Personal loans are a way to use tomorrow’s income today, and unlike other loan products such as to buy a house or pay for an education, the process involved is simple.

But you must note that the interest rates are much higher than, say, for a car loan. This is because personal loans are unsecured loans. This means that the loan is not backed by any asset.

The loan amount and interest rate depend on parameters such as your income, credit, repayment capacity, and others. As personal loans come with high interest rates, continuous default will put you on a downward spiral.

Here are some of the lowest personal loan interest rates offered by various banks.