Personal loans are easy to get and fast to process. These are ideal for your urgent needs where you may feel forced to break your long-term investment products like an FD (fixed deposits) or PPF (public provident fund). With a personal loan you can fund a present need from your future earnings without compromising your current commitments. These loans are ideal to fund your marriage, a medical need, etc as the requirements to attain a personal loan are limited than that for a home loan or an education loan.

Note that these loans attract higher interest rates than home or car loans because personal loans are unsecured by collateral. The interest rates also depend on the loan amount and tenure. Additionally, the amount you can borrow depends on your income, years of employment, credit score and other such parameters set by the banks. With every default in payment, the burden of the loan will get more and more cumbersome.

Following is a list of some of the lowest interest rates for unsecured personal loans as on the first week of November 2018. The loan amount considered here is Rs 1 lakh and for a tenure of 5 years for salaried individuals and pensioners. Interest rates may vary based on one's job profile, age, and other parameters.