A Personal loan is an attractive loan option that you can avail for various purposes without pledging any collateral. Whether you want to finance a medical emergency, take a much-needed family vacation, or give your home a long-awaited makeover, a personal loan allows you to tackle your urgent financial needs with utmost ease.
Minimum annualised percentage rate is 5.5% and maximum annualised percentage is 35% with a flexible repayment period from 12 months to 72 months.
Consider a salaried customer avails a Personal Loan of ₹2 Lakh at an interest rate of 5%. The lenders also charge a processing fee, that needs to be paid to get the loan processed and is usually 0-3% of the loan amount. Consider the processing fee to be ₹2000 for a tenure of 24 months. Then, the total interest payable is ₹30,462 and total amount payable is ₹2,32,462. The EMI will be ₹9,603 per month