A personal loan is an unsecured loan that provides an instant solution to your financial crisis. Various lenders are offering personal loans at this time. But the most asked question is which personal loan offers the best interest rates.
We will find the actual answer that fulfills your expenses, such as medical bills, wedding costs, and other expenses, through this personal loan.
Factors Affecting Personal Loan Rates
Getting a personal loan at a low interest rate depends on various factors:
Borrower Credit Score: Enjoy lower interest based on your credit score. Your average credit score of 720 or above is good to score lower interest personal loans.
Debt-to-Income (DTI) Ratio: The lender calculates your DTI (Debt-to-Income) ratio, which shows your loan eligibility. A DTI ratio below 36% is good enough for loan approval.
Repayment Capacity: You should ensure you have enough income to pay the loan. Steady income helps to pay the loan on time which will maintain your credit history. The borrower with a good credit history can reduce loan interest rates.
Employment Profile: If borrowers have a higher salary or doing a job at a reputed company, the personal loan interest rate can be low.
How to Apply for Personal Loan Online
Within some steps, you can get a personal loan from 24hrLoan:
Step 1: Check eligibility criteria with lenders such as income proof, company profile, etc.
Step 2: Determine how much amount you need.
Step 3: Know the interest rate & repayment tenure. You may use our Personal Loan EMI Calculator to know the EMI amount.
Step 4: Choose the best lender that provides low-interest personal loans.
Step 5: Now, directly apply for a loan without a branch visit.
Step 6: Submit the required documents which you can upload online.
Best Personal Loan in India
1. SBI Bank
Loan Amount: Up to 30 Lakh
Tenure: Up to 6 years
Interest Rate: 11.45% to 14.85% p.a. Minimum Salary: Rs. 15,000 for SBI salary credit account.
2. HDFC Bank
Loan Amount: Up to 40 Lakh
Tenure: Up to 6 years
Interest Rate: 10.50% p.a.
Minimum Salary: Rs. 15,000 for HDFC Bank Salary Account, Rs. 50,000 for other Bank Account.
3. ICICI Bank
Loan Amount: Up to 1 crore
Tenure: Up to 5 years
Interest Rate: 10.80% p.a.
Minimum Salary: Rs. 35,000 or above
4. IndusInd Bank
Loan Amount: Up to 50 Lakh
Tenure: 1 to 5 years
Interest Rate: 10.49% to 26% p.a.
Minimum Salary: Rs. 25,000 or above
5. Yes Bank
Loan Amount: Up to 40 Lakh
Tenure: Up to 5 years
Interest Rate: 11.25% to 21% p.a.
Minimum Salary: Rs. 30,000 or above
Personal Loan Eligibility Criteria
24hrLoan provides personal loan at minimum eligibility criteria:
- Indian Citizenship
- A minimum salary of Rs. 12,000 must be deposited into a bank account
- Your minimum salary deposit should be 12 months required.
- Credit Score: -1 or 700+
Final Thought
You must compare personal loan interest & processing fees before obtaining a loan. Match your eligibility among various banks. Also, calculate your monthly repayment amount to ensure the loan amount.
Understand all the details, you can apply for a personal loan from 24hrLoan. Obtain a loan from the online application process.
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FAQs
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How much salary is enough for a personal loan?
Borrow personal loan at minimum Rs. 12,000 salary. Obtain up to 5 lakh loans at 18% interest rate.
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What is the interest rate PNB offering?
Punjab National Bank offers 8.75% interest per annum for personal loans.
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Can I get a lower interest rate on a personal loan?
You can borrow a personal loan at a lower interest rate if you have a 750+ credit score. Banks like HDFC Bank, SBI Bank, Axis Bank, and ICICI Bank provide lower rates on personal loans.