subject: Personal Loan Stands In The Mid Of Rising Interest Rates [print this page] In todays growing inflation rate in the country, personal loan comes handy for any individual whether he is working or self-employed. Personal Loans in India today are the best means of getting money for personal use. Personal Loans in India are not a secured form of loans which are taken for personal use and require no security or guarantee and it can be taken for any reason, like wedding expenditure, vacation or acquiring consumer durables. It is very useful & it takes care of all needs and wants. The sum of loan can start from Rs. 50,000 Rs. 20 lakhs & the term for reimbursing the loan ranges from 1 to 5 years. Various advantages of personal loans in India are listed below:
Advantages of Personal loan in India:
1. Personal Loan is not security based loan that means where an individual does not have to vow a house or other security to get a loan.
2. Processing of Personal Loan is less time consuming
3 Personal Loan help to get bigger liabilities laid off, as a person can take a loan ranging from Rs. 50,000 to Rs. 20 lakh without much paperwork.
Personal loan interest rates in India are calculated keeping in mind various criterion like the income level, social status etc. Various banks have diverse reasons related to which interest rates are deliberated. The major reason for the assessment is the status as to a person is working for an employer that is salaried or a person is an employer himself that is self employed.
Below mentioned are some personal loan rates from some latest banks:
1.Fullerton India Personal Loan
Interest rate 9-24
EMI 14950.1
Prepayment Charges Nil
Repayment Period 1-4
Personal Loan Amount 100,000-1,000,000
2.Reliance Personal Loan
Interest rate 16-23
EMI 14170.1
Prepayment Charges 6
Repayment Period 1-4
Personal Loan Amount Available 200,000-1,500,000
3.HDFC Personal Loan
Interest rate 15.5-22
EMI 14042.4
Prepayment Charges 4
Repayment Period 1-5
Personal Loan Amount Available 50,000-1,500,000
4.Citi Financial Personal Loan
Interest rate 16-21
EMI 14170.1
Prepayment Charges 4
Repayment Period 1-5
Personal Loan Amount Available 10,000-1,000,000
5.Citi Bank Personal Loan
Interest rate 15-20
EMI 13915.4
Prepayment Charges 5
Repayment Period 1-5
Personal Loan Amount Available 24,000-1,000,000
6.SBI Personal Loan
Interest rate 16-20
EMI 14170.1
Prepayment Charges 0
Repayment Period 1-4
Personal Loan Amount Available 24,000-1,000,000
7.Axis Bank Personal Loan
Interest rate 14-28
EMI 13663.2
Prepayment Charges 0
Repayment Period 1-5
Personal Loan Amount Available 1 Lakh to 20 Lakhs
8.Bank of Baroda Personal Loan
Interest rate 16
EMI 14170.1
Prepayment Charges 0
Repayment Period 1-3
Personal Loan Amount Available 20,000-200,000
9.Canara Bank Personal Loan
Interest rate 14
EMI 13663.2
Prepayment Charges 2
Repayment Period 1-5
Personal Loan Amount Available Rs. 1 Lakh
10.Corporation Bank Personal Loan
Interest rate 13.5-14.5
EMI 13538.2
Prepayment Charges 0
Repayment Period 1-5
Personal Loan Amount Available Rs. 2 Lakhs
11.ICICI Bank Personal Loan
Interest rate 14-18
EMI 13663.2
Prepayment Charges 5
Repayment Period 1-4
Personal Loan Amount Available Rs. 10 Lakhs
12.IDBI Bank Personal Loan
Interest rate 13-16
EMI 13413.7
Prepayment Charges Up to 6
Repayment Period 1-5
Personal Loan Amount Available Rs. 10 Lakhs
13.Indian Bank Personal Loan
Interest rate 12.9 up to 20 Lakhs
EMI 13388.9
Prepayment Charges 2
Repayment Period 1-3
Personal Loan Amount Available Rs. 60000-Rs 1 Lakh
14.Standard Chartered Bank Personal Loan
Interest rate 15.5-22
EMI 14042.4
Prepayment Charges 5
Repayment Period 1-5
Personal Loan Amount Available Rs. 50,000-Rs 30 Lakhs
15.Bank of India Personal Loan
Interest rate 10.75-12.75
EMI 12862.1
Repayment Period 1-5
Personal Loan Amount Available 10,000-10 Lakhs
16.UCO Bank Personal Loan
Interest rate 14.90
EMI 13890
Prepayment Charges 0
Repayment Period 1-4
Personal Loan Amount Available Rs. 2 Lakhs
17.Saraswat Bank Personal Loan
Interest rate 13
EMI 13413.7
Prepayment Charges 0
Repayment Period 1-5
Personal Loan Amount Available 5 Lakhs
by: Andy Smith
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