Key Points
Personal loans usually have higher interest rates than other types of loans since they are given without any form of security..
Voter's Identity Card issued by Election Commission of India. v. Job card issued by NREGA duly signed by an officer of the State Government..
According to the SBI website, any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount..
No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme...
Yes, banks do charge processing fee and other charges before personal loan is processed amount also vary with bank..
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Banks quietly tweak interest rates for auto and personal loans
07, Jan, 24Interest rates on select retail loans, excluding home loans, are rising as banks adjust their marginal cost of lending rates (MCLR). While the RBI has kept the repo rate unchanged since February 2023, loans such as auto and personal loans not linked to the repo rate, are affected. SBI and other banks have increased rates, citing increased fund costs and market tightness.
Personal loans make up third of bank credit
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Now get an HDFC Bank personal loan in 10 seconds
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