Need emergency money? Easy access makes personal loans attractive

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

Sanjay Kumar Singh
Last Updated at May 10, 2020 20:20 IST

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

Interest rates on personal loans 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 loans also. The interest rates on secured loans 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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