Eligibility for Personal Loan:

Minimum Age- 25 Years.
Employed Type- Salaried Only.
Minimum Salary-25000/month.


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FULFILL YOUR DREAMS WITH PERSONAL LOAN

Travel the world or have a wedding ceremony that you always desired of with easy EMI from top banks of India. Get complete assistance from our experts who would handhold you through the entire process of loan approval process. Various banks give personal loan to borrowers who need funds to meet their urgent requirements. Benefits of taking personal loan from these banks are:

  • Options to part prepay after 12 EMIs.
  • Higher loan amount eligibility.
  • Lowest interest rate on personal loan from banks.
  • All banks on our list of loan providers are known for the quality services.
  • Banks offer special schemes and discounts for employees of large companies.

Personal Loan Interest Rate Calculator

You can get the best personal interest rates from various top banks in India, subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from the banks:

Loan Amount:

This is the amount borrowed by a borrower from the bank. Generally banks offer lower interest rates for higher amount. Banks offer loan between Rs. 50,000 and 50 Lakh.

Salary:

Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. Interest rate of the bank varies with your net monthly income.

Employer Category:

Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.

Relationship with the Bank :

Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get the benefit of low Bank loan interest rate.

Loan Tenure:

Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.

Repayment Capacity:

Before giving loan to the borrower, Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.

Banks also offer loan to defense, armed forces and government employees. Personal loan interest rate for government employee and defense personnel varies from private salaried employees.

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