What a personal loan costs you1 min read . Updated: 16 Aug 2021, 02:23 AM IST
- Here are some personal loan rates and other costs of the top private and public sector banks in India
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.
In fact, if you already have an account with a bank, you would have come across many offers for a personal loan. While these are easy to get, and offer almost instant gratification, 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; you don’t have to put up any asset like property or gold to be able to get the loan.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!