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List of personal loan interest rates across all banks in India
Need money to cover an unexpected personal expense? Perhaps a personal loan is the best available option in the market. You could use the loan amount for any purpose you desire - for instance for an expensive holiday, to invest in your business, manage your credit card debt, to celebrate a child’s marriage, buy a household gadget, for medical treatment or any other purpose.
The advantage of a personal loan is that you need not offer any collateral to the lender and there are no restrictions on how you use the loan amount. 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 collateral and need to charge a high interest rate in case of customer default.
Personal loan interest rates 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, employment stability, your annual income, debt-to-income ratio, etc.
About SVC Bank Personal Loan Interest Rate
Shamrao Vithal Co-operative Bank Personal Loan Interest Rate 2018: 16.00% per annum (subject to periodic review)
Personal Loan Interest Rates in SVC Co-operative Bank vary and the interest rates and other charges are subject to periodic review. Shamrao Vithal Co-operative Bank Personal Loan Interest can range from 16.00% per annum upwards, depending on your credit history amongst other factors. The final pricing will be based on the bank’s internal policies and the applicable rates at the specific time. For the most accurate information on the SVC Co-operative Bank Personal Loan Rate of Interest and other associated fees and charges, it is advisable to contact the bank directly.
An Equated Monthly Instalment (EMI) is the amount that you have to pay every month on a fixed date towards paying off your personal loan in full, including interest.
It is simple to calculate your personal loan EMI payments using an online Personal Loan EMI Calculator. The calculator determines your EMI outflow every month including the interest amount. The calculator is free and easy to use. You can find out your EMI quickly and accuratley to help you with your monthly personal budgeting.
Banks often use your credit score to judge your creditworthiness. Your score is an instant snapshot of your past repayment behaviour. If you have a poor credit score, your loan application may be rejected right away so it is important to know your credit score before you apply for a loan so you can take steps to improve your score, if required. You can learn your credit score by getting a copy of your credit report from one of the credit bureaus in India. It is good to have a credit score of at least 750 when applying for a personal loan.
If you have bad credit, it is difficult to get a loan. If you get a loan, you might be charged a high interest rate. For all these reasons, it is best to have a score of 750 or above when you apply for a personal 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.
1. What are the minimum and maximum loan amounts?
The amount is at the discretion of the Bank, though the maximum is Rs 5 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 60 months –depending on the type of loan.
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?
Yes, there is a processing fee charged which is 1.5% 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 SVC Personal Loan:
-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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