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List of personal loan interest rates across all banks in India
Many times we are in need of urgent funds to cover an unforeseen expense. This could include a leisure vacation, business requirements, consolidating credit card debt, a child’s wedding celebrations, buying an expensive household gadget, emergency medical treatment, or a sudden unfortunate job loss.
For all these situations and more, a personal loan is a convenient answer. The advantage of a personal loan is that you do not require to give any collateral as security, and you are free to use the loan amount as you desire. Interest rates for personal loans in India and elsewhere in the world are relatively high as compared to other retail loans because the lenders do not hold any customer asset as security. They safeguard their money against the risk of potential customer default by charging a higher interest rate.
The interest rate on a personal loan could range from 11% to 32% per annum or more, depending on many factors. It is influenced 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 Jammu Kashmir Bank Personal Loan Interest Rate
Jammu and Kashmir Bank Personal Loan Interest Rate 2018: 12%-13.75% per annum (subject to current MCLR and periodic review)
Personal Loan Interest Rates in Jammu and Kashmir Bank vary and the interest rates and other charges are subject to periodic review. Jammu and Kashmir Bank Personal Loan Interest can range from 12% per annum upwards, depending on your credit history amongst other factors. The final pricing will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time. For the most accurate information on the Jammu and Kashmir Bank Personal Loan Rate of Interest and other associated fees and charges, it is advisable to contact the bank directly.
The Equated Monthly Instalment (EMI) is the fixed amount that has to be paid every month on the same date towards paying off your personal loan. Each EMI consists of payment towards the principal and interest component of your loan.
It is simple to calculate your personal loan EMI payments using J&K Bank’s Personal Loan EMI Calculator. The calculator will help in determining your EMI outflow every month including the interest amount. The calculator helps save time and any errors of manual calculation and is free and user-friendly. You can find out your EMI in a matter of minutes to help you with your monthly personal budgeting.
Your credit score gives banks a quick idea of your creditworthiness. If you have a poor credit score, banks might not even consider your loan application and you might be rejected right away. Always remain updated of your credit score when you plan to apply for a personal loan so that you do not face any unpleasant surprises at the time of loan application. You can obtain your credit score by getting 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.
It is difficult to obtain a personal loan if you have a bad credit score. If you have a poor credit score and your loan application is approved, be warned that 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 required documents, it determines your eligibility for a personal loan. If you qualify, you will get sanction for a specific loan amount based on your requirement and repayment capability. You can check your loan status online with the help of your loan reference number. Alternatively, you can contact the customer care department for help with tracking your loan application.
1. What are the minimum and maximum loan amounts?
The amount is at the discretion of the Bank. For Government employees it is typically 36 months gross salary, capped at a maximum loan amount of Rs. 20 lakhs. The final loan amount also depends on various criteria 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.
2. What are the tenures available?
You can choose a loan tenure to up to 84 months –subject to certain conditions.
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, loans are generally approved within 7 to 10 working days from the submission of complete set of required documentation.
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?
The processing fee charged is typically a percentage of the total loan amount. There might be other allied charges that differ according to the loan amount.
6. Is there a prepayment charge?
You will need to check this at the time of applying for the loan.
There are several ways of applying for a J&K Bank Personal Loan:
- You can apply online at the J&K Bank website
-You can go in person to your nearest branch with the required documentation
-You can contact the customer care department
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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