Personal lending has become one of India’s most common types of financial services. There is no another-size-fits-all personal loan plan because each borrower would have their own financial criteria and expectations. The principal amount and interest rates for personal loans will vary based on your profile, credit score, source of income, EMIs, and credit card bill.
Today, markets are full of attractive offerings for customers on personal loans. You can use as low as Rs 1 lakh and for 12 to 60 months you can go up to Rs 30 lakhs. You can make use of a loan with competitive 10.75 % interest rates and small processing fees on it. The accurate rate is based upon the credit profile of the borrower.
That loan amount can be used depending on fund use, and that’s why borrowers borrow personal loans to meet their financial goals such as medical expenses, home improvement, debt reduction, wedding expenditures, college financing, business growth, Buy gadgets and more.
Your salary, credit score and current financial obligations would enable the banks and financial institutions to change their eligibility for loans. You don’t need any collateral or loan guarantor to get a personal loan approved. You can also borrow small sum personal loan with flexible terms and conditions with reputed financial institution. You don’t have to commit for any collateral to take advantage of personal loans and it sets the borrower free of any sort of financial stress.
Here below are the few factors that will affect the banks and NBFCs’ personal loan interest rates:
Income: The income level will help to determine your ability to repay personal loan providers. Those who work in listed firms, central and state government, PSUs are assumed to be liable for better rates of interest on personal loans.
CIBIL Score: It’s number that ranges between 300 and 900 points. It’ll describe your creditworthiness and represent your history of repayment. When you have a credit score of over 650, you can receive low interest rates for personal loans and higher loan limits with the lenders.
Employment History: If you’re employed for more than 2 to 3 years, this proves your career security and guarantees a steady income flow. In order to apply for the loan sum, self-employed individuals need to show the company income and revenue generation.
Some other variables that lenders would consider to assess your personal loan amount will be your additional source of income, current bills, credit card liabilities, etc .
Loan providers will give low interest rates, timely approval, and disbursement of loans the same day. Therefore, a smooth and careful decision is essential. Before making a decision you should compare different personal loan offers from different lenders. It is important to note that there are other costs involved in addition to interest rates, such as processing fees, prepaid fees, cheque bounce fees, etc. verify the needs carefully, the overall cost of the loan and then sign on Personal loan agreement.
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