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List of personal loan interest rates across all banks in India
Many times in life we are faced with an unexpected need for cash to cover a large personal expense. It could be to finance a vacation or improve your business, manage your credit card debt, fund wedding celebrations, pay for medical treatment, or even loss of income due to job loss.
In such times, a personal loan might be the best option. The advantage of a personal loan is that no collateral is needed and you are free to use the loan amount in any way you want. Interest rates for personal loans in India are comparatively high as compared to other retail loans because there is no collateral involved and lenders protect their money against 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 Vijaya Bank Personal Loan Interest Rate
Vijaya Bank Personal Loan Interest Rate 2018: 13.50% per annum (subject to current MCLR and periodic review)
Personal Loan Interest Rates in Vijaya Bank vary and the interest rates and other charges are subject to periodic review. Vijaya Bank Personal Loan Interest can range from 13.50% per annum upwards, depending on your credit history amongst other factors. For the most accurate information on theVijaya Bank Personal Loan Rate of Interest and other associated fees and charges, it is advisable to contact the bank directly.
An EMI or Equated Monthly Instalment (EMI) is the fixed amount that has to be paid on the same date every month towards paying off your personal loan. Each EMI consists of payment towards the principal and interest component of your loan.
It is quick and easy to calculate your personal loan EMI payments using an online Personal Loan EMI Calculator. All you need to do is to input the loan amount, interest rate and tenure. The calculator determines your EMI outflow every month including the interest amount. You can learn your EMI in a matter of minutes to help you with your monthly personal budgeting.
OYour credit score is an important factor in approval of your loan application. Banks often use an applicant’s credit score to get a quick idea of creditworthiness. If you have a poor credit score, your loan application may be rejected right away so it is a good idea to be updated of your credit score at all times. This way you can avoid 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 credit bureaus in India. It is generally advisable to have a credit score of at least 750 when applying for a personal loan.
With a bad credit score, it is more difficult and complicated to get a personal loan. If you have a poor credit score and your loan application is approved, you might have to pay a high interest rate and be offered 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.
1. What are the minimum and maximum loan amounts?
The amount is at the discretion of the Bank. 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?
Personal loans are generally approved within 7 to 10 working days from the submission of documents.
4. What is personal loan EMI?
Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on a fixed 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 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.
- You can apply online for the loan product at the bank’s 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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