Through our new series “Knowledge Center” we aim to educate the customer with basic answers they need to understand before taking one of the most important financial decisions of their life i.e. applying for a loan.
Today, we shall be answering 5 important questions you need to understand before you find the best personal loans in India.
What are the best personal loans?
The best personal loans are easy solutions offered by loan providers like Banks and NBFCs with the best terms and conditions. This means the customer gets personal loans which help him in more ways to save money and repay the loan easily.
How do I choose a personal loan?
In order to choose the best personal loan, you must find the perfect lender that offers quick eligibility along with the maximum loan amount. Such lenders don’t keep a huge list of documents as a priority and make life difficult for you. So find a lender who can provide you with a quick personal loan with lowest interest rates.
How long does it take to get approved for a personal loan?
There is a long list of banks that offer personal loans and all of them have basic criteria which you must fulfill if you need an instant personal loan. If you can fulfill the criteria set by the Bank, your loan application can be approved within 2-4 working days*.
Please note that if you are already an existing customer of a bank then you can be eligible for pre approved personal loans. Here you can get the loan amount disbursed within few hours too.
What is the best personal loan to get?
In order to explain this, we will show three scenarios where a salaried employee who earns 20000, 40000 and 60000 rupees as salary per month. If he applies for a personal loan, this is the approx loan amount and EMI he will be eligible for. You can check this too using the personal loan calculator.
| Monthly income | Interest Rate | Tenure | Maximum loan amount | Monthly EMI |
| 20,000 | 15.99% | 60 months | 4,15,000 | 9,950 |
| 20,000 | 15.99% | 48 months | 3,60,000 | 10,000 |
| 20,000 | 15.99% | 36 months | 2,90,000 | 10,000 |
| 20,000 | 15.99% | 24 months | 2,05,000 | 9,900 |
| 20,000 | 15.99% | 12 months | 1,15,000 | 9,850 |
| Monthly income | Interest Rate | Tenure | Maximum loan amount | Monthly EMI |
| 40,000 | 13.99% | 60 months | 8,70,000 | 19,900 |
| 40,000 | 13.99% | 48 months | 7,40,000 | 19,950 |
| 40,000 | 13.99% | 36 months | 6,00,000 | 20,100 |
| 40,000 | 13.99% | 24 months | 4,25,000 | 20,150 |
| 40,000 | 13.99% | 12 months | 2,25,000 | 20,350 |
| Monthly income | Interest Rate | Tenure | Maximum loan amount | Monthly EMI |
| 60,000 | 11.25% | 60 months | 13,80,000 | 29,850 |
| 60,000 | 11.25% | 48 months | 11,65,000 | 29,875 |
| 60,000 | 11.25% | 36 months | 9,20,000 | 29,900 |
| 60,000 | 11.25% | 24 months | 6,49,000 | 29,975 |
| 60,000 | 11.25% | 12 months | 3,42,000 | 30,000 |
As you can see, as the salary hikes from 20,000 to 60,000 2 factors change;
Interest rates will be lower as the salary keeps growing
Loan amount eligibility is very high for those with high salary and vice versa for those with low salary.
What is the best place to get a personal loan?
Ruloans is the best place for a customer as you can save a lot of money and time on researching. You save time as we allow you to compare loan deals and offers given by more than 25+ major Banks and NBFCs who have partnered with us. You save money as you can compare and choose the deal with the lowest interest rates and better terms.
Hence apply for personal loans through Ruloans and fulfill all your needs.
