Can I Get a Personal Loan with 0 Interest?

I took a zero interest personal loan around 6 months ago. I can help you understand zero interest personal loans. So, starting with the meaning of such a personal loan, lending institutions, such as some banks and NBFCs provide the facility of availing personal loans without any interest. 

How Do 0 Interest Personal Loans Work?

This means you’ll only have to pay the principal amount borrowed from the lender. But, although these types of personal loans are free of any interest, you need to pay the extra charges, such as the application fees, prepayment charges, and more.

Talking about the working of a zero interest loan, you need to strictly pay your EMIs timely. Even if you miss one EMI, the penalties charged by the lender are detrimental. That is why, I advise you to read the loan document with careful attention before taking a zero interest loan.

What are the Eligibility Criteria for a Zero Interest Personal Loan?

• You must be an Indian citizen.

• The lender requires you to have a minimum monthly income.

• The minimum and maximum age needed to qualify for the loan, according to the lender.

• A decent credit score

• Work experience and a stable full-time job

• High repayment capacity

What are the Benefits of Personal Loan No Interest?

1. With a zero interest loan, you have the liberty to make your desired purchases immediately. 

2. One more advantage of this loan is the instant approval. So you don’t need to wait for the loan approval. This thus gives you funds in an instant.

3.  Given you pay your loan EMI on time, this loan is great for managing your finances efficiently.

I hope this helps you know can I get a personal loan with 0 interest.