What a personal loan costs you

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

Livemint
Published7 Jan 2024, 01:11 PM IST
The loan amount and interest rate depend on parameters such as your income, existing credit and repayment capacity
The loan amount and interest rate depend on parameters such as your income, existing credit and repayment capacity

Personal loans are a way to use tomorrow’s income today, and 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, existing 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.

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First Published:7 Jan 2024, 01:11 PM IST
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