- What Affects your personal loan interest rate?
- How to Get a Lower Rate of Interest?
- Know all that & more here!
The loan interest rate is the deciding factor while applying for a personal loan. As you know in personal loans users don’t need to provide any assets. That’s why lenders charge a higher interest rate on personal loans compared to loans backed by assets. And to get a low rate of interest you need to follow the pointers below.
- Check loan criteria: Several lenders keep different eligibility criteria for loan approvals. So read the criteria and see where you fit.
- Age: The applicant’s age also affects the loan interest rate. Because, if you near your retirement age, your job length won’t be that long, making you a less eligible candidate for lower interest rate offers. The minimum age required for a loan approval is 21 years and above and less than 60 or 65 years.
- Repayment Record: If you have a running loan EMI and spend on your credit card, the lender will check all when you apply for a personal loan. If you have a clear payment history with no default, you can get a lower rate of interest.
- Income: The monthly income must be INR 15,000 and above to get a personal loan from any bank or lender. As personal loans are unsecured, so the loan amount is dependent mainly on your income.
List Of Top Bank and NBFCs Personal loan interest rate
|Bank Or NBFCs||Interest Rate|
|HDFC||10.25% - 17.00%|
|SBI||9.60% - 13.60%|
|Axis Bank||10.25% - 21.00%|
|Fullerton India||12.00% - 25.00%|
|Bajaj Finserv||14.00% - 16.00%|