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Personal loans lowest interest rates 2022: Check EMI per lakh of top lenders

If you have an existing relationship with the lender, disbursals take place within a few hours, in some cases within a few minutes.

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Disbursals are fastest for select customer segments, who are eligible for pre-approved offers.

If you are falling short of funds, a personal loan is an option that you can consider. Whether it is for buying a consumer good or for taking your family on a vacation or to meet your festive expenses, personal loan remains a popular source for many individuals. No wonder, personal loans witnessed a growth of nearly two times from Rs 75,088 crore in FY19 to Rs 147,236 crore in FY22, and 4 times growth in volume from 39.9 lakh accounts in FY19 to 158.1 lakh accounts in FY22.

Taking a personal loan has become much easier nowadays as most lenders offer digital means to apply for the loan amount. The process to apply, get the loan sanctioned and lastly the disbursement of the loan has shortened mainly because of the use of technology. “Most banks and NBFCs have now built digital capabilities and infrastructure that have made personal loan disbursals much faster. If you have an existing relationship with the lender, the disbursals are likely to be even faster. However, disbursals are fastest for select customer segments, who are eligible for pre-approved offers. Typically, disbursals here take place within a few hours from application, in some cases, within a few minutes,” informs Sahil Arora – Senior Director, Paisabazaar.com.

In addition to the banker with whom you already maintain an account, try exploring the interest rates of other lenders. Ask for the EMI per lakh based on your credit score, loan amount and other parameters. “For any type of credit, it’s key to compare the various offers available to select the best and most-suited one. Applicants should hence visit online financial marketplaces to compare the personal loan offers available from multiple lenders on the basis of their credit score, income, occupation profile, employers’ profile, etc.,” says Sahil.

To service lower EMI, you can opt for a longer tenure, however, the interest burden could be high in such a case. When it comes to comparing personal loans, alo look at the processing fees and the prepayment charges that the lender may levy in your loan contract. Also, make sure to make EMI payments on time within the due date else there could be a heavy fee charged as penalty.

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