Personal Loans India | Best Personal Loan Interest Rates in India | Easy personal Loans

You might think it would be easy to get a small personal loan through a bank, but it often is not. An unsecured personal bank loan can be difficult to find. However, these loans are still available if you know where to look.

Many local banks now push credit cards as an alternative to small personal loans. The banks make more money on credit cards than on unsecured loans. Banks are also not known for quick approval times, so if you are in a hurry, you’re probably going to need to look elsewhere for your loan.

When money is tight, the first option you might think of is a personal loan through your bank. There is a high demand for this type of loan, and this is one of the first options many people consider when the budget is tight. However, you should consider all of the alternatives available to you, in order to find your best option.

Many banks no longer offer personal loans at all. If you want an unsecured loan, they will give you a credit card application. But this is not the ideal solution for you as a consumer. For one thing, credit cards often have higher rates than regular loans. Credit cards often come with annual fees are easy for consumers to misuse, charging things they know they really can’t afford and then being stuck with high interest charges on top of the original cost.

People often get into problems with credit cards when they use them impulsively. Once you get caught up in the credit card trap, it can takes years to get the debts paid off and free yourself from them.

Getting an unsecured personal loan from a bank or another source is a much better option than getting caught up in the credit card game. If your bank no longer offers personal loans, check around to see if you can find a bank that still offers them. You can also find companies online that offer personal loans. If you can’t find a company locally that will lend you the money you need, you may be able to apply quickly and easily online.

A personal loan is usually unsecured and doesn’t take a long time for processing. You can get the cash you need to take care of your budget shortfall or maybe even pay off some credit cards or get your car repaired. Personal loans are available for any purpose.

Mahabank Personal Loan Scheme
Purpose

To meet any personal expenses for purposes such as Medical Expenses, Expenses on Travel / Tour, Income Tax liability, etc.
Eligibility

i) Salaried persons, permanent in service / professionals / businessmen having minimum income of Rs.1.00 lakh p.a.
ii) Age of Applicant: Minimum: 21 years and Maximum 60 years at loan maturity.
iii) Minimum employment: For Service Persons: Minimum 3 years in employment and minimum 2 years in the current organization.
iv) For Others: He/She must be in the business/profession for at least 3 years.
v) Individuals should be Income Tax assessee(s).
Amount

Minimum Rs. 5,000/- & Maximum Rs. 1,00,000/-
Earning Criteria
For Salaried Person
For businessman/ professional

10 times net monthly salary
50% of average annual income based on the I.T. Returned for the past three years
Margin

Nil

Security     CLEAN Loan is to be guaranteed by one acceptable guarantor.
Repayment

Maximum upto 3 years by monthly-equated instalments.

Total deductions including proposed loan instalment should not exceed 60% of Gross Income.
Processing fee

Processing charges shall be 1% subject to the minimum Rs.500/-.