|Bank||Interest Rate||Procssing Fee||Loan Tenure|
|HDFC Bank||10.75%||Min Rs. 1,999 Upto 2.50%||12 - 60 Months|
|Citi Bank||10.50%||Upto 0.5%||12 - 60 Months|
|Tata Capital||11.25%||Rs 1499, Upto 2.5%||12 - 72 Months|
|Fullerton India||11.99%||1% - 3%||12 - 60 Months|
|Kotak Mahindra||10.50%||Rs. 2999, Upto 2.5%||12 - 48 Months|
|Indusind Bank||11%||0.75% - 1.75%||12 - 60 Months|
|Yes Bank||11%||0.99%-2%||12 - 60 Months|
|HDB Finance||14.99%||Upto 2%||12 - 60 Months|
|Aditya Birla Capital||11%||1% - 3%||12 - 60 Months|
|ICICI Bank||11.25%||0.99% - 2.25%||12 - 60 Months|
|Bajaj Finserve||12.99%||0.5% - 2%||12 - 60 Months|
|RBL Bank||12.99%||Upto 2%||12 - 60 Months|
|IDFC Bank||11.50%||1% - 1.5%||12 - 60 Months|
|Axis Bank||11.25%||1.5% - 2%||12 - 60 Months|
Personal Loan is a loan which is popular for its multiple uses. They are usually preferred by most of the individuals because of their flexible end-user. The loan is unsecured in nature as it does not require borrowers to pledge any security or collateral at the time of making a loan application. Being unsecured, lenders charge a higher rate of interest from 10.50% as compared to other credit like a home loan or a car loan. Borrowers can avail the lowest interest rate personal loan if they have a good credit history and can repay the loan easily in a hassle-free manner.
Here at bookmymoney.in, you will find low-interest personal loan offered by various financial institutions and NBFCs. You can compare the best personal loan rates and then apply for a personal loan with us. Also, you can check your eligibility towards personal loan by using our personal loan eligibility calculator and EMI Calculator online.
Several factors affect the personal loan interest rate. Each of them is described below-
If you are planning to opt for a personal loan to meet your entire immediate financial requirement, here are a few tips that can help you avail a low-interest personal loan.
1. Boost your credit score: If you have a high credit score of 750 and above, it indicates that you are creditworthy enough to pay back your loan on time. Usually, banks offer the lowest personal loan rates to only those individuals who have a high credit score above 750. Therefore, you need to check your credit score first before applying for a personal loan. If your credit score is below than 750, then you should try to improve it by the time.
2. Pay your bills on time: If you miss a loan or a credit card repayment, your credit score would get hampered. Before offering you a personal loan, lenders usually take your previous repayment history into account to decide the rate of interest. Those who have paid their bills on time they are likely to be charged the lowest personal loan rates.
3. Compare the rate of interest before you apply: Before applying for a personal loan, you need to compare the best personal loan rates to get a low rate on loan. You can check bookmymoney.in for doing personal interest rate comparison.
4. Negotiate with the Lender: If you are an existing customer of the bank and have a good relationship with them, you can negotiate for the lowest interest rate personal loan. You can submit a formal written request to your loan provider.
The above-mentioned tips will help borrowers to avail the personal loan at the lowest rate of interest.
There are several things that borrowers need to consider while selecting a personal loan with a low rate of interest.
1-Pre-closure/Foreclosure charges: Pre-closure or foreclosure charges are the charges levied when you pay the loan before the completion of the loan tenure. The charges may vary from one bank to another bank.
2-Processing Fee: Lenders charge a fee when you apply for a loan with them which is known as a processing fee which usually increases the cost of your loan. Therefore, you are advised to check and compare the processing fee charged by different lenders before applying for the loan.
3-Customer Support: If you want a hassle-free borrowing experience, then you need to check the customer service of the lender also before you apply for the loan.
4-Eligibility Criteria: Make sure that you check your eligibility for personal loans set by the lender to get the best personal loan rates. Check the factors such as your age, income etc. to meet the requirements of the lender.
5-Turnaround Time: If you are seeking a personal loan to meet any emergency, it is important to check the turnaround time or the loan disbursal time to meet your urgent requirements. There are many lenders that offer loans instantly.
6-Other charges: Apart from these things, borrowers also need to check some of the other charges like Loan Cancellation Charges, Check/EMI bounce charges, Stamp Duty Charges, Instrument return charges, swap charges, Duplicate Amortization schedule issuance charges, etc. To ensure that you get low-interest rate personal loan, check all these charges as well apart from those mentioned above.
7-Discounts available: Before applying for the personal loan, borrowers also need to look at whether the lender is offering some festive discount or not. Most of the time, lenders offer a discount to existing customers who have a healthy relationship with the bank.
Personal loans are offered at two different rates of interest i.e. the fixed rate of interest and floating/variable rate of interest. If you opt for a loan at a fixed interest rate, then you will be charged the same rate of interest throughout the loan tenure. On the other hand, the floating or variable rate of interest is linked to the Marginal Cost of Lending Rate or MCLR, which causes rates to fluctuate when MCLR changes.
Between these two rates of interest, the fixed interest rate is better than variable one as you know exactly how much you will be charged throughout the loan repayment period. And on the other hand, if you want to opt for a variable rate of interest, you can opt for that too. The benefit of opting for a variable rate of interest is that your repayment amount will be reduced when the rate of interest is low.
The interest rate on a personal loan depends upon your credit history and credit score. If you want to avail a low-interest rate personal loan, then you need to have a CIBIL score above 750.
The rate of interest on a personal loan varies from one lender to another lender. Like HDFC Bank charges 10.75%, Yes Bank charges 10.99% and ICICI Bank offers at 11.25%.
You can avail a loan at the low rate of interest if you pay your outstanding credit card bills and loan dues on time, check your credit report regularly, paying previous loan EMIs well on time.
You can apply for a personal loan with a bank or online digital lenders like bookmymoney.in. Make sure you do not forget to check your credit score before shopping for online personal loans.
The tenure for the personal loan ranges from 12 months to 60 months. You can plan your EMI payments by making use of online personal loan EMI Calculator based on your loan tenure.
The loan will be disbursed in your account within 3 to 5 working days.
A CIBIL Score of 750 and above is required.
|Maximum APR (Annual Percentage Rate)||10.50% - 22%.|
|Fee applicable for BookMyMoney||Rs 0.|
*Terms and conditions apply. Credit at sole discretion of lender subject to rates, credit appraisal, charges, eligibility check and terms. Information shown is indicative and collected from public sources. This is a free service and no charges are payable by the borrower to BookMyMoney. The Company may receive remuneration from lenders for services provided to them. BookMyMoney is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not supposed to be an offer or solicitation or invitation to borrow or lend. The Company does not undertake any responsibility with respect to the correctness of the content, information and calculations. Information is subject to change without prior notice. By submitting your query or using any tools or calculators, you authorize BookMyMoney to share your information with lender(s), consent for such lender(s) to access your credit information report.