Loan

Cheap personal loans guide including loan calculator

This is one of the most common question about loans. You should never aim just to consolidate – it’s often a disaster waiting to happen. If you’ve a lot of small loans or credit card debts, the primary aim should be to pay them as quickly as you can at the lowest possible rate.

Don’t be suckered in by the promise that a consolidation loan can save you money by reducing your outgoings to a “manageable” level using just “one single monthly payment”.

They can – but the way they do this is by stretching your borrowing over a longer period, maybe 15, 20 or even 25 years. That means the amount you pay back is going to be huge, as you’re paying interest for much longer.

A £10,000 loan on a high street credit card at a horrid 18% APR costs £5,240 in interest if paid off within five

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Small Business Loans – Compare Loan Types and Start Your Application

We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that.

Here’s how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that’s customized to meet specific interests you may have.

If you prefer that we do not use this information, you may opt out of online behavioral advertising. If you opt out, though, you may still receive generic advertising. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.

Also, if you opt out of online behavioral advertising, you may still see ads when you

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Personal Loan – Apply Instant Personal Loan Online in 2mins*

How can I get a Personal loan in 3 seconds?

All you need to do is check your eligibility for a preapproved loan by clicking here

select the loan amount, tenure and accept the terms and conditions of the loan and the loan amount will be credited in your Kotak Bank account in 3 seconds. This offer is for preselected Kotak Bank customers and is a limited period offer.  

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What is the procedure for personal loan part prepayment?

We do not offer a part prepayment facility on your personal loan account.

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Is it possible to change my personal loan Installment date? Are there any charges applicable?

Yes, it is possible to change the Installment date. The dates are available between 5th and 10th of every month.

Changing of EMI date will attract rescheduling
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How much money do Americans borrow? Personal loan stats

How many Americans are taking out personal loans?

In the past year, 34% of Americans have taken out personal loans – that’s roughly 83.5 million people. Whether it be through an online lender or a good old fashioned bank, Baby Boomers, Gen X-ers and Millennials seem to have more in common when it comes to borrowing than they’d imagine.

With the help of our research provider, Pureprofile, finder.com surveyed 2,245 American adults to see how personal loans are being used in the US.

Top reasons people have taken out a personal loan

Emergencies happen. Bills stack up on top of each other. You realize the math you’re learning in school can’t begin to help you calculate what you’ll owe in tuition – and then you get into a fender bender on a sunny, Friday afternoon.

Accounting for 31% of borrowers, vehicle related expenses pull ahead – get it – as

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Personal Loan Interest Rates for 2020

Apply for personal loan with interest rate starting from 10% p.a. in India. Some of the factors that affect the interest rates include your income, loan amount, employment status, credit score, repayment capacity, loan tenure and relationship with the lender.

Personal Loan Interest Rate by Banks

Personal Loan Rates & Charges

Last Updated : 2 March 2020







Fee Amount to be Paid
Interest Rate 10% – 36% p.a.
Processing Fee Nil to 6.5% of loan amount
Loan Tenure 1 to 5 years
Lowest EMI Per Lakh Rs. 2,125 for 5 years
Prepayment Charges Nil to 6%

Lenders also charge a processing fee ranging from Nil to 6.5% of the loan amount and the tenure from 1 to 5 years. The other charges involved include the documentation fee, prepayment charges, pre-closure fee, late payment fee, etc.

  • 100% paperless approval
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Online Personal Loans – Easy Personal Loan Eligibility & Loan Interest Rates

Click on    to expand and on    to minimize the details.

You can use the funds to pay for medical expenses, to renovate your home, take a trip, finance a wedding in the family, replace your home theater system, or anything else that you’ve always wanted to do but were held back by lack of funds. It’s your choice. With loan amounts up to Rs.30,00,000 and fixed monthly payments, there’s a lot you can do with a Citibank Personal Loan.

*Please note that exceptions to the use of Citibank Personal Loan include antisocial, unlawful, or speculative activities, and purchase of gold in any form, including gold bullions, gold coins, gold jewelry, gold exchange traded funds, or gold mutual funds. Apart from that, you are free to use the funds for anything you want to.

Your Citibank Personal Loan funds can be available to you within 48 hours (or 2 working

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Personal Loan – Apply Instant Personal Loans Online @ 10.99%* ROI

If you are looking for a personal loan, compare various banks that provide credit at attractive interest rates, easy EMI options, and low processing fees. Check for secured as well as unsecured loan options and get instant access to funds and finance your immediate needs.

Citibank – Best for Low Interest Rate

Citibank Personal Loan
Key Highlights
  • Low Interest rates for Salaried as well as Self-employed applicants
  • Funds will be credited to your bank account within 48 hours
  • Minimal documentation and Instant approval for existing Citibank customers



Interest Rate EMI Foreclosure/Prepayment Charges Repayment
10.50% onwards Rs.2,149 Up to 4% of the total principal outstanding amount plus interest for the month in which foreclosure is carried out Rs.1,29,463

HDFC Bank – Best for Self Employed Professionals

HDFC Bank Personal Loan
Key Highlights
  • Attractive Interest rates for self-employed individuals
  • Loan Disbursal in 10 seconds for pre-approved HDFC
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Average Personal Loan Interest Rates

The average annual percentage rate on a personal loan ranged from 10% to 28% in 2019.

Actual rates will vary based on how creditworthy you are, the length of the loan, the loan amount, and the lender.

Here we compile the average rates on unsecured personal loans, grouped by credit score and lender.

Average Personal Loan Interest Rates by Credit Score

Your credit score will be one of the largest factors in determining the annual percentage rate (APR) on a personal loan.

In general, the higher your credit score, the lower the rate will be.

Individuals with excellent credit, which is defined as any FICO credit score between 720 and 850, should expect to find rates at about 10% to 12%, and many of these individuals may even qualify for lower rates.

However, if you do have an excellent credit score, you may want to consider a 0% balance

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Personal Loan Statistics for 2020

Key facts

  • Personal loans are the fastest-growing consumer debt product, with outstanding debt tripling from $49 billion in 2010. Outstanding personal loan debt is $156 billion, as of Q3 2019.
  • About 20.2 million consumers have a personal loan, and the average new personal loan size was $6,382.
  • Personal loans represent about 1% of outstanding consumer debt. In comparison, outstanding credit card debt is about $881 billion and comprises over 6% of outstanding debt.
  • More than 65% of borrowers take out a personal loan to consolidate debt or refinance credit cards.
  • Delinquency rates (60 days or more past due) for personal loans is currently 3.3%, which is higher than mortgages (1.5% delinquency rate), auto loans (1.4%), and credit cards (1.8%).
  • In 2017, 5% of American consumers applied for personal loan from a bank, and 38% of those received at least one denial for their requested loan amount. Just 1% of consumers
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