Which bank has lowest interest rate on personal loan 2023?

Best personal loan With Low Interest In India


A personal loan can be put together as the money you can borrow to meet different financial requirements. There are several reasons for which banks offer personal loans, including for medical emergencies, debt consolidation, and so on. This article will look at the types of personal loans, factors one should consider before opting for a personal loan, and some of the best personal loan offering Banks In India. So, Let’s begin!


Types of Personal Loans


There are several types of personal loans.


Wedding Loan:


This loan is sanctioned to cope with wedding expenses, including catering booking, shopping, etc.


Instant Personal Loan:


Ever heard of pre-approved personal loans? If you have a decent credit score in a particular bank, you can avail of instant loans. Please note that this type of loan is not sanctioned for everyone.


Consumer Durable Loan:


Another type of loan that falls under the personal loan category is the Consumer durable loan. These loans are mostly granted for purchases related to electronic devices or other appliances required in your home. These can cover your washing machines, TV, laptops, furniture, etc.


Debt Consolidation Loan:


Debt consolidation is a type of loan that allows you to pay off your other loans altogether by taking a single loan with relatively lower interest.


Medical Loan:


When there are medical emergencies or treatment that will cost a fortune, you can avail of a medical loan to deal with such situations.


Home Renovation Loan:


Just in case you want to give a touch-up to your home, getting a home renovation loan will help you cover the maintenance and renovation costs.


Factors To Consider Before Applying For A Personal Loan:


There are several factors one should consider apart from the interest rate. Here we have jotted down a few essential and must-check factors:


Understand Eligibility Criteria


You must fulfill specific eligibility conditions to obtain a loan from a financial institution. You can be in a scenario where you need to secure financing at the last minute. In such cases, selecting a lender with basic eligibility criteria and minimal paperwork needs might help to expedite the entire procedure.


Repayment Option Flexibility


When choosing the loan that suits your requirements, you should consider its repayment structure. Nowadays, there are several banks offering customized EMI options. With this option, you can easily choose the amount you want to pay as per your financial goals. Some banks let you play a lower amount in the starting period, and with the increment in your cash inflow, you can pay more.


Interest Rate


We all consider this factor while applying for a personal loan with low interest. Several banks will offer different Interest rates that will depend on the amount you are requesting, your crest score, your previous loan history, and so on.


Work on EMI Affordability


You must be sure that you will be able to repay your loan on time before asking for one. As a result, it’s essential to comprehend the loan’s monthly EMIs. This is simple to achieve with the use of a personal loan EMI calculator, most of which are accessible online.


This automatic program gives you a rough estimate of how much you will pay each month. This provides you with an image of your EMI affordability, assisting you in making the best loan option.


Charges Applicable by Lender


Aside from the interest rate, lenders impose other fees on your loan. You can come across a lender who offers a loan with a lower interest rate but charges more processing costs. So, in addition to interest rates, you must examine additional applicable costs such as pre-payment fees, processing fees, bounce charges, and so on.


Banks With Their Personal Loan Interest Rates:


HDFC Personal Loan- 10.75-13.45%

ICICI Personal Loan- 10.99-16.5%

Bajaj Finserv Personal Loan- 11.99-16.00%

Fullerton Personal Loan-11.99%-26.00%

Kotak Personal Loan- 10.50-17.25%

IndusInd Bank Personal Loan- 12.99-17.00%

Standard Chartered Personal Loan- 11.00-12.50%


Wrapping It Up:


So, here is all that you need to know about the best personal loan with low interest in India. We hope the article was informative and cleared your doubts. For any further queries, let us know in the comment section, and we will get back to you in the comment section.

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