- Shall you consider applying for a personal loan at Clix Capital?
- It should depend much on its interest rate - read this page to know how Clix Capital Personal Loan Interest Rates are decided
Clix Capital is a non-banking financial company that offers personal loans at an attractive rate of interest. Using the loan amount you can meet any financial needs whether it is a home renovation, family wedding, awaited foreign holiday or unknown medical emergency. But why should you prefer Clix Capital Personal Loan? Does the NBFC charge a low interest rate? If so, how does it determine the interest rate for individuals? All your queries answers are on this page – read further and apply smartly.
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Table of Contents
Clix Capital Personal Loan Interest Rates August 2020
The first thing that a borrower needs to know while applying for a loan is the interest rate. Because if it is higher than the expectation of the borrower, it could lead to non-payment or a delay in EMI payments. But you won’t face these troubles at Clix Capital as the interest rate on a personal loan depends on the income and repayment capacity of an individual. If you are earning sufficiently high, you can pay the EMI with ease.
|Minimum Loan Amount||INR 1 lakh|
|Maximum Loan Amount||INR 25 lakh|
|Rate of Interest||Customized (Depends on overall profile)|
|Tenure||12 to 60 months|
|Repayment Methods||Equated Monthly Installments (EMI)|
|Prepayment Charges||As applicable (depends on the prepayment amount)|
Factors that Affect Clix Capital Personal Loan Interest Rates
You should have a regular source of income to apply for a loan. And if you have a minimum monthly salary of INR 25,000, you are eligible for Clix Capital Personal Loan. You can borrow a loan amount which comes under your repayment capacity and fit in your budget. What if my income doesn’t meet the eligibility criteria? Most likely, your loan request will not be approved. So, check your loan eligibility first before you apply for a loan. Because if the income is low, Clix Capital Personal Loan interest rates would be high if somehow your loan is approved.
A 3 digit number which ranges from 300 to 900 is called a CIBIL score. It is the numerical representation of the individual’s credit history that shows how capable you are to borrow a personal loan. If you keep making payment on time, your CIBIL score would be high. It can help you get approval for Clix Capital Personal Loan In case your repayment track shows late payments and defaults, your credit score will come down, which could make Clix Capital reject your loan application.
An ideal score to apply for a personal loan is considered to be 750 and above. If your score remains the same, Clix Capital Personal Loan Interest Rates would be lower. It gives a negotiation power to the customer as well by which they can request for a low interest.
The work history of applicants is also taken into account to know the repayment capacity of an individual. If the individual has just joined a job, it’s difficult for him/her to borrow a personal loan. As per the Clix Capital personal loan eligibility criteria, you need to have a minimum experience of 12 months and at least 6 months with the current employer to borrow a personal loan. If you are working in a reputed firm and have worked for a fairly greater length of time, you could get the best Clix Capital Personal Loan Interest Rate.
Clix Capital Personal Loan Balance Transfer
Already have a personal loan somewhere but you are struggling to pay there as interest rates are higher? Think of switching to Clix Capital that can offer you a balance transfer facility at a lower rate of interest. This balance transfer facility can help you transfer the balance loan amount at a lower rate. Lower Clix Capital Personal Loan Interest Rates can help you reduce the interest outgo and EMI payment which saves a lot of money on your loan payment. Check out the example below to understand it better.
Example: Kavita has borrowed a personal loan of INR 5 lakh from a lender for a medical emergency. Since it was an urgency, she accepted the deal even at a higher interest rate of 17.00% per annum. Now, it has become difficult for her to pay the EMI. So, Kavita decided to transfer her personal loan to Clix Capital that provides a personal loan to her at an interest rate of 11.00% per annum. See the table below and know how much she can save with the same.
|Original Loan Amount||INR 5,00,000|
|Interest Rate||17.00% per annum|
|EMI @17.00%||INR 12,426|
|Estimated Interest Outgo @17.00%||INR 2,45,577|
|Interest Paid Till 3 Years||INR 1,98,676|
|Outstanding Balance at the End of 3rd Year||INR 2,51,329|
|EMI @11.00% for the Remaining 2 Years||INR 11,714|
|Interest @11.00% Over 2 Years||INR 29,805|
|Interest Paid Till Now + Interest Payable Over the Next two years||INR 2,28,481|
|Estimated Savings in Terms of EMI||INR 712|
|Estimated Savings in Terms of Interest Payment||INR 17,096 (2,45,577-2,28,481)|
After the loan transfer, Kavita can save INR 712 on her EMI payment and a total amount of INR 17,096 over the interest amount. So, you can also do a personal loan balance transfer to Clix Capital and reduce the loan burden. The NBFC may charge a nominal balance transfer fee from the customer which will depend on the outstanding loan balance.