Compare the current personal loan interest rates and fees
Most of the time, public sector banks offer the lowest interest rates on personal loans. Each lender’s current personal loan interest rates will be different. Top lenders list current personal loan interest rates starting at 10.49% p.a. It depends on the applicant’s credit history, monthly income, employment history, and other factors. You should look at the different lenders’ loan interest rates to find the most suitable loan offer.
Personal Loan Interest Rate Influences
A borrower’s current personal loan interest rate from a bank or NBFC will depend a lot on the following important factors:
Monthly Income
The interest rate affects your EMI. The borrower’s net monthly income decides whether they will get a lower interest rate.
Your employment status
When compared to the interest rates, salaried people get low-interest rates. People who own their businesses are thought to have riskier credit profiles than those who work for MNCs on a salary.
Companies in the private sector, or PSUs,
The business you work for also affects the interest rate a bank or NBFC would give you on a loan. Banks offer lower interest rates to people who work for the top companies in the country. In other words, your chances of getting a loan with a lower interest rate are better if you work for a well-known or older company. Large Indian private sector companies like Infosys, Wipro, HCL, Tata Consultancy, Tata Motors, other Tata group companies, Reliance Group companies, Birla Member firms, and so on, as well as MNCs like Microsoft, Google, and so on, offer their employees better interest rates than these two smaller businesses. Several banks offer better interest rates to people who work for PSU.
Your credit score or CIBIL
Your CIBIL score is a big part of how much interest a bank gives you. With a higher CIBIL score, you are more likely to get a current personal loan interest rate with a lower interest rate. A CIBIL score of at least 700 is needed to get a personal loan.
Payroll bank account
Some lenders, like HDFC Bank, ICICI Bank, Axis Bank, and others, charge higher interest rates on personal loans to people with salary accounts because they know how those people use their bank accounts.
Other elements
The interest rate on your loan is also affected by the bank’s financing costs and how it generally runs.
Personal Loan Interest Rates from Piramal Finance
Interest rates at Piramal start are 12.99%.
When you get a personal loan from Piramal Finance, there are no foreclosure fees. You don’t have to pay a fee for paying it off early. Less paperwork is needed, and the whole process is simple and quick.
Personal Loan Interest Rates from HDFC Bank
HDFC Bank is one of the biggest private lenders in the country. It has some of the lowest interest rates for personal loans. To manage a personal loan, HDFC Bank needs several papers. They have a quick process from loan approval to loan disbursement. HDFC enables easy to apply for a personal loan both offline and online. The most you can borrow from HDFC Bank is Rs. 50.00 LaKhs. The rates of interest range from 10.99% to 20.7%.
Interest Rate on Personal Loans from ICICI Bank
ICICI Bank is the largest private-sector bank in India. It is one of the biggest lenders of personal loans. Its interest rates on personal loans are very low. ICICI Bank makes applying for a personal loan easy and gives the money out quickly. ICICI Bank doesn’t need property, jewellery, or any other fixed or moveable item as security or a guarantor. The interest rate on a personal loan from ICICI Bank will always be 10.99%, no matter how long the loan is.
Interest Rate on a Personal Loan from SBI
SBI offers personal loans with floating or variable interest rates. SBI balances the loan every day and is paid back every month. The interest rate on an SBI personal loan is reset every year after the loan is approved. SBI has the power to change the interest rate on loans. Because of this, it could shorten or lengthen the length of the loan or raise or lower the EMI. For a personal loan, interest is charged at the then-current 2-year MCLR on a daily-decreasing balance with monthly breaks on the loan’s disbursement date. The current personal loan interest rate is set for the duration of the loan.
Interest Rate on a Personal Loan from Axis Bank
Axis Bank offers personal loans with options that are easy to use, such as very low-interest rates. The current personal loan interest rate at Axis Bank depends on the borrower’s employment situation. At an interest rate of 11.99%, the lowest amount you can borrow is Rs. 50,000, and the most you can borrow is Rs. 15 lacs. The loan application, documentation, and payment processes at Axis Bank are all very simple. Axis Bank does not charge any foreclosure fees on its loan.
Rate of Interest on a Personal Loan from Yes Bank
Yes Bank offers personal loans for any reason, such as a medical problem, a trip to the Americas, or a home improvement. Current personal loan interest rates from Yes Bank are very low, and the application process is quick, easy, and requires few documents. Yes Bank gives personal loans to people who work for a company and those who run their businesses. It gives doctors who are in practice a special interest rate. Yes Bank’s maximum personal loan amount is Rs. 25 lacs, and their maximum loan term is 5 years.
Conclusion
Imagine that you want to get a personal loan. In that case, it’s a good idea to compare the current personal loan interest rate on a chart that lets you compare processing fees, lower or higher loan amounts, the length of the loan, foreclosure fees, part-payment fees, and many other personal loan features. By comparing offers from banks and non-bank financial companies (NBFCs) and other lenders, you can get a general idea of the different kinds of offers on the market. This will help you negotiate with banks or get a personal loan with a lower interest rate. If you want more details on the current personal loan interest rate then you must visit Piramal Finance now.