Instant Personal Loans

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Instant Personal Loans are sought either from a financial institution or from any other loan provider. They assist the loan seeker to meet his instant obligations without any problems. Instant Personal Loans are one of the fastest modes of seeking financial assistance. A borrower can utilized the money sought from the banks for purposes like house restoration, wedding and medical expenditures, getaways, higher studies, etc.

While applying to the Instant Personal Loans, the loan provider generally executes a finance worthiness assessment, prior allocating the money. They can be reimbursed in various equal monthly installments (EMIs) with loan duration differing from 1 to 5 years.

The highest amount of Instant Personal Loans, which a claimant is entitled to take home relies on his monthly income. The precise loan sum relies on his eligibilities and various factors such as finance evaluation, employment security, home address and the competence to reimburse the loan sum in allocated time. The claimants can also pertain mutually with a co-claimant, which indirectly permits the claimant to raise his loan eligibility. The sole purpose of jointly applying for the loan is that the spouse’s income will also be added to the claimant’s earnings which will be helpful in computing the total loan sum.

Instant Personal Loans in India are sanctioned without many security documents and engage greater risk as the rate of interest on these loans differs from 12% to 24%. Applying for such loans can fetch the loan seeker some benefits which are favored rates of interest, priority dispensation and easy certification.

Banks Interest Rates for different terms
Mentioned below is the rate of interest for different terms allocated by some of the prominent banks in India for their Instant Personal Loan Plans:

Name of the BankRate of Interest for several loan amounts
Up to Rs 1 lakhFrom 2 to 5 lakhsFrom 6 to 10 lakhsUp to 10 lakhs
UCO Bank13.25%NANANA
ICICI Bank14.0% - 18.0%14.0% - 18.0%14.0% - 18.0%14.0% - 18.0%
Axis Bank14.0% - 21.0%14.0% - 21.0%14.0% - 21.0%14.0% - 21.0%
HDFC Bank14.5% - 16.5%14.5% - 16.5%14.5% - 16.5%14.5% - 16.5%
Canara Bank14.5%NANANA
Indian Overseas Bank12.75%NANANA
State Bank of Travancore16.75%NANANA
Barclays Finance16.0% - 28.0%16.0% - 28.0%16.0% - 28.0%16.0% - 28.0%
Bank of India12.25%NANANA

EMI Computation for different terms
Mentioned below is the EMI Computation for different terms allocated by some of the prominent banks in India for their Instant Personal Loan Plans:

Name of the BankEMI Computation for various loan tenures
1st year2nd year3rd year4th year5th year6th year7th year
UCO Bank8,9434,7663,3812,695NANANA
ICICI Bank8,979 - 9,1684,801 - 4,9923,418 - 3,6152,733 - 2,9372,327 - 2,539NANA
Axis Bank8,979 - 9,3114,801 - 5,1393,418 - 3,7682,733 - 3,0972,327 - 2,705NANA
HDFC Bank9,002 - 9,0974,825 - 4,9203,442 - 3,5402,758 - 2,8602,353 - 2,458NANA
Canara Bank9,0024,8253,4422,7582,353NANA
Indian Overseas Bank8,9204,7423,3572,6702,263NANA
State Bank of Travancore9,1094,9323,5532,8732,472NANA
Barclays Finance9,073 - 9,6514,896 - 5,4893,516 - 4,1362,834 - 3,4852,432 - 3,1142,169 - 2,8811,986 - 2,726
Bank of India8,8974,7193,333NANANANA

Last Updated on 6th July 2011