If you are looking for a personal loan, some banks are currently offering personal loans at a lower rate of interest. Central Bank of India, Canara Bank, and Punjab National Bank are offering personal loans at the rate of 8.35%. The interest rate on term loans is falling as rbi has started lowering policy rates to revive demand and economic activity. In its last monetary policy meeting, the central bank cut the repo rate and reverse repo rates by 40 bps.
Personal loans are a way to use yesterday's income today, and the process involved is very easy. But the interest rates for car loans are very high. This is because the personal loan is unsecured. The loan amount and interest rate depend on your income, loan repayment capacity, and other parameters.
However, there are many conditions for this loan, first of all, that your credit score for a personal loan should be good. The amount of money you get as a personal loan depends on income, credit report, ability to repay loans, and some other factors. Banks have different eligibility rules for personal loans. You can visit the bank's website for information.
New salary slips for personal loans or recent income tax return deposit slips are necessary documents for this. Its income proof is the most important document. In addition, address certificates, Aadhaar cards, passports, pan cards, driving licenses are also required.
Know personal loans interest rate of various banks:
Bank Interest Rate
Central Bank of India 8.35-10.20%
Canara Bank 8.50-13.90%
Punjab National Bank 8.80-11.65%
IDBI Bank 8.90-13.59%
Union Bank of India 9.30-13.40%
State Bank of India 9.60-15.65%
Bank Of Baroda 10.10-15.10%
HDFC Bank 10.75.21-30%
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