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Top Banks in India With Lowest Personal Loan Interest Rates

When you are in an urgent need of instant money during the wedding or for vacation then you can apply for a personal loan. It is the easiest option as the minimum documentation required in the procedure. If you are an existing account holder or loan customer of the bank then youu2019ll get an instant approval for a personal loan. But how to choose the right bank? How to compare the lowest personal loan interest rates? How interest rate affect the EMIs? All the answers to the question is in the article.

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Top Banks in India With Lowest Personal Loan Interest Rates

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  1. Top Banks in India With Lowest Personal Loan Interest Rates

  2. When you are in an urgent need of instant money during the wedding or for vacation then you can apply for a personal loan. It is the easiest option as the minimum documentation required in the procedure. If you are an existing account holder or loan customer of the bank then you’ll get an instant approval for a personal loan. But how to choose the right bank? How to compare the lowest personal loan interest rates? How interest rate affect the EMIs? All the answers to the question is in the article.

  3. What is a personal loan interest rate? It is the principal amount the bank or NBFC charges from the customer for the loan amount. Some bank charges high interest whereas some offer low-interest rate. Suppose a person has taken a loan of INR 1,45,533 at an interest rate of 12.99% for 60 months. The total payable interest is going to be INR 53,102. In this manner, the interest rate works on the personal loan.

  4. Top bank with lowest personal loan interest rates are: Tata capital: This offers you a loan from INR 75,000 to 25,000,00 at an interest rate of 10.99% to 18%. The processing fee charged by the bank is INR 999-2.5% of the loan amount. ICICI Bank: ICICI personal loan provide you flexible loan tenures from 12 to 60 month. The loan interest rate starts from 11.25% to 17.99%. It provides you personal loan up to INR 40 lakh. HDFC Bank: HDFC bank offers you a personal loan at an interest of 11.25% to 21.45%. The bank provides loan up to INR 25 lakh for salaried individuals and INR 15 lakh to the self-employed applicant.

  5. How to choose a personal loan? A personal loan is an unsecured loan and does not require any collateral or asset. With minimum documentation and no guarantor. There are some tips to choose the best personal loan. Compare loan interest: The user has to compare the interest the bank is charging for the loan amount. Because it will affect your monthly EMI and affect your debt. So choose the bank or NBF which provides the lowest personal loan interest rates.

  6. Fee & charges: Any bank or NBFC charges a processing fee, it is between 1% to 3%. There are different processing fee from bank to bank. Repayment flexibility: Most of the bank offers you a prepayment charge that means after a few EMIs you can pay the rest loan amount before the tenure. There are some banks which charge some foreclosure fee it is between 2% to 5%. It reduces the future loan interest burden of the customer. Affordable EMI: Choose an EMI you can afford it is equated monthly installment of the loan amount. Delay or penalty of the EMI leads to high debts. So, use an EMI calculator to know your personal loan EMI. it calculates the EMI by calculating the loan amount, loan tenure and interest rate.

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