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| Banksloanonline » Banks Loans » Personal loans » Personal Loan Interest Rates |
Personal Loan Interest Rates |
| Personal loan interest rates vary from bank to bank, with each one being designed in a way to offer hassle free experiences to its customers. Owing to the fact that the no securities as well as guarantors are required for the approval of personal loans, the banks and financial institutions charge very high personal loans interest rates, as they have to cover up for the risk that they have taken by offering you loan against any security. |
Therefore, just incase the repayment is not complete at your end; it can still be compensated by the high interest rates that you may have so far paid for. While in other cases, a non- repayment could mean the possession of the property/ vehicle etc (that was put up as a security) would come under the bank directly.
There are several factors that affect the formation of the personal loan interest rates.
Besides others, the negotiating capabilities of a person, financial background of the applicant, taxable income of the applicant, minimum number of years in service (for the salaried) as well as inflation rates (in some cases) etc are a few of the most important factors.
The personal loan interest rates of the various banks have been mentioned below. However, this is subject to change without prior notice. Therefore it is advisable that one check with the various banks to see whichever bank is offering interesting personal loans interest rates.
| Name of Bank |
Salaried |
Non- Salaried |
| ABN AMRO Bank |
16%- 23% |
16%- 23% |
| Allahabad Bank |
15% |
15% |
| Bank of India |
16.5% |
16.5% |
| Citi Bank |
15% - 22% |
14% - 24% |
| Canara Bank |
14.5% |
14.5 |
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