Personal Loan: When faced with a sudden shortage of money, many people turn to personal loan to meet their immediate needs.
However, personal loans generally come with higher interest rates. Higher interest is because this loan is available immediately and one does not have to bother with many documents.
It is especially easy for salaried employees to get personal loans. The required documents usually include salary slip of last three months, bank details and identity proof like driving license or Aadhaar card.
Before taking a loan from a particular bank or institution, you should explore other options for your needs. Generally, lenders offer loans at lower interest rates to borrowers with higher credit scores, while borrowers with lower scores have to take loans at higher rates.
Check, which bank is giving loan at what interest rate?
-HDFC Bank
10.75% to 24%
-ICICI Bank
10.65% to 16.00%
-SBI
11.15% to 11.90%
-Kotak Mahindra
10.99%
-axis Bank
10.65% to 22%
-IndusInd Bank
10.25% to 26%
-Bank of Baroda
11.40% to 18.75%
-Punjab National Bank
11.40% to 12.75%
-Union Bank of India
11.35% to 15.45%
-IDBI Bank
10.50% to 13.25%
