Due to Corona epidemic, a large number of people are currently facing cash problem. Due to this, many people are planning to overcome their cash crisis by taking a personal loan in these dire times. A personal loan is a weapon that can be availed anytime. Especially when you need cash, you can take a personal loan. But these loans have a higher interest rate than other loans including home loans and auto loans. There are many factors involved when you are offered a loan. For example, all information includes the amount of the loan, whether the customer will be able to repay the loan or not, whether the customer is employed by the company.
Customer’s credit score is very important while taking a loan. It is important for a customer to have a good credit score for taking a personal loan. A good credit score can be maintained by keeping your credit utilization ratio in the 30 percent range. A customer must compare the interest rates charged by various lenders on personal loans before taking a loan. Many lenders bring good seasonal offers on personal loans from time to time.
If you want a low interest rate personal loan, you should have a good repayment history. A customer should try to pay his credit card bills in full and pay off his debt every month. In this case, the customer will be able to get a low interest rate personal loan. Employees working in reputed companies or multinational companies have job stability. It is also assumed that the income of those employees will be stable and they will repay the loan on time. Hence, they also get the benefit of lower interest rates.
Here you are told about the personal loans offered by some selected banks of the country.
Union Bank – 8.90-12%
State Bank of India 9.60-13.85%
Punjab National Bank Interest Rates 8.95% to 11.80%
Bank of Baroda 10.25-15.60%
HDFC Bank- 10.75-21.30%
ICICI Bank -11.25-21%
Axis Bank – 12-24%