Personal loans are unsecured loans with higher interest rates (10-24% p.a.) compared to home or car loans. They are quick to disburse with minimal documentation.
What affects personal loan interest rate?
Credit score, income, employer reputation, existing loans, and loan amount all affect the interest rate. A credit score above 750 usually gets better rates.
What is the maximum personal loan amount?
Most banks offer up to โน40 lakh for personal loans. Some premium lenders offer up to โน1 crore depending on your income and credit profile.