Who has the best rates for a Personal Loan?

Interest rates for personal loans

Comparison of interest rates on personal loans. Compare all major government and private banks’ personal lending rates in India immediately, which help you select the lowest online rates.

Indian personal loan interest rates depend on various factors, the highest of which is the income level. Different banks have various classifications that measure interest rates. In the beginning, you work for an employer (salaried) or you are your own employer (self employed).

Best Personal Loan Interest Rate 2020

BANK Interest Loan Amount
Axis Bank 12-24% 50,000-15 lakhs
Bajaj 12.99% onwards Up to 25 lakhs
Citi Bank 10.50-18.99% 50,000-30 lakhs
Fullerton India 12-36% Up to 25 lakhs
Hdfc Bank 10.75-21.30% 50,000-40 lakhs
Icici Bank 11.25% onwards 50,000-20 lakhs
Idfc First Bank 11.50% onwards 1 lakh-25 lakhs
IndusInd Bank 10.75% onwards 50,000-15 lakhs
Standard Chartered Bank 10.99% onwards 1 lakh-30 lakhs
Kotak Mahindra Bank 10.99-24% 50,000-15 lakhs
Sbi Bank 10.50% onwards Up to 20 lakhs
Tata Capital 10.99% onwards 75,000-25 lakh
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

Top 5 factors impacting the interest rates on personal loans:

Self-employed consumer considerations for personal loan Interest rates:

Yearly Revenue Tax Return

If your revenue is high and you are a large company, you can expect lower rates.

Type of business

Banks are ready to give lower income to sound business. All manufacturers and professional manufacturers receive a better interest rate on personal loans.

Special rates on self-employed professionals

Banks prefer to finance PhD / Engineer / CA and architects, since they think these customers are rarely normal, and prices are higher than those of others.

Salary

When your salary is above a certain amount, banks assume that your payment rates are better as your daily income is higher. Some banks have income categories where different rates are issued.

As your monthly income increases, the personal loan interest rate would be lower. Customers with income ranging from rs. 20,000 to rs. 50,000 and rs. 50,000 to rs. 75,000 are subject to rate criteria. When you have revenue above Rs 75,000, on the other hand, you would have a lower interest rate.

Status of company:

The banks classify companies in 3-4 categories, specifically

Cat A or Elite or Top 500

Cat B

Cat C

And Others

Everyone who works in these businesses will take a Banks personal loan. The higher the business segment, the lower the interest rate you get. Banks classify these companies as large and reputable

Banks provide CAT A borrowers with a lower interest rate because they are less likely to default. Unless your business is new and not listed in the banks, then you will possibly be offered a higher rate or no bank loan.

Credit and Transaction History

CIBIL Scores / Rating will be observed by banks before making personal loans. If the payment for credit cards and loans is not up to the mark, you may be refused by the bank or you may have a higher interest rate. CIBIL SCORE is in the range of 0-900 for personal loans, and most banks prefer customers above 750. Also, if your Cibil score is over 800, you can get an interest rate of 0.25 percent.

Relation with your bank

The bank in which you have your account to save / wage would most likely give you some preferential interest rate or personal loan processing fees. Banks ensure that they have more options than other banks for their personal loans and card customers. Until applying for a personal loan to other banks, check your own interest rate.

Skills of individuals negotiation

With this information in mind, you can always negotiate and ask banks for special exemptions on interest rates, processing fees, etc.

 



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