Finding the lowest interest rate personal loan can help you save money while fulfilling your financial needs. Whether you need funds for medical emergencies, home renovations, education, or debt consolidation, securing a personal loan with a low-interest rate ensures affordable EMIs and reduced repayment burden.

Get Low Interest Rate Personal Loan

Why FA Quick Loan

Instant Low Interest rate personal loan process - Apply Now in minimum steps

• Share your requirements online and We promise to give the best deals.
• Choose the best offers while sitting at home, with more than 80+ partners.
• 100% paperless application process.
• Documentation support through dedicated personal loan agents.
• Lower EMI with fast approval personal loan

Personal Loan Interest Rate Important Details

Instant Low Interest rate personal loan process - Apply Now in minimum steps

• Personal loan interest rates start from 9.99% p.a.
• Compare 80+ personal loan banks at FA Quick Loan and choose the best one.
• Check fees of all top banks offering personal loans in India
• Get a flexible tenure of 12 to 72 months to repay the loan.
• Submit an online loan application and get instant loan approval.
• The personal loan amount can be used for any purpose such as marriage, education, medical emergencies, shopping, travel etc.
• No collateral or security is required as personal loans are unsecured loans.

Compare Interest Rates for Personal Loan

When applying for a personal loan, the interest rate plays a crucial role in determining your EMI (Equated Monthly Installment) and overall repayment amount. Different banks and NBFCs offer varying interest rates based on factors like credit score, income, and loan amount. Comparing personal loan interest rates helps you find the most affordable and cost-effective option.

Features & Benefits of Personal Loan

• The rate of interest: The Rate of Interest on Personal Loans/ Annual Percentage Rate (APR) starts from 9.99% p.a., depending on your credit score, income and so forth.
• Loan amount: You can get a loan online for as low as Rs. 50,000 and as high as Rs. 50 Lakhs depending on your requirements and eligibility.
• Loan tenure: Personal loans are available for periods as short as 12 months. The average tenure for a Personal Loan is usually between 12 and 60 months, depending on the loan amount.
• Security: Due to its unsecured nature, collateral is not required.
• Loan turnaround time: A Personal Loan typically has the fastest turnaround time in the industry. Many banks personal loans online approval within 12 hours after submission of the online application.
• Processing fees: It depends on the individual bank. It usually ranges between Rs. 500 to 3.5% of the loan amount..
• Prepayment penalty: Banks charge a prepayment penalty if you repay your Personal Loan before the determined period. The charges usually range between 1% to 2% of the outstanding amount on the date of closure.

Example

• Personal loan of Rs. 5 Lakhs at an interest rate of 9.99% for a tenure of 5 years, the EMI will be Rs. 10,621. The total payout here would be:
• Principal Amount: Rs. 5,00,000
• EMI (Equated Monthly Installment): Rs. 10,621
• Security: Due to its unsecured nature, collateral is not required.
• Interest Charges (@9.99%): Rs. 1,37,264
• Loan Processing Fees (@2.5%): Rs. 12,500
• Documentation Charges: Rs. 500
• Amortization Schedule charges: Rs. 200
• Total Amount Paid after 5 Years: Rs. 6,37,264

Personal loan of Rs. 5 Lakhs at an interest rate of 9.99% for a tenure of 5 years, the EMI will be Rs. 10,747. The total payout here would be:

All about Documents for Personal Loan

Personal Loan Eligibility

Personal loans are unsecured loans offered by banks and financial institutions based on an applicant’s income, creditworthiness, and repayment capacity. Since there is no collateral involved, lenders evaluate several factors before approving the loan. Below are the key eligibility criteria:

Factors Affecting the Eligibility of a Personal Loan:

Personal loan eligibility depends on multiple factors that determine whether a borrower qualifies for the loan amount they request. Since personal loans are unsecured, lenders assess an applicant’s financial stability and repayment capacity before approving the loan. Below are the key factors that affect personal loan eligibility

• 1. Credit score: This is the most crucial eligibility factor. A credit score of 680 or above is typically considered a good score for personal loans. The better your credit score, the higher your chances of getting a loan online.
• 2. Income: People with higher incomes are more eligible for a higher loan amount than those who have low incomes.
• 3. Employment: Employees of listed companies, Central and State Governments, and public sector undertakings are eligible for a higher amount
• 4. Work continuity:You should be a long-term employee of your current organisation. In case you are self-employed, the continuity of business and income is the most critical
• 5. Age of the borrower: The minimum age requirement is 21 years. Banks have their criteria for deciding the maximum age limit. In most cases, your age at the end of the repayment period should be at most 65 years.
• 6. Loan amount:Applying for a loan amount that you can service comfortably makes you more eligible for a personal loan and improves your chances of approval.