personal loan interest rates

Ever felt like working your life off only to look back at having done nothing to enjoy or cherish? Or having an urgent financial situation to handle with no help in sight! We will tell you how to get a Personal loan at low-interest rates to not just solve the situation but any in the future.

You’re not alone as most of us hardly have enough to support our daily needs that Savings becomes an afterthought. Even if we can manage to pay off any borrowed money, the ones who lend money often end up charging unreasonably high interest on the borrowed sum. The right way to handle such a situation is to apply for a personal loan. A Personal loan is a type of loan which is unsecured, meaning that there is no collateral, unlike Gold, Home or Vehicle loan. It is given to only those individuals who have a documented source of income. Apart from an earning source, there are other personal loan eligibility factors such as Salary amount, CIBIL score, EMI obligations, etc.

While things may seem like a dead-end for some getting low incomes, having low CIBIL scores thereby not meeting the Personal Loan Eligibility parameters. Others may have applied before especially in person to get rejections or high personal loan interest rates that may end up worsening the issue at hand to a later date. Which is why it is extremely important for us to compare loans to get the lowest interest rates, processing charges, payback periods, foreclosure charges & more. Another important factor to keep in mind is how & where you apply for a personal loan as well. For starters, you can visit any bank branch or other creditors for the same but in this digital age where there is no need to physically visit a place for availing the services, the best way is to apply for a personal loan online.

With so many aggregators apart from the Banks & other financial institutions offering the same, so much so that one will always be in doubt if they got the lowest interest rate for Personal Loan. Four key factors to keep in mind before applying for a Personal Loan Online are:

Minimum Salary Required

Most of the Loan providers require your monthly salary to be at least Rs 20k for personal loan eligibility. If you own a business, then the profits earned on a monthly basis should also be of a specified amount.

Don’t worry if you earn less than that as we tell you how to still get a Personal loan with all benefits.

CIBIL Score

This score quantifies your creditworthiness or to say in other words the risk involved by the Bank when providing loan to you so the higher the score out of 900, the better the chances are of getting your online personal loan application approved.

If your CIBIL score was hit due to unfortunate circumstances, just read on & we help you avail Personal Loan offers.

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Mode of Income

While most of us are salaried, those who are self-employed or run a small business and in need of a loan for personal reasons has to meet a wholly different eligibility criterion that includes submitting I.T returns, bank statements, etc.

Get Personal Loan for Self Employed personnel such as those who own a small business, provide Services or others.

Work Experience or Age of Business

Banks or other Financial Institutions want to ensure that the income proof shown is reliable so that you will pay back the loan regularly hence a minimum of 1 year of work experience or 2 years of business establishment is necessary.

With minimum documentation, take our advice to get Personal Loan for Self Employed individuals easily.

personal loan benefits — Personal Loan Benefits

Just some of the many possible strict requirements set by Banks & other Financial Institutions are specified above. We believe that personal loan eligibility should be more relaxed. Which is why part from having lower limits, some of these personal loans offer many more benefits listed as follows: