A personal loan is a kind of unsecured loan that is extended by Financial Institutions. Being termed unsecured, personal loans do not carry the requirement of collateral. These loans are given to applicants solely on their credit history and ability to repay the loan from their current personal income.
Financial Institution interest rates on personal loans aren’t usually fixed. The interest rate charged differs from Financial Institutions to Financial Institutions. However, as a rough guide, interest rates on a personal loan range from 11-37% per annum. Factor in the interest payments along with repayment of capital within the decided tenure to ascertain a good loan amount to ask for. Here, we have compiled a small list of tips that will ensure that your personal loan application gets approved without any glitches.