about its conditions.
Easy and Instant Cash
The personal loan application process is easy to complete. For this, you will have to meet the personal loan eligibility criteria and submit your documents. If your application is accepted, the personal loan will be easily credited in cash (Easy and Instant Cash) within 24 hours.
Personal loan amount
The maximum amount of personal loan depends on your monthly income. In India, there are also lenders who offer personal loans up to Rs 50 lakh depending on your income, credit history and credit score.
You can pay off the loan even before the loan tenure is over. This is called prepayment. Each prepayment you make will reduce the outstanding principal of your loan, which will also reduce interest.
Personal loan interest rates
Though personal loans are easy to take and repay, many people avoid taking it as the interest rate on it is very high.
The interest rate for personal loan is usually between 10 to 24 per cent per annum. It is usually decided on factors like credit profile, payment history, job profile of the applicant, employer profile etc.
How much interest will be charged on a personal loan of Rs 5 lakh for a tenure of 5 years?
- Union Bank of India – 8.90%
- Central Bank of India – 8.90%
- Punjab National Bank – 8.95%
- Indian Bank – 9.05%
- Bank of Maharashtra – 9.45%
- (Source: BankBazaar )
These are the important factors to
remember that whether you are self-employed or salaried, your monthly income is an important factor when applying for a personal loan online.
Your credit score also becomes important when it comes to the interest charged on your online personal loan . Additionally, your employer’s profile is also important in deciding the terms of the online personal loan.
