Banks Offer Lower Rate On Personal Loan; But Is It Truly Less: Check What Interest Rates Are Being Offered?

The situation as it is now with halt in various business activities and job losses, many in India and world over might be facing financial stress. Though some countries have begun to reopen as the situation has improved there, talking about India the situation is both critical and uncertain.

Amid this uncertainty what has also come as a huge distress is banks unwilling stance to lend easy money. In a conversation with a friend who applied for a personal loan, he faced rejection on the following grounds:

1. His employee was not registered on the panel of the bank's exclusive list

2. His salary was less

3. And the same was not verified or supported by the employer's HR group.

4. Further if at all, all the listed above factors were good he would have secured a personal from a private lender at a huge 19 percent.

Note for some of the private lenders to secure a personal loan, the minimum salary threshold has been hiked to Rs. 40000 per month.

Now considering this we may also bring to light that in the Covid 19 pandemic arena:

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