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Compare Personal Loan Interest Rate 2020 and Apply Now!

Compare Personal Loan Interest Rate 2020 and Apply Now!

Jun 15, 2020By Admin

Personal Loan is an unsecured short term loan, which needs no collateral or guarantor for disbursement. We are usually paid out with minimum to no paper work in a few hours to a few days. Personal loan will help you move easily through all the expenses you 're locked with due to a lack of funding.

A important advantage of personal loans is their customizable end-use. This unsecured loan can thus be used to fulfil a wide range of needs such as Medical Emergency, To pay school fees, home renovations, To pay credit card EMI's, for travel and many more. Assessment of the interest rates at which these loans are being offered is crucial, some banks offer lowest and attractive interest rates while others are too high. The rate of interest is estimated by each bank considering relevant different factors.

Apply for personal loan at lowest interest rate starting from 10.75%. Then you have to compare by 2020.We Dealsofloan ,helps you  to obtain personal loan at lowest interest rate and minimum documentation.

Personal Loan Interest Rate 2020

Below is a list of interest rates of no. of Banks and NBFC's.

Banks/Finance company

Min. Salary Per month in Rs

Rate of Interest Between

Loan Amount Provides Between

HDFC BANK

15000

10.75-21%

1 Lac – 40 Lac

SBI BANK

15000

10.55% - 16.60%

1 Lac – 20 Lac

ICICI BANK

17500

11.25 – 18%

1 Lac – 40 Lac

Yes BANK

25000

10.99 -  20%

2 Lac – 40 Lac

Capital First

20000

12% – 24%

1 Lac – 10 Lac

Fullerton India

12000

11.99% - 19%

25 k – 15 Lac

HDB Financial

20000

13.99% - 16.99%

1 Lac – 15 Lac

Tata Capital

20000

10.99% - 18.00%

1 Lac – 15 Lac

RBL Bank Ltd

20000

13.99% to 18.00%

1 Lac – 15 Lac

Kotak Mahindra Bank

25000

10.99% to 20.99%

1 Lac – 15 Lac

Axis Bank

25000

15.50%  to 24.00%

1 Lac – 20 Lac

Bank of Baroda

20000

10.35% to 12.35%

1 Lac – 20 Lac

Karnataka Bank

20000

13.22%

1 Lac – 20 Lac

IndusInd Bank

25000

11.25%

1 Lac – 15 Lac

IDBI Bank

25000

10.65% to 12.40%

1 Lac – 15 Lac

Bajaj Finserv

20000

10.99% to 16.00%

1 Lac – 15 Lac

Bank of Maharashtra

20000

10.85% to 11.85%

1 Lac – 15 Lac

Canara Bank

25000

11.30% to 14.30%

1 Lac – 10 Lac

Home Credit

20000

24% to 49%

1 Lac – 15 Lac

IDFC First

20000

11.50% to  25%

1 lakh-25 lakhs

Below are Some Factors that Affecting Personal Loan Interest Rate:

Banks and NBFCs have established certain criteria for a personal loan on the basis of which they give the interest rates to the loan applicant.

Income:

If your income meets a certain cap, banks assume your payment chances are higher, because you have a monthly income. The bank's primary concern is to ensure the recovery of the loan, because they must ensure that the money that is being lent to the borrower returns within a set period of time. Some banks have income categories where different rates are provided.

Loan Amount:

The most significant aspect banks consider is the borrower 's loan amount demand. As the amount of the loan is calculated based on the income and the borrower as well as the category of the company with which they work. Therefore the higher the applicant's salary, the greater the amount of the loan he / she can get.

Credit Score:

Banks are following the CIBIL Scores / Rating before they give personal loans. If your credit card and loan payments aren't up to the standard, there's a risk for you to be rejected by the bank or get a higher interest rate. CIBIL SCORE is in the range of approximately-900 for a personal loan and most banks favour customers with score above 750. You'll be paying a lower interest rate if you have a high credit score .That's the very reason, keeping a fantastic track record of financial statements for present and future plans is crucial.

Company Position:

Banks identify companies, mostly in 3-4 categories. This are the categories CAT - A, CAT - B, CAT - C and Others. Anybody who serves in these companies can take out a Banks Personal Loan. The higher your enterprise category, the lower interest rate you get. Banks identify these companies according to company size and credibility

Tenure:

The interest rate depends directly on loan term. The longer the term, the lower the rates being provided.

Relations with Banks:

The bank in which you have your Saving Accounts or a salary account most likely to offer you some special interest rate on personal loan or processing costs. Banks guarantee that their customers with personal loans and credit cards have more choices than other banks do. So check your own bank interest rates before applying for a personal loan to other banks.

Get Your Free Credit Report

Your credit report is one of the most important factors when it comes to deciding your eligibility for a particular loan.

We provide credit reports for free so you can understand the health of your credit history.

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