Apply instant personal loan online at lowest interest rate. Select the bank to apply personal loan at lowest interest rate in 2023.
Top 19 Banks to Apply Personal Loan at Lowest Interest Rates:
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Choose Between Fixed and Floating Interest Rate:
When applying for a personal loan, one should confirm with the lender whether the interest rate being given is fixed or floating. Changes in the bank’s MCLR will not affect the amount of your equivalent monthly instalment (EMI) if the interest rate is fixed. Additionally, keep in mind that because personal loans are unsecured, their interest rates are typically substantially higher than those charged on home loans or loans secured by gold.
Who Offers Personal Loan ?
If you ask friends and family for a personal loan, lending organisations like banks and non-banking financial corporations (NBFCs) provide personal loans in a more organised and ‘on-tap’ format. In addition to NBFCs like Tata Capital and Bajaj Finserv, banks including State Bank of India (SBI), HDFC Bank also provide personal loans.
Charges of Personal Loan:
Bank or NBFC will charge fees for processing, stamp duty, and other statutory costs when you apply for a personal loan. Each lender has a different set of fees. Lender also has the right to collect pre-closure or pre-payment fees. Check the various costs that may be imposed before accepting a loan from the lender.
Personal Loans’ Terms and Conditions:
Lending institutions like banks often give personal loans for a maximum of 5 years. The tenure may, however, different from one lender to another.
Important FAQs on Personal Loan as Per SBI:
1. What are my loan limits?
A. Minimum Loan amount Personal Loan: –
Term Loan: Rs 25,000
Overdraft: Rs 5.00 lacs: The Overdraft will be subject to monthly reduction in Drawing Power so that Drawing Power becomes NIL in 72 months
B. Maximum Loan amount Personal Loan: –
Rs 20.00 lacs subject to 24 times Net Monthly Income (NMI) and applicable EMI/ NMI = 50% for all categories [except employees of Govt. Aided Schools where it is 12 times Gross Month ..
2. List of documents required for personal loan?
A. You will need to furnish only the following documents along-with Loan Application Form:
- Two Latest passport size photographs
- Copy of identity card issued by the employer
- Bank account
- Last 6 months’ salary slip or latest Form 16 (in case of Income Tax Payee)
- Permanent Account Number (PAN).
B. At least one copy of the Officially Valid Documents (OVDs) mentioned below, as proof of identity and current address:
- Passport
- Driving license
- Proof of possession of Aadhaar Number
- Voter’s Identity Card issued by Election Commission of India
- Job card issued by NREGA duly signed by an officer of the State Government
- Job card issued by NREGA duly signed by an officer of the State Government
- Letter issued by the National Population Register containing details of name and address
3. Do I have to pledge some form of security as fd or gold ?
A. No security is required.
4. What is the repayment schedule period?
A. The maximum repayment period is of 6 years or remaining period of service (whichever is lower).