The interest rates for personal loans vary from bank to bank.
For example, IDBI Bank personal loan interest rates start at 8.15% and go up to 14%; these come with a mandate of 12 to 60 months and for an amount between Rs 25,000 and Rs 5 lakh. State Bank of India (SBI) personal loan rates start at 9.6% and go up to 15.65%; these come with a duration of 6-72 months and one can borrow between Rs 25,000 and Rs 20 lakh.
Click here for a full list of personal bank loan interest rates
What is the maximum and minimum limit of the personal loan
The minimum and maximum amount that can be borrowed varies according to each bank and institution. SBI, for example, indicates on its website that employees can obtain a maximum personal loan of Rs 20 lakh. Personal loans up to Rs 12 lakh are available from HDFC Bank, according to the bank’s website.
You can acquire a personal loan for as little as Rs 75,000 and up to Rs 25 lakh, according to the Tata Capital website, depending on your creditworthiness.
Does A Personal Loan Help Cope With A Financial Crisis Due To Coronavirus?
In response to the covid crisis, some lenders have increased their credit scores and income requirements, making it more difficult for borrowers to qualify for a loan or get a low rate. Is it a good idea to get a personal loan at such a time. Tap into knowledge.
Who is eligible for the personal loan?
The eligibility conditions for a personal loan differ from one bank to another. According to the SBI website, you must have a minimum monthly income of Rs 15,000 to be eligible for a personal loan, whether or not you have a salary account with the bank.
Your credit score will also play a role in deciding your eligibility for a personal loan. People must be between 21 and 60 years old and have worked for at least 2 years, including at least 1 year with the current employer. Those with a net monthly income of at least Rs 25,000 can apply to HDFC Bank.
What is the term of personal loans?
Credit institutions such as banks often grant personal loans for up to five years. However, the mandate may differ depending on the institution.
What are the costs associated with a personal loan?
A bank or the NBFC charges processing fees, stamp duties, and other regulatory fees on a personal loan.
In addition, prepayment or pre-closing fees will be imposed depending on the lender. People who opt should be sure to review the many forms of fees that may be imposed before taking out a personal loan.
