Personal Loans are a great and effective way of receiving funding for a short-term cash crunch. Personal loans are very easy to avail. However, the personal loan interest rates are dependent on a number of factors such as the tenure of the loan, credit history of the applicant, type of loan, etc. Interestingly, the personal loan interest rates offered by banks are not very low compared to online lenders. However, online lenders provide all sorts of advantages over banks including instant approvals, less documentation, etc. So, which bank provides the lowest rate of interest for personal loan?
Lowest Personal Loan Interest Rates
Yes Bank provides the lowest personal loan interest rates. The lowest rate of interest offered by Yes Bank for personal loan is 10.75. However, the interest for personal loans will depend on the following:
- Your credit and repayment
- Your net annual income
- Your credit score
- Your relationship with the bank
- The reputation of your current employer
- Whether you have a stable source of income
- Debt-to-income ratio
You can also find the rate of interest by using various personal loans interest rates calculator.
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Need Immediate Funds? PaySense to the Rescue!
As you saw above, there is not much difference between lowest interest for personal loans among all the banks and the lowest rate offered by PaySense. But, with PaySense you will not have to worry about other factors such the seemingly never ending documentation and approval process. Moreover, you will be able to avail a loan up to INR 2 Lakhs immediately. PaySense app is easy to use and offers help if you are stuck with something. While banks were traditionally the best option for personal loans, they are 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!
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs