Personal Loan interest rates in India depend on many factors but most important is your income level. Best Rates for personal loans also depend on your income level. It also takes into consideration that your income is through employment or through self owned business.
Every bank tries to give the best rate and earn as many customers as possible. They also charge processing fee depending upon the amount being asked for loan. A personal loan helps to meet your current financial needs. A personal loan helps to meet debts, holiday needs or any medical expense which you need to meet in current scenario.
The tenure of a personal loan compared to a mortgage is shorter; a mortgage can be for 10 or 20 or 30 years but a personal loan can range from 1 year to 5 years.
In India Personal Loan Rates start at 11.99 %, it may differ from bank to bank also taking into account the loan amount, tenure of return, income level and credit history of the person.
Personal Loan compared to other loans involves less documentation, fast processing and flexibility to use it the way you wish. Personal loans are available as for people with Low CIBIL score, business startup loan, same day loans, loans for unemployed, government loans for small scale businesses, small business loans for women, corporate loans, Home improvement loans, medical loans, and marriage loans.
You should plan your budget before applying for a personal loan and stick to it and the best rates for personal loans depends on factors already explained above and also differ from institution to institution.