Personal Loans are unsecured loans that are taken for personal use for which no requirement of any security or guarantee as well as it can be taken for any reason, like wedding expenditure, vacation or acquiring consumer durables. The personal loan is very useful & takes care of all needs and wants. The sum of loan can start from Rs. 50,000 – Rs. 20 lakh & the term for reimbursing the loan ranges from 1 to 5 years.

Benefits of Personal loan

1. Personal Loan is an unsecured loan where one is not required to vow a house or other security to acquire a loan.

2. Personal Loan can be checked with negligible formalities or credentials and is less time consuming to acquire.

3. Personal Loan helps to get bigger loan requirement done, as a person can take a loan ranging from Rs. 50,000 to Rs. 20 lakh without much paperwork.

The major reason for the assessment is the status as to a person is working for an employer that is salaried or a person is an employer himself that is self employed. The features that decide the Personal Loan interest rates are as follows:

•Income of the person

•Person’s Company Status

• Individual’s Credit and Payment history.

• Individual’s relationship with the bank the loan is to be taken from.

• Individual’s bargaining capacity.

Some of the Personal Loan interest rates are discussed below:

    Fullerton India Personal Loan

    Interest rate – 19-24

    EMI – 14950.1

    Prepayment Charges – Nil

    Repayment Period – 1-4

    Personal Loan Amount – 100,000-1,000,000

    Reliance Personal Loan

    Interest rate – 16-23

    EMI – 14170.1

    Prepayment Charges – 6

    Repayment Period – 1-4

    Personal Loan Amount Available – 200,000-1,500,000

    HDFC Personal Loan

    Interest rate – 15.5-22

    EMI – 14042.4

    Prepayment Charges – 4

    Repayment Period – 1-5

    Personal Loan Amount Available – 50,000-1,500,000

    Citi Financial Personal Loan

    Interest rate – 16-21

    EMI – 14170.1

    Prepayment Charges – 4

    Repayment Period – 1-5

    Personal Loan Amount Available – 10,000-1,000,000

    Citi Bank Personal Loan

    Interest rate – 15-20

    EMI – 13915.4

    Prepayment Charges – 5

    Repayment Period – 1-5

    Personal Loan Amount Available – 24,000-1,000,000

    SBI Personal Loan

    Interest rate – 16-20

    EMI – 14170.1

    Prepayment Charges – 0

    Repayment Period – 1-4

    Personal Loan Amount Available – 24,000-1,000,000

    Axis Bank Personal Loan

    Interest rate – 14-28

    EMI – 13663.2

    Prepayment Charges – 0

    Repayment Period – 1-5

    Personal Loan Amount Available – 1 Lakh to 20 Lakhs

    Bank of Baroda Personal Loan

    Interest rate – 16

    EMI – 14170.1

    Prepayment Charges – 0

    Repayment Period – 1-3

    Personal Loan Amount Available – 20,000-200,000

    Canara Bank Personal Loan

    Interest rate – 14

    EMI – 13663.2

    Prepayment Charges – 2

    Repayment Period – 1-5

    Personal Loan Amount Available – Rs. 1 Lakh

    Corporation Bank Personal Loan

    Interest rate – 13.5-14.5

    EMI – 13538.2

    Prepayment Charges – 0

    Repayment Period – 1-5

    Personal Loan Amount Available – Rs. 2 Lakhs

    ICICI Bank Personal Loan

    Interest rate – 14-18

    EMI – 13663.2

    Prepayment Charges – 5

    Repayment Period – 1-4

    Personal Loan Amount Available – Rs. 10 Lakhs

    IDBI Bank Personal Loan

    Interest rate – 13-16

    EMI – 13413.7

    Prepayment Charges – Up to 6

    Repayment Period – 1-5

    Personal Loan Amount Available – Rs. 10 Lakhs

    Indian Bank Personal Loan

    Interest rate – 12.9 up to 20 Lakhs

    EMI – 13388.9

    Prepayment Charges – 2

    Repayment Period – 1-3

    Personal Loan Amount Available – Rs. 60000-Rs 1 Lakh

    Standard Chartered Bank Personal Loan

    Interest rate – 15.5-22

    EMI – 14042.4

    Prepayment Charges – 5

    Repayment Period – 1-5

    Personal Loan Amount Available – Rs. 50,000-Rs 30 Lakhs

    Bank of India Personal Loan

    Interest rate – 10.75-12.75

    EMI – 12862.1

    Repayment Period – 1-5

    Personal Loan Amount Available – 10,000-10 Lakhs

    UCO Bank Personal Loan

    Interest rate – 14.90

    EMI – 13890

    Prepayment Charges – 0

    Repayment Period – 1-4

    Personal Loan Amount Available – Rs. 2 Lakhs

    Saraswat Bank Personal Loan

    Interest rate – 13

    EMI – 13413.7

    Prepayment Charges – 0

    Repayment Period – 1-5

    Personal Loan Amount Available – 5 Lakhs

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