A loan might sound like an added liability but when there is a financial need, it is the best way to get your things done. This facility is the easiest and most opted options when there is an urgent need for finances. Nowadays, many apps are there which lend money instantly. Not satisfied with the reasons? Read more to know why and how a personal loan is far better than asking your friends for money.
Have you ever given a thought why are you scared of taking a loan? Because it is a debt and you have to pay more than what you take, right? But, it is also true that until and unless you need money you do not go and apply for a personal loan. So, here are a few reasons that make personal loans a boon.
Why is a Personal Loan Good?
Just like it is said, ‘a friend in need is a friend indeed’, the money when needed holds a true value. Imagine yourself in a situation when you want funds and none of your friends is able to help you or maybe you do not want to ask them. What are you going to do? You can not obviously avoid the situation, so what are you going to do? You obviously can look for a lender (bank or NBFC) to give you the fund. Read here why should you take it.
- You get to choose the lender as per your suitability
- You can compare different options and then finalize one
- If your CIBIL score and income is up to the mark, you can negotiate with the interest rate and loan amount
- You can choose the tenure as per your repayment capacity
- You can calculate EMI and then decide which tenure is suitable
- You do not have to go through the emotional pressure of giving back the money
- Your loan starts and ends on a non-emotional note and hence no mental pressure
- You can select EMI as per your monthly budget.
Below are some of the banks offering lowest interest rates on a personal loan. You can calculate EMI based on the rate and then select which lender is suitable.
ICICI Personal Loan Interest Rate
ICICI Bank calculates the final interest rate on the basis of MCLR and Base Rate. Presently, the rates are one of the lowest personal loan interest rates in India with the rates from 10.99% per annum onwards.
Bajaj Finserv Personal Loan Interest Rate
On personal loans, the rate of interest offered by Bajaj Finserv is available starting from 10.99% per annum. The maximum loan amount you can get is ₹25 lakhs. There is also an option of flexi loans the details of which can be checked on the official website of Bajaj Finserv.
SBI Personal Loan Interest Rates
The bank offers personal loans at the starting rate of interest for personal loans is 11.35% per annum.
Kotak Mahindra Bank Personal Loan Interest Rate
A personal loan at Kotak Bank is available at the starting rate of 10.99% per annum.
HDFC Personal Loan Interest Rate
HDFC bank offers personal loan interest rates starting from 10.99% per annum up to 20.75 % per annum.
Axis Bank Personal Loan Interest Rate
The interest rate is one of the lowest interest rates on a personal loan and presently ranges from 15.50% to 24% per annum.