How & where to get Small personal loan online at lowest interest rates

People commonly take a personal loan for different reasons. Small personal loans are readily available on the online platforms of banks and NBFCs. As these loans are of medium capitals and you can get them at low-interest rates. However, checking the personal loan eligibility criteria is the primary task you should do. Moreover, you should also check the personal loan interest rates. Here is how and where you can get them:

 

Application Procedure of Personal Loans

The basic procedure of online loan applications remains the same. You need to check certain things while applying for one online. All the details are mentioned below:

The capital: The loan capital varies from one organization to another. You should check whether the bank or NBFC can provide you with the amount you need.

The interest rate: The interest rate on personal loans online for each organization remains unique. However, both banks and NBFCs maintain a range. It varies between15.5% to 30% for the banks and 12.99% to 19% for the NBFCs. 

The tenure: The tenure of the loan depends on the amount and the rate you are willing to give as the interest.

Age and income: No organizations in the country sanctions a personal loan to a seeker below 18 years of age. A few also consider 21 years as the minimum age limit. As per the income, the seeker must have a monthly income of Rs. 10,000 to get a personal loan.


Steps for application

Step 1: Visit the portal

Step 2: Check the personal loan eligibility

Step 3: Calculate the tenure and interest rate with a PL Calculator

Step 4: Provide all information that the portal demands

Step 5: Finalize and Apply for the personal loan 


Digital sources where you can get personal loans

Here are the details of some digital sources where you can get small personal loans:

Bank Websites: Many private banks deliver small personal loans to seekers through the website. You can directly apply for the loan by visiting the website portal. Generally, the banks provide personal loans for self-employed too. Some bank websites you can visit to get small personal loans are given below:


  • HDFC Bank Personal Loan Plans
  • Kotak Mahindra Personal Loan Plans
  • Axis Bank Personal Loan Plans

NBFC Websites: If you are looking for personal loans online, apply on NBFC websites as they can be the best when it comes to interest rates. Generally, the top-notch NBFCs in the country are reliable, and they have a good customer base due to excellent service. Some NBFCs where you can apply for personal loans are given below:


  • Aditya Birla Capital
  • Mahindra Finance
  • Tata Capital
  • IIFL Finance 

 

Final Words

Applying for a personal loan online is an easy task if you satisfy most criteria. You can take a personal loan for any monetary needs. Mostly, people take this loan to purchase a commodity or during a health emergency. Therefore, the personal loan interest rates might seem high, but they can be of a minimum burden given the capital amount.

Thinking of a personal loan online apply? Go for it now!

 

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