6 Month personal loan is a short-term loan that is meant to be repaid in full within 6 months. There are several lenders offering 6-month personal loans to borrowers for meeting urgent expenses. This loan type requires less paperwork and loan processing is instant with quick disbursals. Read on for its features, interest rate comparison, eligibility, benefits, etc.
Features of 6 Month Personal Loan:
- Collateral-free loan
- Higher interest rates
- Loan amount: Minimum Rs. 1000 & Maximum Rs. 5 lakh
- Repayment Tenure from 7 days to 180 days
Find below the comparison table of personal loan interest rates offered for the repayment period of at least 6-month loan or more.
6 Month Loan – Comparison of Personal Loan Interest Rates – 2022
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 10.50% onwards | Apply Now |
| SBI | 11.00%-15.00% | |
| ICICI Bank | 10.75% onwards | Apply Now |
| Axis Bank | 10.49% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
Note: The above-mentioned interest rates may change and shall depend on the sole discretion of the bank and RBI.
Eligibility to apply for a 6 Month Personal Loan
- Applicant should have a bank account for at least 6 months
- Applicant should have a regular source of income
- Applicant should be salaried and employed with a private or public limited company
- Applicant with no past loan default with any financial institution
Also Read: Eligibility criteria for a personal loan for salaried employees
Benefits of 6-Month Personal Loans
- No Collateral or Security required by banks or NBFCs
- To meet immediate expenses, as well as for the purchase of consumer durable goods
- Hassle-free loan processing
- No hard credit score checks by lenders
- Can be repaid on a monthly basis from salary
- Minimal documentation
- Instant approval and disbursal
If you are looking for a personal loan that can be repaid even after 6 months, then you can check and compare the interest rates offered by leading financial institutions.
Note: The above-mentioned interest rates may change and shall depend on the sole discretion of the bank and RBI.
6-Month Personal Loan and Credit History
Credit history is a detailed analysis of your financial history or details of the repayment of debts. The credit report contains elaborate details about your past repayment record of availed loans and credit cards. Applicants with bad credit history owing to missed payments, large outstanding balances, and/or multiple credit products might find it difficult to get loans approved under their names.
One of the advantages of 6-Month loans is that the applicants with bad or low credit scores, no credit history or new to credit individuals can also apply for a personal loan, as there are no hard credit checks performed by the banks and NBFCs before loan sanctioning. This makes it easier for such applicants to avail a personal loan or credit card.