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All You Need To Know About The Personal Loan Interest Rates

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By Author: Loan Adda
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In this situation, the need for funds gets urgent in order to step out of the fiscal crunch. While handling this issue, you may not always have someone to help you with cash and this is where a personal loan works its wonders. With the assistance of this funding source, you will never be dependent on anyone else to provide you with the required cash at the time of the financial crisis.

A Personal Loan is a funding source that is considered to be unsecured in nature. You can access this sort of financial help through a bank or some reputed Non-Banking Financial Company so that you could manage your emergency needs in a hassle-free manner. This monetary help is offered on account of several factors like the monthly earnings, CIBIL score, employment details, repayment ability and more. As it is a funding process that is unsecured in nature, there is no need to show any security proof such as your jewelry or some property to acquire funds. Therefore, if you are unable to pay the loan amount on time, the loan provider is not allowed to put your property on sale to recover the loan repayment.

A Personal Loan can be preferably utilized for several reasons such as medical bill payment, weeding expenses, clearing debts on credit card or some loan, travel expenses, etc.

Applying for an Instant Personal Loan is beneficial when you get trapped by the emergencies that require immediate funding, but you need to keep in mind that you have to pay back the loan. Therefore it’s sensible to evaluate your monthly installments on Personal Loan together with your regular per month expenses to maintain the required stability between your expenses and savings every month.

Generally, all the loan providers have their specific interest rates for offering instant Personal Loans online. This may differ on the basis of various factors.

Have a quick look at the below detailed Personal Loan guide for interest rates that are offered by popular banks in India.

Apply for Personal Loan through ICICI Bank:

The interest rate they charge for personal loans:

● 11.25%-22.50% (fresh case only)
● 11.69% to 12.25% (For balance transfer)

Eligibility Criteria required to be fulfilled by the applicant:

● The age limit is 21 to 58 years for the salaried individuals.
● Minimum monthly earnings required Up to Rs. 20,000.
● It is important to provide a genuine ID proof (passport, driving license, pan card, voter ID card, and aadhar card).

Process charges to be paid by the applicant:

● Foreclosure charges: 5% of the principal outstanding amount.
● Processing Fee: Up to 0.75% p.a. of the loan amount plus service tax.

Features to be noticed by the applicants:

● It offers loans up to Rs. 35 lakhs on the basis of eligibility, monthly earnings, nature of job and repayment ability.

● Conditional pre-closure (only after 6 months).

● You can get easy approval for a Personal Loan as no security, guarantor or collateral is required.

HDFC Bank Personal Loan (festive offer: starting at 10.99 reducing)

Interest Rate they charge for personal loans:
● 11.25%-19.50% (fresh case only)

● 11.49% to 12.25% (For balance transfer)

Features to be noticed by the applicants:

● You can easily get funds up to Rs. 45 lakhs on the basis of eligibility, monthly earnings, job type and ability to pay back the borrowed amount.

● You can get easy access to an instant Personal Loan as no security, guarantor or collateral is required.

Eligibility Criteria required to be fulfilled by the applicant:

● The minimum required age limit is 21 to 60 years for the salaried applicants.

● The Minimum required monthly earnings should at least Rs. 20,000

● The credentials to be submitted are valid ID proof like passport, driving license, PAN card, voter ID card, and aadhar card

Process charges to be paid by the applicant:

● Processing Fee: 1% to 2.50% (fresh case only)

● Processing fee flat 1999 to 2999 (for balance transfer)

● you can make Part-payments only after 12 months of duration.

● After the lock-in period (12 months) part-payment is allowed (25% of the principal loan amount)

Once you get familiar with different interest rates and application process, now it is important for you to work on your monthly installments that you would be paying every month after taking the loan. This step will actually assist you to obtain an approximation of what amount you would have to pay every month for loan repayment. By this, you will also get assisted in planning your capital flow accordingly.
If you need to get the exact calculations of your EMIs then, you can utilize an online Personal Loan EMI calculator, as this tool will help you in analyzing your installment figures with ease.

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