How interest is calculated on personal loans?

Personal loans are the most demanding loans as it provided without any strict documentation and collateral or security investigations, loans are needed for some emergency financial needs such as  admission fees for children education, arranging a marriage event or birthday party for loved one, renovating your house or apartment etc, or any medical emergency which creates a need of finance.

Personal loan interest rates are generally charged high as they are provided without any charge on collateral or any security. As the no guarantee involved as collateral. Banks bear high risk on lending personal loans to the borrower, that leads to high interest on personal loans.

Banks	Interest Rate*	Loan Amount
Allahabad Bank	10.65% onwards	50,000-20 lakhs
Andhra Bank	RLLR + 3.00% to RLLR + 5.65%	As per the applicant’s profile
Axis Bank	12-24%	50,000-15 lakhs
Bajaj Finserv	12.99% onwards	Up to 25 lakhs
Bank of Baroda	11.40-16.40%	50,000-10 lakhs
Bank of India	10.50% onwards	Up to 10 lakh
Bank of Maharashtra	10.85-11.85%	Up to 10 lakh
CASHe	30% to 36%	9,000 – 3 lakh
Central Bank	11.25% onwards	Up to 10 lakhs
Citibank	10.50-18.99%	50,000-30 lakhs
Early Salary	24% to 30%	8,000 – 2 lakh
Federal Bank	11.49% onwards	Up to 25 lakhs
Fullerton India	12-36%	Up to 25 lakhs
HDFC Bank	10.75-21.30%	50,000-40 lakhs
Home Credit	24% to 49%	25000 – 2.40 lakh
HSBC Bank	10.50-17.84%	Up to 30 lakhs
ICICI Bank	11.25% onwards	50,000-20 lakhs
IDBI Bank	12% – 14%	25,000-10 lakhs
IDFC First	11.50% onwards	1 lakh-25 lakhs
Indiabulls	As per loan agreement	Rs. 1000 to Rs. 15 lakh
Indian Bank	10.35% onwards	As per the applicant’s profile
Indian Overseas Bank	10.50% onwards	Up to Rs. 15 lakh
IndusInd Bank	10.75% onwards	50,000-15 lakhs
Kotak Mahindra Bank	10.99-24%	50,000-15 lakhs
Kredit Bee	12.24% onwards	1000 – 2 lakh
MoneyTap	1.25% p.m. onwards	Rs. 3000 to Rs. 5 lakh
Money view	1.33% p.m. onwards	Rs. 10,000 to Rs. 5 lakh
Muthoot Finance	14.50% onwards	50,000-10 lakhs
Punjab National Bank	RLLR+2.15 to RLLR+6.70%	50,000-10 lakhs
RBL Bank	12-23%	1 lakh-20 lakhs
Standard Chartered Bank	10.99% onwards	1 lakh-30 lakhs
StashFin	11.99% to 59.99%	500 – 5 lakh
SBI	10.50% onwards	Up to 20 lakhs
TATA Capital	10.99% onwards	75,000-25 lakhs
UCO Bank	10.95% onwards	Up to 10 lakhs
Union Bank of India	10.10% onwards	Up to 10 lakhs
Yes Bank	10.99% onwards	1 lakh-40 lakh

 

The interest rates provided among various banks dealing in personal loans are mentioned above. To select the best possible option on a personal with lowest interest rates is a cumbersome task for borrowers. To make convenient and easy applications for the best options of personal loan in leading banks and NBFCs dealing in personal loans.

 Personal loan Eligibility

1. CIBIL Score: It shows your credit history. The score is derived using a CIBIL report which shows your borrowing and loan transactions, which is also known as (CIR) Credit Information Report. All your payments are analysed through CIR.

2. Salary: The bank decides your loan amount approval based on your monthly income and earning. This is just to make sure that the applicant is capable of repaying the loan amount after loan disbursal timely on the due date.

3. Location: It is yet another primary concern while applying for a loan. Your loan will be sanctioned only from the particular bank branch that is nearby your recent location.

4. Age: The age of the person applying for a personal loan must be between 21 to 60 years and is considered eligible for applying for personal loan.

Apply now with Dialabank to get the best offers on personal loan and avail the instant personal loan at best rate of interest which you can afford easily.

Click to apply; SBI Personal loan

Click to apply; HDFC Personal loan

Also Read:- SECURED PERSONAL LOAN