Myeasyloan can help meet all your financial needs effectively. With simplified documentation and speedy approvals, availing personal loans couldn't get easier. You can check your Personal Loan eligibility online or visit your nearest Myeasyloan Bank branch.
Unsecured Loan can be compared primarily on the basis of interest rates which vary across banks depending on your profile which is further linked to your occupation, salary/income, credit history etc and the company that you work with. The personal loan interest rates range from 12% to 22%; you must go for the loan offering the minimum rate.
You should first calculate the entire loan cost across banks, which includes the rate of interest and other charges. Evaluate offers by keeping the tenure of the loan constant and compare the rate of interest, EMIs, and additional charges. This process will help you get the best loan deal.
Tenure is the time frame for the loan repayment, ranging from 1 year to 5 years. A longer tenure results in more total interest paid but lower EMIs, whereas a shorter tenure has higher EMIs but lower total interest. Compare loan offers by keeping the tenure constant for accurate evaluation.
The Interest Rates vary between 12.99% and 22% depending on your profile & payment ability. There are basically two types of interest rates offered by banks which are:
In the Reducing Interest Rate calculation method, the interest on your loan keeps on reducing as it is calculated on the reduced principal amount which gets reduced daily, monthly, quarterly or annually.
Flat Interest Rate calculation method on the other hand implies that your rate of interest remains the same & is calculated over the entire loan period. The outstanding loan amount is never reduced over the loan tenure.
