Friday, March 25, 2016

Bank Wise Personal Loan Interest Rates

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Looking for Personal Loan? Here is we are sharing bank wise Personal Loan Interest rates. This will help you to short list the best among the personal loan and will choose to help which personal loan is best. Before getting the Interest Rates of personal loan, we are giving you the eligibility criteria, benefits and other charges of Personal Loan.

Bank Wise Personal Loan Interest Rates

Personal Loan Interest Rates
Below is Bank Wise Personal Loan Interest Rates for Amount Rs.1,00,000/- for tenure of 4 years. Check out interest rate for Rs.1 lac of personal loan for 4 years;
Bank name Interest rate EMI (per month) for 4 years Processing fees (one time)
ICICI Bank 12.75 % (Fixed) Rs.2670 Rs.1145
TATA Capital Limited 14% (Fixed) Rs.2733 Rs.0
CITI Bank 14.25% (Fixed) Rs.2745 Rs.0
Kotak Mahindra Bank 14.35% (fixed) Rs.2750 Rs.1144
Indusland Bank Ltd 13.49% (Fixed) Rs. 2707 Rs. 1202
Capital First 14.24% (Fixed) Rs. 2745 Rs. 1145
Fullerton 22% (Fixed) Rs. 3151 Rs. 2290
HDFC Bank 12.75% (Fixed) Rs. 2670 Rs.1145
Vijaya Bank 13.70 % (Floating) Rs.2718 Rs.286
Canara Bank 13.65% (Floating) Rs.2715 Rs.1145
IDBI Bank 13.75% (Fixed) Rs.2720 Rs.1145
Allahabd Bank 13.70% (Floating) Rs.2718 Rs.1397
Dena Bank 14 % (Fixed) Rs.2733 Rs.1145
Union Bank of India 14.40% (Fixed) Rs.2753 Rs.572
Indian overseas Bank 14.70% (Floating) Rs.2768 Rs.229
South Indian Bank 14.80% (Fixed) Rs.2773 Rs.572
UCO Bank 15.10 % (Floating) Rs.2788 Rs.1145
Tamilnadu Marchantile Bank 16.40% (Floating) Rs.2855 Rs.1145
State Bank of India 17.80% (Floating) Rs.2927 Rs.3469

What is personal loan?

Personal loan, as its name suggest, it is for personal use. Like we have home loan, vehicle loan, education loan etc, in which you need to mention your purpose to get loan, i.e the money to borrow for home loan, you can't use it for anything else, as money from bank will be directly credited to your contractor.

Likewise, Personal loan is for the thing which is not for home, vehicle or education. For example, you need urgent money to give someone, to buy gold, just for liquidity, or for anything for which you need money. If you want to travel somewhere urgently, you can take personal loan, you need money for marriage, you can have personal loan.

Personal loan can solve your instant problems. But as personal loan provides you instant financial help, it cost you more (and the reason bank people are always ready to give you personal loan, even will call you again and again to take personal loan). Personal loan is one of the costliest loans after credit card loan and education loan. If you have so many emergencies than only take personal loans, else avoid it. The cheapest personal loan will cost you 12.75% per annum.

Is it convenient to take personal loan?

As mentioned earlier, Personal loan cost you more than anything. If you make priority to return loan amount, personal loan will be on first of the list. If you need money to buy new home go for Home loan as home loan available at 9% interest rate while personal loan 13%. Also, some of the personal loan comes with floating rate change, which is even more costly than fixed interest rate.

Personal loan is good as solves your emergency financial problems and cost you much more for this facility. Personally, we advised you to not to take any such personal loan, but it is unavoidable, go for it and pay it as soon as possible.

Do check the Personal Loan Interest Rates, and which ever for you eligible, ask for low interest rate (Than high amount as sometimes bank people will offer you more amount than lowering interest rate). AND PAY YOUR PERSONAL LOAN as soon as possible.

Note :- Interest rate as on 25th March, 2016.

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