Personal loan in India are easily avaialable

Usually personal loan interest rate charged is determined on the basis of following:-

• Income- which should be less than Rs.1, 20,000 for availing personal loan and borrower with higher income get some concession on interest
• Status of company/organization where you are working plays a vital role in determining rate of interest charged for your personal loan
• Credit record and payment history – is taken as an indicative of the borrower’s repaying ability
• Having salary account or savings account in a bank from where personal loan is applied for makes the borrower liable of getting discount on interest rate
• If you meet specified criteria you also have the right to negotiate with the lender for reduction in personal loan interest rate

Apart from above mentioned charges, bank charges loan processing charges which is 2-4% of the amount borrowed or it may also be nil, prepayment charges may or may not be applicable.

Most importantly, personal loan interest rates are subject to change depending upon prevailing market conditions and proper enquiry and adequate information must be collected before applying for personal loan.