Personal Loan Interest Rates

Rate of interest (ROI): Your rate of interest also depends on your selection of interest rate.

There are two types of interest rates:

1. Fixed interest rate- In fixed interest rate, there is no increase or reduction in your EMI, it remains the same for the entire tenure.

2. Floating interest rates- It changes in floating rate, in this your interest rate can increase or decrease.


Fixed interest rates: On a fixed rate loan, your EMI does not change for the entire loan tenure. In fixed rate, banks fix the interest rate of the loan at the beginning. This rate is applicable for the entire tenure of the loan. At the time of taking the loan, it is known that how much installment will you have to pay every month.

  • Advantages- Fixed rate home loans can prove beneficial only if the Reserve Bank of India (RBI) hikes the repo rate in the coming years. You can save your money if the bank will hike their interest rates.
  • Disadvantages- If RBI will announce to decrease rate of interest of all banks so, you will have pay your EMIs on your old and fixed interest rates and you will be not applicable to take advantages of the decrease interest rates. 

Floating interest rates: In floating rate, the interest rate of your home loan is decided on the basis of the floating rate along with the base rate. In such a situation, the fluctuation of the base rate has an effect on the EMI.

  • Advantages- This is beneficial when interest rates are expected to come down in the future. It can be too helpful in decreasing your monthly EMIs and save your money.
  • Disadvantages- In the rare cases, if the standard rates will increase, then the loan will also increase and the borrower has pay his loan at a higher rate of interest.

EMI Calculator & Schedule

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Loan EMI

24,959

Total Interest Payable

34,90,279

Total Payment
(Principal + Interest)

59,90,279

Loan Eligibility Calculator
%
Comparison Chart
LenderInterest RateProcessing FeeEMI / LakhLoan Tenure
8.80 %1.8% + TaxesRs 2,06612 to 60 Months
9.20 %2% (Min Rs 250)Rs 2,08612 to 60 Months
10.00 %NILRs 18536 to 72 Months
10.25 %Up to 2.5% (Min Rs 999)Rs 2,17412-60 months
10.25 %Up to 2.25%Rs 214912 to 60 Months
10.35 %1.00% (Min Rs 1,000)Rs 3,2436 to 36 Months
10.49 %Up to 2.00%Rs 2,14912 to 60 Months
10.49 %Up to 2.5%Rs 1,87712 to 72 Months
10.49 %0.75% to 1.75%Rs 2,14912 to 60 Months
10.75 %Rs 4,999Rs 2,16212 to 72 Months
10.75 %Up to 2.5%Rs 2,14912 to 60 Months
10.90 %NARs 3,26912 to 36 Months
10.99 %Starting Rs 999 (Min)Rs 2,58412 to 48 Months
11.25 %1.5% (Min Rs 500)Rs 3,17512 to 60 Months
11.49 %0.40%Rs 3,16612 to 36 Months
11.50 %up to 3.00%Rs 2,12512 to 60 Months
11.50 %1.00%Rs 2,19912 to 60 Months
12.00 %1.00%Rs 2,22412 to 60 Months
12.80 %0.50% (Min Rs 500)Rs 2,13512 to 60 Months
12.99 %1.50 to 3.00%Rs 2,27512 to 60 Months
13.30 %0.50%Rs 2,69812 to 48 Months

RELATED BLOGS (9)

News Update on Personal Loan Interest Rates

Special HDFC Bank Offer for Government Employees

Admin 2022-07-30 18:53:25

HDFC Bank has launched a special Freedom Dhamaka Offer for personal loans for government employees. The personal loan rates start at 10.25% and are valid till 15th August 2021.

Google Updates Policy for Personal loan Apps

Admin 2022-07-30 18:53:37

Google has asked all the personal loan lending apps in India to provide a declaration form stating that the application serves as a middle-man for registered non-banking financial companies (NBFCs) or banks.

The apps must comply with these norms and provide relevant documentation such as a license till September 15 if they want to stay listed on the app store.

RBI Revises Personal Loan Limit to Rs. 5 Crore for Board Directors

Admin 2022-07-30 20:11:42

RBI has revised the limit of the personal loan that can be granted to board directors and their families.

The new limit is set at ?5 crore as against the earlier threshold at Rs 25 lakh.

Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank

Admin 2022-07-30 20:11:56

Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021.

Customers have been asked to apply for cheque books with the new MICR code at the earliest.

4 smart ways on how to maintain your CIBIL score effectively

Admin 2022-09-01 12:35:27

The key to being credit-ready is having an excellent CIBIL score and a commendable financial profile. Here, the key is to have the right financial habits. When it comes to your CIBIL score, it isn’t enough to simply build a high score, as it takes effort to maintain it as well. A good score helps your eligibility for new credit, and can fetch you favorable repayment terms that do not strain your finances.

But in order to maintain a good credit score, you need to understand the credit factors that influence your score. These factors include your credit utilization, credit mix, and repayment history. Besides understanding these factors, you should also know the best habits to practice to sustain a high CIBIL score. To get you started, here are 4 simple and smart ways to maintain your CIBIL score. 

Make informed credit decisions

Review your credit report regularly

Use your credit limits strategically

Pay EMIs diligently and without delays

 
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