Collateral-Free Loan
Interest Rate starting from 10.25%.
Minimal Documentation
The term personal loan has emerged as a boon for individuals seeking quick and hassle free access to funds. Personal loan is a financial tool that offers unparalleled flexibility and convenience to borrowers. Unlike traditional loans, a personal loan is unsecured, meaning you don't have to provide any collateral to secure it.
My Mudra Personal Loan you can say goodbye to lengthy approval processes and mountains of paperwork. Our application process ensures that you can get the funds you need when you need them, without the unnecessary delays. We are committed to providing you with the best financial solutions.
Since the personal loan is an unsecured loan, this nature of personal loan increases the credit risk, as it leaves them with no collateral or security. To mitigate this risk of personal loan, banks and NBFCs factor in various aspects of their credit history and follow strict eligibility policies when looking at their loan applications. Borrowers those who are planning to avail personal loan can strategically improve the chance of getting approved for the personal loan, so here are some tips discussed below for it:
There are many factors which determine the interest rate of your personal loan:
The Personal loan interest rates primarily influence the total cost of your borrowing. So, before applying one must always look for the best interest rates available by the different banks on their credit profile.
| Bank | Rate of Interest |
| HDFC Bank | 10.25% |
| IndusInd bank | 10.25% |
| Standard Chartered | 10.75% |
| Axis Bank | 10.99% |
| Kotak Mahindra | 10.75% |
HDFC is providing the cheapest Personal Loan in India starting at an interest rate of 10.25% P.A.
Processing fees is the charged amount by the lenders for loan, which varies from bank to bank, which is about 1% of the total loan amount.
Processing fees= 1% of total loan amount loan + GST.
