Comprehensive List of Personal Loan Interest Rates Across Banks and NBFCs
Personal Loan Interest Rates in India in May 2023. Which bank or NBFC provides what interest rate, comparison between different lender interest rates, and more.
Personal loans are an excellent way to finance your immediate financial needs. They are unsecured loans that do not require collateral and can be used for various purposes like home renovation, medical expenses, wedding expenses, education, and many others. In India, both banks and non-banking financial companies (NBFCs) offer personal loans at different interest rates. In this article, we look at the personal loan interest rates offered by different banks and NBFCs.
Banks Personal Loan Interest Rates
Many lenders define minimum and maximum loan amounts that will be sanctioned to salaried and non-salaried classes of people. They also stipulate a minimum monthly salary or income and post-deductions take-home amount including loan EMI deductions to decide on the maximum loan amount that can be sanctioned. Some lenders also have different loan amount allocations for people living in urban areas vs semi-urban or rural areas. In addition, many lenders also charge a processing fee which is typically a percentage of the loan amount. The turnaround time depends on the internal policy of the lender and can vary from 24 hours to 2-3 weeks.
It’s essential to note that the interest rates mentioned above are indicative and the lower rates are typically given only to people with excellent credit scores and credit history. It is also subject to change based on various factors like the loan amount, repayment tenure, credit history, and credit score of the applicant. Therefore, it’s always recommended to check the latest interest rates and other terms and conditions before applying for a personal loan.
Conclusion
Personal loans from banks and NBFCs can be a convenient way to finance your immediate financial needs. However, it’s crucial to choose the right lender based on your requirements and affordability. By comparing the interest rates and other terms and conditions of different lenders, you can make an informed decision and choose the best personal loan that suits your needs.
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