How to Apply for Personal Loan at Low Interest Rates in India

There are a lot of instances where you need to apply for a personal loan and you are confused as you do not know where to apply for the lowest interest rates. You will be amazed to know that you can get the personal loans even at an amazing interest rate of only 10%. But before getting that, you have to fulfill some conditions which are set by the credit evaluation teams of the banks. All the conditions are mentioned below following which you will be able to get the loans on a very low interest rates.

How to Apply for Personal Loan at Low Interest Rates in India

• Employment Status: There are usually two types of status, self employed and salaried. If you are a salaried person, you will be surely getting a low interest rate than a self employed customers as the self employed customers are more prone of defaulting the loan installment. That’s the reason they get higher interest rates.
• Workplace: Even if you are a salaried person, sometimes you get higher interest rates on personal loans as the brand for which you are working is not that reputed. So to get a low interest rate you must work with a reputed brand and your employment must be stable.
• Asset: Another thing which the bank look is the assets you have. The interest rate also depends on the status of assets.
• Loan Amount: The interest rate also depends on the loan amount. The higher the loan amount will be, down will go the interest rate.
• Income: The loan and the interest on the loan heavily depends on your monthly income as the higher your income is, there is a higher possibility of you repaying the loan.
• Other than theses there are some more criteria’s like if you are an existing customer of the bank, you will certainly get some preference. Your educational background, kids, etc. also take part in indicating that you can pay the loan or not.

Here we are going to mention the details of the top 5 banks with low interest rates right now in India. You can choose whichever suits you the best.