Now that you have decided to avail a Indiabulls personal loan, it is important that you should also be aware of the rates first. Talking more about the rates, it would not be wrong to say that at present, the lender is offering the loan to the applicants at an attractive interest rate so as to reduce their loan burden.
Interest Rate Comparison Tool
All that glitters is not gold; the same goes for loans! Have you done your research?
Compare Banks. Estimate EMIs. Enable Wishes on wishfin.com
Table of Contents
Indiabulls Personal Loan Interest Rates August 2021
|Interest Rates||13.99% Onwards|
|Processing Fee||Up to 5% of the loan amount|
|Prepayment Charges||5% of the principal outstanding|
|Bounce charges||Rs. 400 per bounce|
|Late Payment penalty||3% per month|
|Stamp duty charges for loan documentation||As per applicable laws|
|Duplicate NOC||Rs. 500 per request|
|Repayment mandate/instrument swapping charges||Rs. 500 per request|
Factors That Can Help You Get the Best Indiabulls Personal Loan Interest Rates
When choosing the Indiabulls personal loan interest rates, you should go for the best one so that you could enjoy your loan journey the most. The reason: interest rates directly affect your repayment amount; the higher the personal loan interest rates are, the higher would be the repayment amount. But there are a few important factors that can help you get Best Indiabulls personal loan interest rates. You should know them before applying for Indiabulls Personal Loan. We are showing all of them below. Have a look.
Good Credit Score
Credit Score is the first and foremost factor that affects Indiabulls Personal Loan Interest Rates. The reason being a Credit Score defines the creditworthiness of an individual, and since a personal loan is an unsecured loan, Indiabulls will most likely check the credit score of an individual to assess not only his/her loan eligibility but even the interest rate. Individuals with a good credit score (700 or above) have more chances of getting a lower interest rate. On the other hand, the private lender may charge higher interest rates on loans given to people with a poor credit score (below 650) or worse, their application may get rejected. So, if you have a good credit score, you can negotiate better compared to an individual with a poor score.
High Monthly Income
As you don’t need to pledge any security or collateral to get the personal loan amount, how will the bank trust you when it comes to the loan repayment? Well, the bank will check your monthly income for the same. And the more income you have, you will have more chances of availing the loan at best interest rates. The credit risk will be far less when an individual has a higher monthly income as he or she can easily repay the loan amount because of a higher disposable income towards repayment. Other than interest rates, your loan amount can also be affected by the monthly income. Higher-income with zero obligations can get you a higher loan amount.
Less Existing Obligations
This is also a crucial factor when looking for the best Indiabulls personal loan interest rates. You must be thinking why? Well, lenders check the Fixed Income to Obligation Ratio (FOIR) before deciding the final interest rates. As you can see clearly from its name, FOIR is a customer’s Debt to Income Ratio. For calculating the FOIR, the lender takes all the fixed obligations that he or she has to meet every month on time. A lower FOIR means a customer has fewer existing obligations ( Credit Card or Loan EMIs), thereby keeping his/her repayment capacity in order. Such individuals can have lower interest rates on their Indiabulls Personal Loan.
Employment Type & Stability
Both Salaried and Self-employed individuals can get an Indiabulls Personal Loan. But you should know that an individual’s employment type can affect the final rate of interest. What is the reason behind this? Well, Salaried employees get their salary on a fixed date every month while self-employed individuals may have to face ups and downs in their businesses. That’s why Indiabulls personal loan interest rates tend to be on a lower side as compared to self-employed individuals.
Apart from the employment type, the stability of your employment also affects the interest rates. If an individual has been frequently changing his/her job or business, it would be hard for a lender to trust an individual and provide lower rates. Loan application may get rejected too in such cases. On the other hand, if an individual has been working in a company or running the business for long, he or she can get lower rates due to employment stability.
Do you know that your place of residence can also play a pivotal role in determining your interest rates? Well, Indiabulls checks if the applicant had been shifting his or her residence for a few times over the years, and then decides the final interest rates. In the case of a personal loan, it would be hard for a lender to provide the loan amount to an individual who has not had residence stability over the years. If a person has been living in the same location for years, he or she can get a lower Indiabulls personal loan interest rate.
Indiabulls Personal Loan Balance Transfer Interest Rates
If your existing lender is giving you the loan at the higher interest rate, you can opt for the balance transfer facility. Yes, transferring your existing personal loan to Indiabulls allows you to enjoy the attractive interest rates. Currently, the lender is offering the loan to the applicants at an interest rate of 13.99% Onwards, which means with lowest rates, you can get the affordable EMIs to repay your loan easily. Thus, less burden will be there on your shoulders as far as loan repayment is concerned.
Indiabulls Personal Loan Balance Transfer Interest Rates
Example: If you have a personal loan of INR 4,00,000 at a rate of interest of 17% per annum. Then the only way to reduce the interest rate is via the balance transfer. If Indiabulls provides you the facility of balance transfer at an attractive interest rate of 12%, it will be a good deal for you. Look at the table to see how much you can save money with the balance transfer of your existing personal loan.
|Original Loan Amount||INR 4,00,000|
|Interest Rate||17% per annum|
|EMI @17%||INR 9,941|
|Estimated Interest Outgo @17%||INR 1,96,462|
|Interest Paid Till 2 Years||INR 1,17,415|
|Outstanding Balance at the End of 2nd Year||INR 2,78,829|
|EMI @12% for the Remaining 3 Years||INR 9,261|
|Interest @12% Over 3 Years||INR 54,571|
|Interest Paid Till Now + Interest Payable Over the Next two years||INR 1,71,986|
|Estimated Savings in Terms of EMI||INR 680 (9,941-9,261)|
|Estimated Savings in Terms of Interest Payment||INR 24,476 (1,96,462 - 1,71,986)|
Note: Indiabulls may charge a loan transfer fee from the customer.