- June 20, 2020
- Posted by: Ganeshcbani
- Category: Blog
Standard Interest Rate On Personal Loan
Request for personal interest rate loans starting at 10.50% p.a. In Tamil Nadu. Some of the factors influencing the interest rates include your income, your loan amount, the employment situation, your credit value, your repayment capacity, your loan tenure and your lender relation. Request for personal interest rate loans starting at 10.50% p.a.
| Lenders | Interest Rate* | Loan Amount |
| Allahabad Bank | 10.65% onwards | 50,000-20 lakhs |
| Axis Bank | 12-24% | 50,000-15 lakhs |
| Bajaj Finserv | 12.99% onwards | Up to 25 lakhs |
| Bank of Baroda | 11.40-16.40% | 50,000-10 lakhs |
| Bank of India | 10.50% onwards | Up to 10 lakh |
| Bank of Maharashtra | 10.85-11.85% | Up to 10 lakh |
| Citibank | 10.50-18.99% | 50,000-30 lakhs |
| Early Salary | 24% to 30% | 8,000 – 2 lakh |
| Fullerton India | 12-36% | Up to 25 lakhs |
| HDFC Bank | 10.75-21.30% | 50,000-40 lakhs |
| Home Credit | 24% to 49% | 25000 – 2.40 lakh |
| ICICI Bank | 11.25% onwards | 50,000-20 lakhs |
| IDBI Bank | 12% – 14% | 25,000-10 lakhs |
| IDFC First | 11.50% onwards | 1 lakh-25 lakhs |
| IndusInd Bank | 10.75% onwards | 50,000-15 lakhs |
| Kotak Mahindra Bank | 10.99-24% | 50,000-15 lakhs |
| Kreditbee | 12.24% onwards | 1000 – 2 lakh |
| Moneytap | 1.25% p.m. onwards | Rs. 3000 to Rs. 5 lakh |
| Moneyview | 1.33% p.m. onwards | Rs. 10,000 to Rs. 5 lakh |
| Muthoot Finance | 14.50% onwards | 50,000-10 lakhs |
| Punjab National Bank | RLLR+2.15 to RLLR+6.70% | 50,000-10 lakhs |
| RBL Bank | 12-23% | 1 lakh-20 lakhs |
| Standard Chartered Bank | 10.99% onwards | 1 lakh-30 lakhs |
| StashFin | 11.99% to 59.99% | 500 – 5 lakh |
| SBI | 10.50% onwards | Up to 20 lakhs |
| TATA Capital | 10.99% onwards | 75,000-25 lakhs |
| UCO Bank | 10.95% onwards | Up to 10 lakhs |
| Union Bank of India | 10.10% onwards | Up to 10 lakhs |
| Yes Bank | 10.99% onwards | 1 lakh-40 lakh |
What is the best bank for personal loans?
When it comes to making use of a personal loan, usually a question arises, that is, which bank is best for personal loans. To avoid this dilemma, however, we are here to assist you by informing you about the top lenders and offering you the best personal loans deal. All you have to do is read the above page, compare different lenders and decide which deal will be lucrative for you. However, if it’s hard to find out which bank provides the lowest personal loan interest rate, don’t worry because we’re here to help. Don’t forget to choose a lender after comparing many banks with other factors and not only the interest rate parameter. Yes, keep in mind tenure, fee, charges, loan amount, EMI, etc for the best deal, except rates. However, to understand you better, on this page, we have clarified everything to make it easier for you to know the latest personal interest rates on loans.
What kind of interest rate for personal loans should you go for?
Lenders offer flat or reduced balance personal loans at interest rates. The flat rate charges the interest on the total amount of the principal, regardless of the fee you make via Equated Monthly Installments (EMIs). Although the reduction in balance refers to various amounts depending on the EMIs you pay. There are also two types of lower balance rates available to borrowers – annual and monthly balance reduction. In the annual balance reduction system, the interest rate applies to the principal which remains at the end of each year. In a monthly balance reduction method, however, the interest rate is applicable to the remaining balance after each EMI payment. Mathematically, if you want to reduce interest commitments, the balancing approach is better than the flat rate. If you have a choice to make, go for a monthly balance reduction to save more interest.
Factors affecting interest rates on personal loans
For a personal loan, banks and NBFCs have set some conditions upon which to provide the borrower with interest rates. Those are the factors that deliver personal loan rates.
Loan Sum
The most significant factor for banks is the borrower ‘s loan demand. Since the loan amount is based on the income and the borrower and the category of the company with which they work. The higher the applicant’s income, the higher the amount of the loan he / she can take.
Tenure
The interest rate depends directly on the loan tenure. The longer the tenure, the lower the rates offered.
Ability for payments
The individual’s repayment capacity plays a crucial role in deciding interest rates. If the borrower has no other financial liabilities, the lenders believe that the borrower’s loan repayment is good, because in the future the loan can be repaid easily.
Below are some of the essential characteristics that make a personal loan a good source of financial necessities.
Personal loans are unsecured and easy to obtain
- There is less documentation in the process of personal loans because security is not necessary
- The borrower is free to use the money to meet any financial requirement (personal or business)
- The simple repayment makes it attractive because the borrower can choose the loan term as comfortable as possible
- A personal loan helps in situations in which a large amount of capital is desperately needed.
Salaried and self-employed employees will take a personal loan
The amount of the loan and the interest rates are based on the borrower ‘s profile. The stronger the borrower ‘s income profile, the greater the probability of securing a higher loan sum.
Small upload fee and advance payment
A flexible term on a personal loan is available
