Get Instant Personal Loan Approvals In India At Lowest Interest Rates
Get Instant Personal Loan… it’s an eye-catching offer that always grabs attention. There is an increasing numbers of consumers of India who prefers taking personal loans to cover various financial crunches. Furthermore; the personal loans help the households meet any shortfall they experience in buying a house or a car, in children’s higher education, or even in cases of medical contingencies, among other things. Therefore; getting an instant personal loan is not a big deal especially; when you have all the supporting documents in line. You can expect your loan disbursement in as quick as 24 hours.
Get Instant Personal Loan – Know For What Purposes?
Personal loans India are widely used for personal reasons.
Consumers of India prefer taking them to fill in various fiscal gaps such as renovating home, marriage-related expenses, a family vacation, rental deposits, buying a vehicle, child’s education, purchasing latest electronic gadgets or home appliances, meeting unexpected medical expenses or any other emergencies.
Personal loans are also useful when it comes to investing in business, fixing your car, down payment of new house as well.
How Personal Loan Rate Of Interest Work?
To get instant personal loan; understand of how rate of interest of personal loans India are calculated.
Banks have huge number of fixed deposits from their customers, balances in their respective account and so on. There has been a certain amount of payout offered on these fixed deposits. This payout is believed as a cost of capital for the banks. The banks lends at higher interest rate than their actual cost of capital accounting because; of the risk involved with the customers they are lending to.
To explain in detail, for e.g. consider bank offering 8% on the fixed deposits you have it kept in their bank. Hence; bank will ideally like to make an addition of 6 – 8% on these deposits. Therefore; have an interest rate of 16% for the consumers is not justified because the bank is not accounting for the company from where the borrower is employed, his/her salary and their past credit history. Therefore; you will find that no two banks will be offering same kind of rate of interest on personal loans in India
Private lenders like Loantap, TATA Capital, Fullerton and personal loan provider banks of India offers different rate of interest under different categories. Furthermore; the loan interest rates for the personal loans are generally fixed for a tenure which varies from 1 year to 5 years.
The rate of interest is calculated on the principal outstanding and not the on the initial loan amount. This form of interest rate is termed as fixed and reducing. Additionally; it has been witnessed that different private lenders and banks have offers on a monthly basis to attract the cream of customers.
Personal Loan Providers Offering Low Rate Of Interest
- HDFC Bank – 11.49% to 20%
- ICICI Bank – 11.49% to 20%
- State Bank Of India – 12.75% to 14.75 %
- Axis Bank – 13.99 to 24 %
- Kotak Bank – 14% – 19.65%
- Standard Chartered Bank – 12.25% to 15%
- Citibank – 11.49% to 19%
- TATA Capital – 12.75% to 19.5%
- Fullerton India -19.5% to 37%
- Indusland Bank – 12.99% to 20%
The above rates are approximate only. Final rates will vary based on your monthly takehome salary, your current experience, your credit history and more parameters etc.
The Personal Loan Eligibility Criteria
The eligibility criteria for the personal loan borrowers of India are:
- The borrower must be an Indian Resident
- Minimum age – 21 years
- Valid government issued identity proof
- Valid bank account
Documents Required for Personal Loan:
- PAN Card
- Address proof by showing any one of these – Passport, driving license, Voter ID, post-paid/landlines bill, utility bills (electricity/water/gas)
- Bank statements – where salary is deposited, for the last 3 months
- Pay slips of the last 3 months
“Loan” Is No More A Negative Word
Loan is no more considered as a debt.
Gone are the days when our ancestors used to save each every penny they earned. Living a simple livelihood and considering taking loan as a shameful thing hence; it was avoided at any cost. With the changing of times, and struggling to meet the social expenses; it has become necessary to opt for personal loans.
In fact, an average urban mass middle class person in India will typically having 3-4 types of loans going under his/her name. The usual culprits are home loan, car loan, educational loan, some personal loan and credit card dues. Especially; he salaried class they find it easy to pay in easy monthly installments than paying in one go.
The only certainty of a personal loan is that it has to be paid back. However; understand that taking loans establishes a credit history : good or bad. The trick is to only borrow what you need and what you can afford to pay back.
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