Everyone needs sudden money at some point in their lives. In such situations, they have to ask for money from their acquaintances. However, if you are not comfortable borrowing money from people you know, you can opt for a personal loan. They are readily available and can be easily obtained.
All banks and non-financial banking companies provide personal loans. The interest rates vary among different institutions, so it is essential to obtain a personal loan from a place where it is offered at the lowest rate.
To get a personal loan, it is not necessary to have an account with that bank. If you have proof of income and other necessary documents, you can get a personal loan from anywhere.
Here are the current interest rates for personal loans from various banks:
- State Bank of India is offering personal loans with interest rates ranging from 11.00% to 15.00%.
- Punjab National Bank is offering personal loans with interest rates ranging from 10.40% to 16.95%.
- Union Bank of India is offering personal loans with interest rates ranging from 11.40% to 15.50%.
- Bank of India is offering personal loans with interest rates ranging from 10.25% to 14.75%.
- Central Bank of India is offering personal loans with interest rates ranging from 10.95% to 12.55%.
- IDBI Bank is offering personal loans with interest rates ranging from 11.00% to 15.50%.
- UCO Bank is offering personal loans with interest rates ranging from 12.45% to 12.85%.
- Bank of Maharashtra is offering personal loans with interest rates ranging from 10.00% to 12.80%.
- HSBC is offering personal loans with interest rates ranging from 9.99% to 16.00%.
If you take a personal loan of INR 1 lakh for 3 years, the installment will be INR 3,273.87 per month. Similarly, if you take a personal loan of INR 1 lakh for 5 years, the installment will be INR 2,174.24 per month. Additionally, if you take a personal loan of INR 1 lakh for 7 years, the installment will be INR 1,712.24 per month.
Personal loans are available for both salaried individuals and businesspeople. For salaried individuals, documents such as passport, voter ID, and driver’s license, along with one document from the PAN card, need to be provided. Proof of address can be given through a utility bill, apart from the passport. The bank statement of the account where the salary is credited is required as income proof.
For businesspeople, documents such as passport, voter ID, and driver’s license, along with one document from the PAN card, need to be provided. Proof of address can be given through a utility bill, apart from the passport. Income proof requires presenting the balance sheet of the business for the last two years.
