Personal Loan: Planning to take a personal loan, know these top 10 personal loans and their interest rates.

Personal Loan: In today's modern world, there was a time when people were afraid of the word loan and considered it a very complicated task, small and big needs go. People take loans for marriage, travel, house purchase, higher education and many other reasons. If we talk about loan then we will understand all the things related to personal loan most bought loan and best personal loans in India. Also Read: Upcoming IPO: Investors keep their money ready, these 5 explosive IPOs are about to hit the market What is a personal loan: A personal loan is one where applicants do not need to pay any guarantee or security. While getting a personal loan, applicants are not required to provide any collateral. A personal loan is an unsecured loan that does not require any collateral. Any bank or NBFC usually offers this loan for a tenure of one to five years. You can use this loan to meet any financial needs like medical emergency, wedding, travel etc. Top 10 Personal Loan Schemes Personal Loan Schemes Interest RateHDFC Bank Personal Loan10.50%ICICI Bank Personal Loan10.50%Bajaj Finserv Personal Loan13.00%Fullerton India Personal Loan11.99%IndusInd Bank Personal Loan Chartered Personal Loan11.49%Percent Personal Loan10 .75%Bandhan Bank Personal Loan10.50%SBI Quick Personal Loan10.10%Higher Personal Loans What to keep in mind while evaluating a personal loan? Before taking a loan, you need a loan or not. Can this loan be repaid or not? Do you have enough income to pay off the debt? This loan will not have a negative impact on your credit score. Checking Your Credit Score – A credit score is a three-digit number of a person's credit history and helps determine a person's loan types and credit status with banks. Therefore, it is important to understand your credit score because it affects your eligibility and interest rate. But late payments have a negative impact on the credit score, so you need to make a clear plan to repay the loan. Compare loans from different lenders – Before taking any loan, compare the interest rates, fees and terms of different lenders. Also look at other factors such as the tenure of the loan, prepayment charges and the reputation of the lender without being swayed by the low interest rate. Calculate the interest rates correctly as they directly affect the total cost of the loan. Your ability to repay the loan – Before taking any loan, it is important to assess how much you can repay. According to your monthly income, you need to calculate whether this loan fits in your budget or not. Pay attention to the loan conditions – Before availing the loan, you should read all the conditions and documents carefully so that you know about things like the lender's application fee, processing fee or prepayment penalty. Borrow as much as you need – When borrowing, remember to borrow only the amount you need. Try to avoid unnecessary debt. Otherwise you may get stuck in debt trap. Check the charges – Before taking a loan, one should understand all the charges of the lender. So you don't have to pay any indirect cost. Emergency Fund – An emergency fund should be kept only to handle unexpected expenses without relying on debt. Also, it should ensure that you have a steady income to repay the loan. Avoid tempting offers – There are many types of lenders in the market who can entice you with low interest rates and lure you into the debt trap. That is why before taking a loan, one should check the creditworthiness of the lender. Also Read: New Petrol Diesel Rates Released, Know Today's Latest Price Here's How The post Personal Loan: Are you planning to take a personal loan, know these top 10 personal loans and their interest rates.