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.
