Personal Loan Interest Rates
Personal loans offered by PayULoans are multi-purpose loans that you can use according to your needs and discretion. You may choose from an array of loan options that offer varying interest rates based on the value of the loan you choose to apply for, and the term of your loan. Interest rates depend on your eligibility, income, credit score, and other such criteria.
| Bank Name | Interest Rate | Processing Fees |
|---|---|---|
| HDFC Bank Ltd | 10.25% | Upto 2.50% Min Rs. 999 |
| ICICI Bank | 10.25% | Upto 2.25% of Loan Amount |
| Bajaj Finance Ltd | 12.99% | Starting from 1.50% – Up to 3% |
| IDFC FIRST Bank Ltd | 10.49% | Upto 2.00% |
| Axis Bank Ltd | 10.25% | Rs.4999 |
| RFSPL | 13% | 2% |
| Tata Capital | 10.49% | Upto 2.50% of Loan Amount |
| Fullerton | 13.99% | 2% |
| IndusInd Bank | 10.49% | Min 0.75% to Max 1.75% |
| Kotak Mahindra Bank Ltd | 10.25% | Starting from Rs.3999 |
| HDB | 14% | Upto 3.5% |
| Axis Finance Ltd | 12% | 2% |
| Yes Bank | 10.5% | 1% |
| Loantap | 15% | 1.50% |
| Muthoot | 14% | 3.50% |
| Shinhan Bank | 10.4% | 1% |
| Standard Chartered Bank | 11% | 1% |
| Upwards | 12% | 2% |
| Incred Finance | 20% | 3% |
| Hero | 14% | 2.50% |
| Aditya Birla Finance Limited | 15% | 1% |
| IndusInd Bank Interest Rates | 10.49% | Min 0.75% to Max 1.75% |
| HDB Financial Interest Rates | 14% | Upto 3% of Loan Amount |
| Finnable | 20% | Upto 3% of Loan Amount |
| Paysense | 20% | Upto 3% of Loan Amount |
| Muthoot Interest Rates | 14% | 2.5-3.5% |
Types of Personal Loan Interest Rate
Personal Loans offered by PayULoans Partner Banks and NBFCs are typically at a Fixed Rate of Interest. Fixed interest rates are rates that remain constant throughout the period of the loan no matter how market interest rates fluctuate. This results in EMIs being constant throughout the entire loan tenure, unlike floating interest rates. For your choice of current personal loan interest rates, use PayULoans EMI Calculator.
What are the Factors that Affect Personal Loan Interest Rates?
Age
Age turns out to be another factor that dictates interest rate on your personal loan. A younger applicant may be perceived as lesser risky, while an older applicant may be considered of higher risk; thus the interest rates will differ accordingly.
Occupation
Interest rates differ from occupation to occupation. A lender generally offers different interest rates for salaried employees, different rates for self-employed loan seekers to mitigate as a risk factor.
Income
Your income becomes a factor for repayment when you apply for a personal loan. If you have high income, you are likely to be charged a lower rate of interest due to lesser risk of default in repayment.
Credit Score
To get your Personal Loan approved, you need to have a good credit score. Credit scores denote your creditworthiness.
Employment Organization
Employees of well-known MNCs, Public limited Companies, and companies of good standing may receive better rates of interest compared to employees of lesser-known companies.
Association with Lender
Should you have a long-standing and good financial relationship with your lending organization, you are likely to receive better rates of interest due to your lender's familiarity with your financial records.
loan at best interest rates are available at PayULoans ; calculate yours with PayULoans EMI Calculator for cheap personal loan interest rates.
Other Charges
Apart from personal loan interest rates, there are several other fees and charges that have to be paid and may be classified as under.
- General Charges
- Miscellaneous Charges
- Foreclosure Charges
Classification of Other Charges
General Charges
Processing Fee
A one-time fee levied during the processing of your personal loan application may be known as a processing fee. This kind of fee will be a non-refundable fee, whether your lender approves your loan or rejects your loan.
Gap Interest or Pre-EMI Interest
When you avail only a part of the personal loan, you are required to pay interest only on the amount disbursed until you avail the full loan. Pre-EMI interest or PEMI, or Gap Interest will be payable monthly until the final disbursement, after which EMIs commence.
General Charges
Penal Interest
A lender will charge you a penal interest rate will be charged when you delay a monthly instalment. Your regular interest rate along with a delayed interest rate will make up the penal interest chargeable in such a case.
Bounce Charges
Charges levied when an EMI bounces are known as Bounce Charges. When inadequate funds in your bank account cause your EMI to bounce, the lender charges you a bounce charge.
Mandate Rejection Service Charges
Rejection of services rendered by your lender causes a levy of a mandate rejection service charge.
CCOD Annual Maintenance Charges
If you choose a flexible funding option such as Cash Credit or Overdraft, CCOD Annual Maintenance Charges are levied. These charges are a fee charged for the maintenance of Overdraft.
Outstation Collection Charges
Issuing a cheque from a non-local branch will cause the levy of an outstation collection charge. The collection of such outstation cheques causes the lender to charge you an Outstation Collection Charge.
Statement of Accounts
Issue of a hardcopy of your bank statement consisting of a list of all bank transactions during a given period known as Statement of Accounts will attract a charge. Such a charge will not be levied for obtaining a soft copy of the Statement of Accounts.
Loan Cancellation Charges
In the event of the cancellation of your personal loan after the processing of your loan disbursal will be the reason for a Loan Cancellation Charge to be levied by your lender.
Instrument Swap Charges
When you swap or exchange your personal loan liability or the cash flow for a different financial instrument, you will be charged an Instrument Swap Charge. The swap will only take place after you pay the charge.
Duplicate Repayment Schedule
When you ask for a duplicate table that contains details of your loan repayment, known as an Amortization Schedule or a Repayment Schedule, you will be charged a fee for a hardcopy, and this charge will be known as a Duplicate Repayment Schedule charged. No such charges will apply for a soft copy of the same.
Duplicate NOC
Applying for a duplicate No Objection Certificate will cause the lender to charge you a fee on the issue.
Post-Dated Cheque Charges
While making an EMI payment, if you issue a cheque dated for a later day, the lender will charge you a fee known as a Post-Dated Cheque Charge.
General Charges
When you plan for pre-payment of your personal loan, whether in part or in full, your lender will charge you a Foreclosure Charge or a Pre-Payment Charge. No charges will apply for loans taken on a floating rate of interest.
Foreclosure Charges for Top-Up
When you pre-pay a personal loan where you pay a new interest rate higher than the old existing lower interest rate applicable, your lender will charge you a Top-Up Foreclosure Charge. This charge does not apply when you pay a new interest rate higher than the existing rate.
Foreclosure Charges on CCOD Cases
Your lender will levy a CCOD Foreclosure Charge when you choose to pre-pay your personal loan in part or in full taken in the form of Credit or Overdraft.
Foreclosure Letter Charge
Delay in your EMI payments will cause the lender to issue you a Foreclosure Notice to notify you about the delay in payment. While the issue of a hardcopy of such a notice will attract Foreclosure Letter Charge, a soft copy will not.
