Personal loans are a way to use tomorrow’s income today, and the process involved is simple. But you must note that the interest rates are much higher, say, for a car loan. This is because personal loans are unsecured loans. This means that the loan is not by backed any asset. The loan amount and interest rate depend on parameters such as your income, existing credit, repayment capacity, and others. As personal loans come with high interest rates, conitnuous default will put in a downward spiral. Here are some of the lowest personal loan interest rates offered by various banks.