Personal loans are a way to use tomorrow’s income today, and the process involved is simple. But you must note that the interest rates are much higher, say, on a car loan. This is because personal loans are unsecured loans. This means that the loan is not backed by any asset. The loan amount and the interest rate depends on parameters such as your income, current credit, repayment capacity, and others.
As personal loans come with high interest rates, continued defaults will cause a downward spiral. Here are some of the lowest personal loan interest rates offered by various banks.
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Updated: 06 November 2023, 10:45 AM IST
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