Personal loan is one of the most popular cash loans in the Indian market. Whether you’re living in Mumbai, Delhi or any other metro city, a quick personal loan is easily available and solves your urgent cash problems. What makes this loan very popular is because of its purpose. Yes, a personal loan can be taken to clear any problem or obligation. No matter how urgent your need is, an instant personal loan can help you with it.
A salaried employee or also a self employed person can get a personal loan. All you need is to fulfill the eligibility criteria set by the bank. Once you do that, all you need to do is compare interest rates of personal loan. This is so that you can choose the best bank to take the personal loan from. There are two types of personal loan interest rates: Fixed Rate & Floating Rate.
When you choose a fixed rate of interest for your personal loan, the rate which has been decided while signing the loan application will be the rate until you repay the whole loan amount. This means that no matter whatever changes happen in the market, it will not affect your fixed rate of interest. The people choose fixed personal loan interest rate assume that there will be a hike in the interest rates soon.
When you choose a floating rate of interest for your personal loan, the rate which has been decided while signing the loan application will not just be the only rate until you repay the whole loan amount. Whenever there will be a change in the interest rates in the market, your EMI will change too. The people choose the floating personal loan interest rate assume that there will be a decrease in the interest rates soon.
For any borrower to get a personal loan, it is important to maintain a good credit score. Because this loan is unsecured in nature, the banks will place more emphasis on your credit profile. While checking the eligibility of the borrower for an instant personal loan, the bank will check if the credit score to evaluate if the borrower can repay the loan without any default.
The personal loan amount depends on your needs. After you decide what amount you need, you can apply for that loan amount from the bank.
|Bank/NBFC Name||Interest Rate*||Bank/NBFC Name||Interest Rate*|
|HDFC Bank Ltd.||10.99% onwards||ICICI Bank Ltd.||11.49% onwards|
|Axis Bank||15.50% onwards||Aditya Birla Finance||11.00% onwards|
|Capital First||12.00% to onwards||Citibank||10.99% onwards|
|Fullerton||12.49% onwards||HDB Financial Services||14.99% onwards|
|IndusInd Bank||11% onwards||IIFL||13.49% onwards|
|IDFC Bank||11.50% onwards||Kotak Bank||10.99% onwards|
|RBL Bank||13.99% onwards||Standard Chartered Bank||10.99% onwards|
|Tata Capital||11.50% onwards|
*The above mentioned statistics are as of August 2018. These can change as per the bank/NBFCs policy terms and the loan borrower’s profile.
Getting an instant personal loan is very easy. But choosing the bank is indeed very confusing. Hence at Ruloans, you can get rid of all this confusion by comparing all banks and their offers.
Applying for a quick personal loan is very easy. All you need to do is visit our website and compare different options to find your best deal. Calculate your eligibility and apply for an instant personal loan today.
Are you clear on why you need the personal loan? This is the answer you must try to find as borrowers tend to make mistakes which can be avoided. With Ruloans, you can avoid all these mistakes.