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Need emergency money? Easy access makes personal loans attractive

Here is how the personal loan rates offered by various banks stack up

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Personal Loan

Sanjay Kumar Singh 



Money
Before opting for a personal loan, consider going for secured loans also

  • Interest rates on personal vary widely. They can range from 10 per cent to 24 per cent. Comparison of loan rates is important while selecting the lender.
  • Before opting for a personal loan, consider going for secured also. The interest rates on secured tend to be lower than on personal loans.
  • Check your credit score before applying. A score of 750 or above is considered to be good in India and will enable you to get a loan at a lower rate.
  • If your score is low, you may have to try your luck with lenders who offer these loans at higher rates.
  • Understand the trade-off between EMI and tenure. A longer tenure will reduce your EMI, but it will also increase the interest that you pay on the loan.



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First Published: Fri, May 08 2020. 14:29 IST

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