A Personal Loan serves as a reliable solution during times of short-term cash crunches. The convenience of availing the loan online from the comfort of your home makes it even more appealing. However, to ensure a smooth borrowing experience, it is crucial to select a lender that offers a comparatively lower interest rate. The interest rate plays a significant role in determining the overall cost of borrowing, as it directly affects your monthly EMIs. Opting for a lender with a lower interest rate will result in lower EMIs, while a higher interest rate will lead to higher EMIs. Therefore, before taking out a personal loan, it is essential to make a wise choice by comparing interest rates and assessing the terms related to part-payment and pre-closure.
Here are the personal loan interest rates for 2021 offered by top banks and NBFCs: