Personal loans are popular for many reasons, including quick disbursement and the freedom to use the money for any purpose. Moreover, such loans are unsecured, which means borrowers don’t have to mortgage any asset. Typically, banks charge lower interest rates on personal loans than non-banking finance companies such as IIFL Finance. This is because banks have the advantage of a huge deposit base from low-cost savings and current accounts that NBFCs usually don’t. Big established banks such as HDFC Bank and State Bank of India charge interest rates that currently vary from 10% to 21% or even higher. The interest rate charged by NBFCs is usually at least one or two percentage points higher. But within the NBFC segment, too, there is a wide range. So, while some NBFCs offer loans at a starting rate of 15% going up to 30%, IIFL Finance currently offers interest rates ranging from 11.75% to 28%.

Key moments covered in this video are :-
00:00 Get the lowest personal loan interest with IIFL Finance
00:06 What is personal loan
00:25 Interest rates charged on personal loans by banks and NBFC
00:40 Factors determining interest rate
01:25 Low interest rate on personal loan
01:50 Method to calculate repayment amount
02:06 Processing charges
02:11 Why IIFL Finance's personal loan is the best

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Disclaimer The video is intended for suggestive and general informational purposes only and is not a source of credit analysis with respect to material presented and the information in the video does not constitute an investment advice. The contents of the video are provided on an 'as is' basis with no guarantees of completeness, accuracy, usefulness or timeliness and is without any warranties of any kind, express or implied. Viewers are advised to consult with professional advisers before making any decision. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the content of this video and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment suffered by any viewer.

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