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List of personal loan interest rates across all banks in India
Often in life, we are faced with an unexpected demand for funds. Perhaps, to fund an expensive holiday, enhance your business, investments, for managing your credit card debt, wedding celebrations or to cover emergency medical expenses.
A personal loan has two main advantages:
Interest rates for personal loans in India and elsewhere in the world are one of highest among retail loans on the market because the lenders do not hold any customer asset as security. They charge a high interest rate in order to protect their money against customer default.
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 your credit history including your repayment track record, your credit score, your net annual income, debt-to-income ratio, employment stability etc.
About Lakshmi Vilas Bank Personal Loan Interest Rate
Lakshmi Vilas Bank Personal Loan Interest Rate 2018: 11.25% per annum (subject to current MCLR and periodic review)
Personal Loan Interest Rates in Lakshmi Vilas Bank vary and the interest rates and other charges are subject to periodic review. Lakshmi Vilas Bank Personal Loan Interest can range from 11.25% 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 Lakshmi Vilas Bank Personal Loan Rate of Interest and other associated fees and charges, it is advisable to contact the bank directly.
In order to fulfill your loan obligation, you need to pay a fixed amount every month on a fixed date. This is known as EMI or Equated Monthly Installment. 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 LVB’s online Personal Loan EMI Calculator. The calculator arrives at your EMI amount including the interest amount. The calculator saves time and is easy to use. You can find out your EMI instantly which can help you with your monthly personal budgeting.
Your credit score is a reflection of your payment behaviour and record of paying off your loans on time. Banks often use an applicant’s credit score to evaluate if he/she is creditworthy. If you have a poor credit score, your chances of being approved decrease. It is a good idea to remain updated of your credit score when you plan to apply for a personal loan so that you avoid the chance of rejection. You can obtain your credit score by requesting your credit report from one of the credit bureaus in India. It is generally advisable to have a credit score of at least 750 when applying for a personal loan.
It is more difficult to secure a loan if you if you have bad credit. If you have a poor credit score and your loan application is approved, you might have to pay 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 contact the customer care department for help with tracking your loan application.
What are the minimum and maximum loan amounts?
The amount is at the discretion of the Bank. The minimum amount is Rs. 10000. You can contact the bank directly for details on the maximum amount applicable to you.
What are the tenures available?
You can choose a loan tenure to up to 60 months.
I need a personal loan as soon as possible. How much time will it take for my loan to get approved?
It typically takes banks around 7 to 10 working days from the submission of complete set of required documentation to approve a personal loan.
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.
Is there a processing fee or documentation charges?
Yes, there is a processing fee of 0.25% of the loan amount that is charged. There might be other allied charges that differ according to the loan amount.
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 LVB Personal Loan:
- You can apply online for the loan product at the LVB website and a customer representative will contact you by phone or email
-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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