Think about your upcoming wedding or plans to buy a new car. You are prepared to fulfill your dreams but then financial problems come in the way. Then there is that Venice trip you have planned with your family for ages. Would you give up on your long-awaited international vacation for just a price surge? Certainly not.
This is when you avail for Personal Loans. They help you achieve your goals even in the direst of times. Personal Loans are unsecured loans. They are easily available to both salaried and self-employed borrowers. You can use them for any of your urgent needs be it medical or educational. The lenders cannot pose any restrictions on how you can use your Personal Loans.
Nowadays, you can avail for an instant personal loan online in a matter of minutes. Their unsecured nature makes them available for a quick approval. Unfortunately, this also increases their effective interest rates. Personal Loans bear significantly higher interest rates compared to other secured loans.
For availing an instant personal loan online, you need to first check the available interest rate. Higher rates can become financially difficult to pay overtime. Thorough research of all available Personal Loans online should be made. To save you some time and energy, we have already done that below. Read along to find out where to get the best personal loan rates online.
Compare Your Options
The most crucial part of availing an instant personal loan is to first compare all available options. Always keep an eye out for the following:
- Compare all offers and bonuses for salaried customers – Are you an employee of a well-known company? If so, you must be eligible for some special discounts. Certain banks offer Personal Loans with discounted offers for well-known companies. Always opt for business loans from a bank which provides additional benefits to your company’s employees.
- Compare interest rates based on your loan amount – Each bank has its own individual internal policies. This means certain banks can provide loans at lower interest rates than others. You should always avail an instant personal loan which offers a higher loan amount at a lower interest rate.
- Compare all discounts on tenure – Many banks offer a lower rate of interest on Personal Loans than others at the same tenure. Make sure you avail your instant personal loan at the lowest rate of interest.
- Best Personal Loans – Here is a detailed guide on all the available Personal Loans in 2019. You can choose the one which best suits your interests.
- HDFC Bank Personal Loan – This loan is best for self-employed people. If you’re self-employed, you’ll get attractive interest rates. It offers a flexible repayment option which can extend up to 60 months. You’ll get an interest rate from 10.99%.
- Standard Chartered Bank Personal Loan – This loan is made for short-term requirements. Do you want to pay off all your debts at a shorter tenure? Well, then this loan is the best option for you. You’ll also get attractive interest rates from 10.89%. The bank also provides instant approval if you apply online. The repayment tenure is flexible and can be extended up to 60 months.
- Kotak Mahindra Bank Personal Loan – Are you a college student? Are you looking out to pay for all of your educational fees? Well then don’t worry. Kotak Bank’s personal loan is the best for students. Meritorious students are offered personal loans to pursue higher education. You’ll also find quick disbursal and convenient repayment options. The interest rate is from 10.99%.
- Citi Bank Personal Loan – If you’re looking for low-interest rates, this is the right instant personal loan for you. They credit the funds to your bank account within 48 hours of approval. Existing Citi Bank customers require fewer documents. The interest rate is 10.99% onwards.
- These are all of the best Personal Loans and business loans present now. For quick approval, always keep your required documents at hand. Make sure you have an above 700 credit score. This will ensure that you’re are trustworthy. Keep your residential address updated on your Aadhaar card so that bank officials can easily contact you when needed. After you pass the eligibility criteria, your instant personal loan will get disbursed in no time.