Top Banks Personal Loan Lowest Interest Rate Starting at 10.90% p.a. as on 26 Mar 2019

Top Bank Personal Loan Interest Rate (updated on 26 Mar 2019)

BankInterest RateTenureExplore
South Indian Bank10.90% - 15.00%Tenure max. upto 48 Months Explore
Oriental Bank Of Commerce11.20% to 12.95% Maximum Tenure 60 months Explore
Uco Bank11.35% to 11.60%Maximum Tenure 60 months Explore
Central Bank Of India11.40%Maximum Tenure of 48 Months Explore
Kotak Mahindra Bank Limited11.5% to 24%Maximum Tenure 60 months Explore
Andhra Bank11.50% to 13%Contact Bank Branch Explore
Icici Bank Limited11.59% to 22.00%Maximum Tenure 60 months Explore
Dhanalakshmi Bank11.68% to 15.65%Max. Tenure 60 months Explore
Indian Overseas Bank11.80%Maximum Tenure 60 months Explore
Punjab National Bank11.90% to 14.90% Contact Bank Branch Explore
Yes Bank11.99% - 20.00%Maximum Tenure 60 months Explore
Indusind Bank11% to 30.50%Maximum Tenure 60 months Explore
Catholic Syrian Bank Limited12.00% to 19.00%Maximum Tenure 60 months Explore
Idbi Bank12.20%Maximum Tenure 60 months Explore
State Bank Of India12.45%Maximum Tenure of 48 Months Explore
Bharatiya Mahila Bank Limited12.45%Maximum Tenure of 48 Months Explore
State Bank Of Mysore12.45%Maximum Tenure of 48 Months Explore
State Bank Of Hyderabad12.45%Maximum Tenure of 48 Months Explore
State Bank Of Patiala12.45%Maximum Tenure of 48 Months Explore
State Bank Of Travancore12.45%Maximum Tenure of 48 Months Explore
State Bank Of Bikaner And Jaipur12.45%Maximum Tenure of 48 Months Explore
Vijaya Bank12.50% to 13.50%Maximum Tenure 60 months Explore
Bank Of Maharashtra12.75%Maximum Tenure 36 months Explore
Corporation Bank12.75% to 13.75%Maximum Tenure 60 months Explore
Punjab And Sind Bank12.75% to 14%Maximum Tenure 60 months Explore

Personal Loan

When you have some important expenses like a holiday trip abroad, household shifting, marriage in the family, payment of credit card bill, repayment of an existing loan, medical emergencies and many more but don't have enough money for the same, personal loan helps you to easily pay off such expenses.

Personal loans are unsecured loans offered by banks without any collateral such as your home, flat, property, etc. Personal loans are usually available at fixed interest rates where interest rates are based on your credit score. The better your credit score, the lower your interest rate and vice-versa.

Personal loans aren't cheap but expensive one. The beneficial part is that they can be easily available and their processing is very fast as compared to other types of loans like home loan, education loan, car loan, gold loan, etc.

A personal loan is offered at a higher interest rate than a secured loan due to higher risk involved as you are not asked for any collateral to ensure repayment.

These personal loans allow you to repay them from 12 to 60 months.

A personal loan may help you gain financing or pay off your bills but there a few things you should know before you take out a loan.

Banks will use your credit score to help them determine the quantum of loan, interest rate, repayment tenure and whether to offer you a personal loan.

5 Important Factors Lenders Consider before Approving a Personal Loan Application

(1) Income

You must have a regular income no matter you are salaried or self-employed. Sometimes there is also some minimum income criteria imposed by banks for extending personal loan such as you should earn Rs 3 lakhs per annum to apply for a personal loan. You must be aware of this factor.

(2) Employment

Lenders also pay attention towards the employment status that you have. Whether you are salaried or self-employed? If you are salaried then they will check:

  • For how long are you working?
  • Who is your employer?
  • Since when you are working with your existing employer?

(3) Repayment History

Lenders also check your repayment history of your past as well as your existing loans. They also check if you have made any default or delay in making your payments in time.

(4) Credit Score

For getting your instant Personal Loan approval you should be having credit score should be above 750. Credit score of 750 is considered as a decent credit score and you will easily get the loan because it indicates that you have a very good loan repayment history.

(5) EMI to Income Ratio

Lenders calculate the proportion of your existing loans to your salary during the loan approval process. Your chances of getting loan are less when your total EMIs exceed your monthly salary by 40%.

KYC documents for Personal Loan

  • Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
  • Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport)
  • Copy of PAN Card
  • Latest Passport size photo of the applicant (2 copies)

Income documents for Personal Loan

  • Latest salary certificate/ Last 3 months salary slips
  • Form 16/Income Tax Returns( last 2 years)
  • Last 6 months salary account statement

Risks Associated with Personal Loan

  1. If you don't repay personal loan on time, the lender bank has the right to sue you and take you to court, as it is not backed by any security.
  2. Secondly, if you feel to pay off your personal loan too early i.e. before a certain date, there may be huge penalty.
  3. Thirdly, don't lure by a false advertising and enter into a fake loan agreement.

Upcoming Bank Holidays

2019 April 01 is a bank holiday in Andaman And Nicobar Island due to Annual Closing Of Bank Accounts.
2019 April 01 is a bank holiday in Bihar due to Yearly Closing Of Bank Accounts.
2019 April 01 is a bank holiday in Daman And Diu due to Annual Closing Of Bank Account.
2019 April 01 is a bank holiday in Goa due to Yearly Closing Of Bank Account.
2019 April 05 is a bank holiday in Andhra Pradesh due to Babu Jagjivan Ram's Birthday.
2019 April 06 is a bank holiday in Goa due to Gudi Padava.

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