Compare all Banks interest rate for personal loan and how to get Quick approvel

Compare Personal Loan Interest Rates of All Banks

• Interest rates for personal loans: Banks launch attractive schemes with low interest rates on a regular basis, especially for individuals working with large reputed companies. Rate of interest varies based on the categorisation of your company in the internal categories of banks which can vary from bank to bank. Hence, always check for personal loan offers from multiple banks to get the cheapest rates

• Personal loan processing fees – Most banks charge a processing fees of Rs. 999 to upto 2% of loan amount, whichever is higher. Since these loans are short tenure loans, higher processing fees can result in significantly high cost on loans. Hence, it is important to compare the All Inclusive Rates (AIRs) for personal finance loans to compare and shortlist the top offer. Get detailed comparison on interest rate, processing fees and attractive cash back offers by applying online through MyLoanCare.

• Insurance premium - Since these are unsecured loans, banks request the borrower to take an insurance policy when availing a loan. However, the premium varies from bank to bank depending upon the risk coverage under various policies. So, check the loan sanction letter carefully to know the coverage and premium. You may also want to do a comparison of various insurance policies to be able to choose a policy which gives you adequate coverage at lowest premium.

• Personal loan prepayment and foreclosure – Nobody wants to keep paying interest on a loan when you have surplus money available to repay it. Sometimes you may want to repay a part of your loan before time which is called part prepayment. In case you decide to pay the entire loan amount before time, it is called foreclosure. Banks typically levy prepayment or foreclosure charges on personal loans ranging from nil to up to 5%. So, check carefully if the low interest rate personal loan you are getting comes with high prepayment or foreclosure charges. Some banks, might not allow you to prepay your loans before few months and the same needs to be considered while taking a loan.

Quick Guide on Personal Loan

• Purpose: Some of the basic purposes for which this loan is granted include vacation or travel, higher education, wedding, medical treatment, credit card payment and many more. Banks specify the purpose for which they are willing to grant this loan.

• Key Features:
• Age of the borrower: Loan available for both salaried and self-employed profesionals within the age group of 21 and 60 years
• Loan Amount: In the range of Rs. 50,000 to Rs. 50 Lakh.
• Loan Tenure: Can range from 3 to 60 months.
• Interest rates: Personal Loan Interest Rates starting from 10.75%.
• Personal Loan EMI: Lowest EMI of Rs. 2,162 per lakh.
• Work Experience: Up to 3 years of total experience.
• Processing Fees: Up to 2% of loan amount.
• Documents Required: Address Proof, Identity Proof, Income Documents.

• Special Schemes: Banks offer customized personal loan interest rates and schemes for salaried borrowers working in government, defense, private or MNC companies. Banks offer personal loan to self employed professionals like Doctors, CA, CS, Architects. Top banks has also launched special loan schemes to pensioners up to an age of 76 years.