Banks offer Personal Loan depending on the financial stability of the loan borrower. Eventhough their interest rates are high still salaried class prefer to take personal loans eventoday.
Before Proceeding to discuss on personal loans, let us know the eligibilty to be needed to take personal loans-
- Salaried Class– To opt for personal loan salaried class has to submit Form 16, Last Financial Year I.T Returns alongwith 3 Months Pay-slips.
- Self-Employed– Their Business must be working from the last 2 years where they have to submit “Audit Report Verified By CA For the Last 2 Financial Years”
Chartered Accountants and Doctors must comply with the Licence as a proof of running their business
Now Let’s discuss the Personal Loan interest rates of various banks at a glance–
|Bank Name||Interest Rate Applicable|
|Union Bank of India||8.90%|
|Kotak Mahindra Bank||10.25%|
|IDFC First Bank||10.49%|
|Punjab and Sind Bank||9.50%|
|Karur Vysa Bank||12%|
Please note that the above interest rates are fetched from the official websites of the banks and are subject to change depending on the banks discretion.Consult your preferred bank and get an overiew on the personal loan interest rate at that point of time.
Customers have to bear processing fee charges in addition to personal loan interest rate. Please note this while opting for loan.