December 11, 2022

cheapest personal loans: Top 10 banks offering the cheapest personal loans

A personal loan is a type of unsecured loan offered by a bank or other financial institution. Personal loans are increasingly being used by India’s burgeoning working class to fund travel plans and durable consumer purchases.

Many people prefer personal loans to obtain funds for unexpected expenses such as medical emergencies or even planned expenses such as weddings. Obtaining a personal loan is very simple and quick, especially if you have all your documents in order and you have a good credit history.

Personal loan interest rates are among the highest, it is advisable to borrow from a lender who can offer cheaper rates and shorter terms. Keep in mind that banks offer reduced interest rates to consumers with good credit.

Personal Loan Eligibility

Your credit score plays an important role in determining your eligibility for a personal loan. Individuals must be between the ages of 21 and 60 and have worked at least two years, including one year with the current company.

The criteria for personal loans vary from bank to bank. To be eligible for a personal loan, you must have a minimum monthly income of Rs 15,000, according to the SBI website, whether or not you have a salary account with the bank.

To qualify for a personal loan from HDFC Bank, you must have a credit score of at least 650. Credit score may differ from bank to bank.

Personal loan fees

You do not have to provide collateral as this is an unsecured loan; but, your bank will charge you fees and penalties. When you apply for a personal loan, you will be charged a number of fees. Loan processing fees, verification fees and pre-closing penalty fees are just some of the fees. Choose the one that benefits you.