Personal Loan Interest Rate

Personal Loan Interest Rates Feb 2017

Read Reviews 4.1/5.0 from 421 users
Last Updated 19th Feb 2017
Salaried
Interest Rate % Check Special Offer
Lowest EMI Rs. 0 per lakh
Loan Tenure From months to months
Loan Amount Min Rs. 0
Prepayment Charges Not allowed
Foreclosure Charges Not allowed
Apply Personal Loan Online @11.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Factors affecting Personal Loan Interest Rates

Personal loan is dependent on various factors and varies from person to person. These factors are
Loan Tenure - Personal loans are of shorter tenure ranges from years to years and carry high rate of interest compared to longer term loans.
Repayment Capacity - Before giving loan to the borrower, checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Borrower Class - Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. has a list of company categories of salaried individuals to which they avail personal loan. So, higher company category leads to low rate of interest.
Relationship with the Bank - offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit from the bank.

Personal Loan

Personal Loan Interest Rates
MyLoanCare Personal Loan Interest rate calculator works on various inputs like:
Loan Amount - Generally banks offer lower interest rates for higher amount. However offers loan between minimum and the maximum loan amount.
Salary - Higher salary bracket individuals are offered loans at lower interest rates. interest rate varies with your net monthly income.
Employer Category - classifies various organisations into different categories. HDFC rates varies based on the company your work for.

Personal Loan Eligibility

Eligibility of personal loan in relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Age plays an important role to know your eligibility and repayment capacity. offers personal loan to salaried individuals who are atleast years old at the time of loan approval and maximum 60 years at the time of loan maturity.
  • Income: Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. asks for net monthly income of minimum Rs. 0.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from . In case you are salaried, you must be in a full time job for at least months of which not less month must be with your current company. If you are working with a reputed company, probability of getting personal loan from increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
  • Loan Amount: gives you personal loan depending upon your income. gives you an amount ranging from Rs. 0 to Rs. 0. To improve chances of approval, apply for a loan amount that you can comfortably service.
Personal Loan EMI
Personal Loan EMI of is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by is Rs. 0 per lakh loan amount at lowest personal loan interest rate of %. Personal Loan EMI of depends on factors like:
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for Personal Loan

Personal loan documents for salaried employees

  • Filled up loan application form
  • Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
Illustration on Personal Loan
Maximum Annual Percentage Rate (APR) 0% to 0%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: Rs. 100,000
  • Time period: months to months
  • Personal Loan Interest Rate: % to %
  • Processing Fee payable to : Upto Rs. 2,000. Current offer for processing fee is
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 0 for a months Rs. 100,000 loan at % (lowest rate, longest time period) to Rs. 0 for a months Rs. 100,000 loan at % (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 0% to 0%
  • Total cost payable over loan tenure: Rs. -98,000 for months loan to Rs. -98,000 for months loan
’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure - months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of .

Compare Personal Loan Interest Rates of with other banks

Frequently Asked Questions on Personal Loan

How much interest is charged by on personal loan?

offers an interest of % to % on personal loan.

What is the lowest EMI per lakh on personal loan?

If you apply for a personal loan from , your lowest EMI per lakh will be Rs. 0.

What is the minimum and maximum tenure of personal loan?

You can repay your personal loan from in a flexible period of minimum months to maximum months.

How much personal loan amount I can borrow from ?

offers you personal loan if you need a minimum amount of Rs. 0 to a maximum amount of Rs. 0.

How much processing fee is charged by on personal loan?

charges a processing fee of with applicable service tax.

Is age an eligibility factor to get personal loan from ?

Yes, age is an important eligibility factor to get personal loan as you should be at least years old at loan approval time and years old at loan maturity time.

Are there any prepayment charges on personal loan?

You can take personal loan from with Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.

Can I add my spouse's income while applying for personal loan from ?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Personal Loan News - Feb 2017
17th Feb 17 Citibank India launches instant chat service for its users
Citibank India has launched an instant chat service for its customers using net banking. The chat platform will enable its users to connect with bank executives through internet to resolve their queries related to cards, domestic and non domestic accounts, loans etc.
16th Feb 17 Yes Bank boosts debit card portfolio via contactless cards
Yes Bank has launched contactless debit cards to boost its debit card portfolio in lieu of its commitment to supporting the vision of Indian government of a cashless economy. Contactless debit cards will use radio frequency identification (RFID), Near Field Communication (NFC) and Samsung pay (MST) to enable the customers to make payments simply by waving their card over a reader at the point of sale.
15th Feb 17 Loans against stocks and FDs dry up amid demonetisation
An Economic Times report has highlighted a decline in the borrowing against shares and Fixed Deposits during the third quarter of FY17.. As per the data, loans against shares and FDs of the banking sector have declined by 20.6 and 5.5 percent yoy and stood at Rs. 4,700 and Rs. 60,000 crore respectively in December 2016.
14th Feb 17 Bank of Baroda plans to put in place a 2000 strong sales forces to push retail loans
Bank of Baroda is planning to put in place a 2000 dedicated and strong sales force to push its retail loans. The existing retail loan portfolio of the bank stands at 19 percent of its total domestic advances. The bank intends to focus on select centres in metros at the initial stage, gradually expanding to other centres.
13th Feb 17 IndusInd Bank plans to restrict its unsecured lending portfolio to 5 percent of its total portfolio
IndusInd Bank is planning to expand its credit card portfolio while capping the exposure of unsecured loan book at 5 percent. The bank expects to grow its credit card portfolio in tandem with the expected growth of 30 percent in its overall loan disbursements.
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