Personal loans are unsecured loans available for both salaried and self-employed borrowers to help meet their general personal or private expenses that are urgent and immediate in nature. Unsecured loans are loans without any security that can be availed quickly. The rate of interest on personal loans is higher than that on secured loans. There are multiple personal loan providers in India which offer cheap and quick loans. You need a new loan only if:
- You are in the midst of a financial crisis and need immediate funds.
- You do not have a collateral to take a secured loan.
- You do not have time to go through detailed documentation and loan process.
- You need a short term loan of not more than five years.
Benefits of taking a personal loans are : –
- Unsecured in nature with no requirement of collateral or a security
- Fast turnaround with loan approval in as quick as a few hours. Banks now offer instant personal loans as well.
- Minimum documentation with approval based on basic KYC, quick background checks, CIBIL score and income proofs
How to Get the Best Personal Loan Interest Rates?
As per the current rates, Yes Bank offers the lowest interest rate of 10.75%. You can get best personal loan depending upon the company you are working with, loan amount you have applied for and your repayment capacity. Higher the loan amount, lower will be the rate of interest.
HDFC Bank, Tata Capital, IIFL, RBL Bank, Citibank, ICICI Bank are the best banks for personal loan, if you are looking for an instant personal loan with in 1-2 days. The interest rates of these banks are in the range of 10.99% to 16%. These loans providers offer online lending process. You can get instant personal loan approval from these banks online at Eazy Personal Loan and check eligibility without having to submit paper documents. Post approval, in case you are an existing bank account holder or existing loan customer of HDFC Bank, Tata Capital, IIFL, RBL Bank, Citibank, ICICI Bank, you may be eligible for instant disbursement without any documents. In other cases, you may upload a few documents on mobile app or submit them physically to a bank loan officer who will visit you at your place before loan disbursement.