Interest rates: Personal Loan interest rates is one of the first parameters that one considers along with other value adds like pre-closure options, part payments etc. Interest rates are the rate at which the bank is willing to lend money to you which in turn is their source of income. Let us have a basic understanding of how Personal Loan interest rates are calculated.
Consider other costs: Other costs like processing charges, zero processing fees and zero penalty charges must be considered before availing these loans. If these are not available, the lowest cost must be considered.
Loan Tenure: Usually monthly EMI’s come out to be most expensive than you can afford on a monthly basis. Lower tenure period will reduce the loan amount and lower loan amount will reduce the tenure period.
Ask for Documents: Make sure all of the details and offers that have been agreed are recorded in Relevant Papers. A person must ask for papers from the bank in bank letter head mentioning the different parameters like interest rates, processing fees, and other prepayment charges.
Avoid signing blank documents. If they are taking so much time in doing so, please wait for them.
Once you have received the loan, make sure you make repayments as soon as possible within the tenure period.
Personal Loan from Nationalised Bank: Canara Bank, Allahabad Bank, Andhra Bank, Bank of India, Bank of Maharashtra, Central Bank of India, Dena Bank,IDBI Bank, Jammu and Kashmir Bank, Karnataka Bank, Punjab & Sindh Bank, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, Vijiya Bank, State Bank of India, Punjab National Bank and Bank of Baroda.
Personal Loan from Private Bank: Bandhan Bank, Corporation Bank, DCB Bank, Federal Bank, IDFC Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, South Indian Bank, HDFC Bank, ICICI Bank , Yes Bank, Axis Bank, Kotak Mahindra Bank, Standard Chartered Bank, HSBC Bank, Deutsche Bank, Induslnd Bank and RBL Bank.
Personal Loan from Non Banking Financial Company (NBFC): DHFL Home, Indiabulls, Tata Capital, Bajaj Finserv, Capital First, Fullerton India, Aditya Birla Finance, LIC Housing Finance, Magma Fincorp, Reliance Capital and Tata Capital.
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LoanMoney has clearly explained about Personal Loan Interest rate. If you want to apply for Personal Loan with the lowest interest rates as applicable to your unique credit profile, LoanMoney can guide you through the entire application process and match you with the best offered interest rates suited to your credit needs. Read more...
Enjoy a wide range of benefits, speedy documentation, and competitive rates when you choose a Personal Loan. You can meet all your financial needs Children's Education, Medical Emergencies, Wedding Expenses, Home Renovation, Starting a Business or even for closing any other Financial Liabilities without any hassles. Read more...
Have a Question regarding Personal Loans? Check out Frequently Asked Questions about Personal Loans. Find the answers to all your Personal Loan queries and Get your clarification. Read more...
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