Personal Loans are perfect if you have to get out of a cash crunch. They are very easy to avail with just a slightly higher interest rate. However, personal loan interest rate is decided on a variety of factors that include but not limited to your credit history, tenure of the loan, type of loan, etc. Personal loan interest rate offered by Indian banks is not as low when compared to online lenders. Still, you can enjoy a lot of advantages if you select online lenders over banks. The benefits include a shorter documentation process and instant approvals among others. So, which bank in India offers lowest personal loan interest rate?
Personal Loan Interest Rates
The lowest personal interest rate in India is provided by Yes Bank. You should know that the interest rate for personal depends on a variety of factors. But the least rate of interest offered on personal loan by Yes Bank is 10.75. Interest for personal loans depends on:
- Repayment and credit history of applicant
- Net annual income of Applicant
- Credit score of applicant
- A stable source of income
- Debt-to-income ratio
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Also, use online personal loans interest rates calculator to find the interest rate for you loan.
Need Funds? Go for PaySense!
Now you know that there is not a lot of difference between interest for personal loans by banks and the one offered by PaySense. PaySense offers a streamlined documentation and approval process. Additionally, a loan up to INR 2 Lakhs can be availed immediately. The PaySense app is not only easy to but also offers help if you are unclear about something. Traditionally, banks were the best option but not anymore. The benefits offered by PaySense exceed those offered by the bank on many aspects that too at just a marginal difference of interest rates. So, use the personal loans interest rates calculator to find out the interest that you would have to pay, and apply now!
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