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The Rate Of Interest For A Personal Loan – All You Need To Know.
There exists much misunderstanding and uncertainty regarding the Rate of Interest charged for a Personal Loan ‘Your loan Advisors’ attempts to give you herewith a transparent analysis of the Rate of Interest which is the primary charge for a Personal Loan.
A Personal Loan for salaried is unsecured funding granted for personal usage loan amounts of ₹ 1 Lakhs to 40 Lakhs are forwarded by Banks and NBFC, S for a period of 12 to 60 months. The interest rate or ROI as is commonly known is simply the cost of funds borrowed as a Personal Loan, as the EMI to be paid will be governed by the Rate of Interest and tenure applied.
Current Offers With The Best Interest Rate!
HDFC Bank 10.25%
ICICI Bank 10.50%
Axis Bank 10.49%
Kotak Bank 10.25%
Yes Bank 10.50%
Representative Example of a Personal Loan With The Lowest Charges
Loan Amount ₹ 1,00,000
Rate Of Interest 10.25%
Processing Fees ₹ 999
Tenure 12 Months
EMI ₹ 8,803.22
Expense Details
Loan Amount ₹ 1,00,000.00
Interest Amount ₹ 5,638.64
Processing Fees ₹ 999
Total Cost 1,06,637.64
Steps to Get
a Personal Loan
Apply for
Personal loan
Give Details
Loan Approved!
Agree to terms
(sign agreement)
Receive Funds
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Transparent Information With EMI And Other Costs Applicable.
Eligibility Criteria
Fees and Charges
Do’s And Don’ts
What Are The Salient Features Of The Rate Of Interest?
Before Applying For a Personal Loan it is important to understand how the Rate of Interest for a Personal Loan works.
The ROI Is Not Standard Across Lenders
Banks & NBFC’s offering Personal Loans charge interest as per the cost of funds and policy terms. Therefore loan seekers should check the offers available from various financers before submitting an application.
The Rate Of Interest Remains Fixed For The Allotted Tenure
The Rate of Interest For a Personal Loan is fixed at the time of disbursal, as is the monthly installment. The rate remains unchanged, and the EMI will remain fixed for the entire tenure.
The Rate Of Interest Offered To An Applicant Varies From Lender To Lender
The Interest rate and the amount offered to an applicant are governed by the eligibility criteria of the Bank/NBFC. Each organisation has its priority points according to which the customer is categorized for the lending of a Personal Loan.
The Monthly Installment Will Depend On The Rate Of Interest
Being able to repay the monthly installment easily and timely is necessary. Securing a low rate of interest will help to achieve a comfortable EMI for the repayment tenure.
  • What is The Average Rate of Interest For a Personal Loan?
  • Banks & NBFC’S constantly review Rate of Interest offers as per market conditions the rate of interest charged for a Personal Loan is between at an average 10.25% to 22%.

  • Which Bank Charges The Lowest Rate of Interest For a Personal Loan?
  • Leading Banks which offer the lowest Rate of Interest for a Personal Loan are HDFC Bank, Axis Bank, ICICI Bank and Kotak Bank.

  • Will The Rate of Interest Offered To an Individual For a Personal Loan Differ From One Bank To Another?
  • The interest rate applied to an applicant can differ from one Bank to another lenders have their own policy according to which the interest rate is offered.

  • Is it Possible To Get a Lower Rate of Interest For a Pre Existing Loan?
  • The rate of interest for a Personal Loan remains fixed for the entire tenure and cannot be altered. The only way to reduce the rate of interest for a running loan is via a balance transfer.

  • How Does The Fluctuation of the Repo Rate Affect The Rate of Interest For a Personal Loan?
  • The changes in the Repo rate do not directly affect the rate of interest offered for a Personal Loan, but the Banks will review their cost of funds and alter the interest rates accordingly.

  • To Which Applicants is The Lowest Rate of Interest Offered?
  • The lowest Rate of Interest is offered to high income applicant applying for a loan amount of ₹ 10 Lakhs or more.

  • Will The Rate of Interest For a Top Up or a Parallel Loan Be The Same as The Existing Loan?
  • If the applicants profile is the same or the income has increased currently the Rate of Interest for a Top Up will remain the same, whereas if the applicant has changed employment the Rate of Interest for a parallel loan will be applied as per the current income and company category.

  • Will an Applicant Get a Similar Rate of Interest for a Personal Loan From Major Banks/ NBFC’ S?
  • Banks & NBFC’S offer a rate of interest as per the cost of funds and individual policy, therefore an applicant can be offered varied interest rates from various lenders.

  • How Will The EMI For a Personal Loan Calculated?
  • The EMI for a Personal Loan is Calculated by adding the interest sum to the loan amount and dividing it into installments as per the applicable tenure. The only variable is that percentage of interest repaid at the start of the EMI is greater the proportion balances out at the middle of the tenure.

  • Will The EMI For a Personal Loan Change With a Lower Rate of Interest?
  • The cost of the loan will definitely come down with a lower interest rate but the EMI is also based on the tenure, if the tenure is extended it will decrease but will remain the same or increase if the applicant chooses a shorter tenure.

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