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List of personal loan interest rates across all banks in India
Do you require cash for a substantial expense? Are you wondering what to do to raise this money? In that case, a personal loan might be a convenient option. There is no need to pledge any collateral or security and you can use the loan amount as you desire. Interest rates for personal loans in India are relatively high as compared to other retail loans because lenders do not hold any customer asset as security. They safeguard their money against the risk of default by charging a higher interest rate.
The loan amount can be used for any purpose so long as it is legitimate and not for speculative purposes. The reasons for taking a personal loan could be for funding an expensive vacation, improving your business cash flow, consolidating your credit card debt, to celebrating a wedding, buying an expensive gadget, medical treatment, or sudden loss of income.
The interest rate on a personal loan could range from 11% to as high as 32% per annum or more. It is determined by a variety of factors, like your credit history including your repayment track record, your credit score, your net annual income, debt-to-income ratio, employment stability etc.
About Central Bank Of India Personal Loan Interest Rate
Central Bank of India Personal Loan Interest Rate 2018: 11.95% p.a. upward (typical range, dependent on current MCLR)
Personal Loan Interest Rates in Central Bank of India and other fees and charges are subject to regular reviews and can vary with each customer.
Central Bank of India Personal Loan Interest is calculated as MCLR plus 3% though it can be higher, depending on your credit history, current MCLR amongst other factors. The final interest rate will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time among other factors. For the most accurate information on the Central Bank of India Personal Loan Rate of Interest and other associated fees and charges, it is advisable to contact the bank directly.
Loan Amount: Twenty times of gross salary subject to maximum of Rs.10,00,000/- and minimum net take home pay of 40% of gross salary after deductions for statutory dues, existing loan obligations including the instalment of proposed loan.
A Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on the same date every month towards paying off your personal loan in full, including interest. Each EMI consists of payment towards the principal and interest component.
You can calculate your personal loan EMI payments using an online Personal Loan EMI Calculator. The calculator will help in determining your exact EMI outflow every month as well as the interest amount you pay. Using the calculator is free, easy and simple, and you can calculate your EMI in a matter of minutes to help you with your monthly personal budgeting.
Your credit score is a very important factor in getting approval for a personal loan. It is always a good idea to remain updated on your credit score when you plan to apply for a personal loan, or any line of credit, for that matter. You can learn your credit score by obtaining a copy of your credit report from one of the three main credit rating bureaus in India. It is generally desirable to have a credit score of at least 750 when applying for a personal loan.
If you have bad credit, it is difficult to secure a personal loan with a low interest rate. If your loan application is approved despite having a poor credit score, you might be charged a high interest rate and other unfavorable terms on your loan.
Once the bank receives a completed application form along with the necessary supporting documents, your eligibility for a personal loan is determined. If you qualify, you will get an approval for a specific loan amount based on your requirement and repayment capability. You can contact the customer care department for help with tracking your loan application.
1. What are the minimum and maximum loan amounts?
The final loan amount is at the sole discretion of the Bank but is subject to a maximum of Rs 10 lakhs. The loan amount is influenced by different parameters like your income, credit history, repayment patterns and capacity, among various other factors. You can contact the bank directly for details on minimum and maximum amount applicable to you. applicable to you.
2. What are the tenures available?
You can choose a loan tenure of up to a maximum of 4 years.
3. I need a personal loan as soon as possible. How much time will it take for my loan to get approved?
If eligible and the documents are in order, personal loans are generally approved within 7 to 10 working days from the submission of the application. However, if you are an existing customer, it may take less time for the loan to be processed.
4. What is personal loan EMI?
Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on the same date every month for the entire loan tenure, towards servicing your personal loan.
5. Is there a processing fee or documentation charges?
You may be charged a processing fee which is a percentage of the total loan amount.
6. Is there a prepayment charge?
It is best to check for specific prepayment and foreclosure charges on Central Bank of India personal loans – you will need to check this at the time of applying for the loan.
There are several ways of applying for a Central Bank of India Personal Loan:
-You can go in person to your nearest branch with the required documentation
-You can contact the customer care department of Central Bank of India
Need help with advice on eligibility and on which loan offer suits you the best?
If you want to apply for a personal loan with the lowest interest rates as applicable to your unique credit profile, CreditMantri can guide you through the entire application process and match you with the loan offer best suited to your credit needs.
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