|Bank/NBFC||Institution Type||Minimum Loan Amount||Maximum Loan Amount||Minimum Tenure||Maximum Tenure||APR||Fees & Charges|
|Aditya Birla Finance Ltd||NBFC||₹25,000||₹50,00,000||12 months||60 months||16.85% - 17.85%||1% + GST as applicable|
|Arohan Financial Services Ltd.||NBFC||₹1,100||₹50,000||3 months||24 months||20.70% - 26.99%||1% + GST as applicable|
|Axis Bank||Bank||₹50,000||₹15,00,000||12 months||60 months||15.75% - 24.00%||1.50% to 2.00% + GST as applicable|
|Bajaj Finserv||NBFC||₹50,000||₹25,00,000||12 months||60 months||12.99% onwards||Up to 3.99% + GST as applicable|
|Capital First||NBFC||₹1,00,000||₹25,00,000||12 months||60 months||12.00% - 18.00%||1.99% + GST as applicable|
|Citibank||Bank||₹25,000||₹30,00,000||6 months||60 months||17.99% - 18.99%||2.00% - 3.00% + GST as applicable|
|Fullerton||NBFC||₹50,000||₹20,00,000||12 months||60 months||20% - 40%||Up to 6.5% + GST as applicable|
|HDB Financial Services Ltd.||Bank||₹1,00,000||₹20,00,000||12 months||60 months||12% - 36%||Up to 2% + GST as applicable|
|HDFC Bank||Bank||₹1,00,000||₹25,00,000||12 months||60 months||15.50% - 21.50%||Up to 2.50% + GST as applicable|
|ICICI Bank||Bank||₹50,000||₹20,00,000||12 months||60 months||11.25% - 22.00%||Up to 2.25% + GST as applicable|
|IDFC||Bank||₹50,000||₹20,00,000||3 months||60 months||12% - 19%||2% + GST as applicable|
|Incred||NBFC||₹50,000||₹7,50,000||12 months||60 months||12% - 24%||Up to 3% + GST as applicable|
|India Infoline||NBFC||₹1,00,000||₹25,00,000||12 months||60 months||13% onward||Up to 2% + GST as applicable|
|Indiabulls||NBFC||₹1,000||₹15,00,000||3 months||24 months||11.99% - 26%||Up to 5% + GST as applicable|
|IndusInd Bank||Bank||₹50,000||₹15,00,000||12 months||60 months||11.25% - 30.00%||Up to 2.50% + GST as applicable|
|Kotak Mahindra Bank||Bank||₹50,000||₹15,00,000||12 months||60 months||10.99% to 24%||Up to 2.5% + GST as applicable|
|RBL Bank Ltd.||Bank||₹1,00,000||₹20,00,000||12 months||60 months||15.5% - 23%||3% + GST as applicable|
|Standard Chartered Bank||Bank||₹1,00,000||₹30,00,000||12 months||60 months||10.50% - 19.00%||Up to 3% + GST as applicable|
|Tata Capital||NBFC||₹75,000||₹25,00,000||12 months||72 months||11.25% - 19%||1.50% to 2.00% + GST as applicable|
At all times personal loan will help you sail easily through all expenditures that you are stuck with due to funding shortage. Everything from renovating your house to going for vacation needs money, not necessarily there will be enough money for the same. This is where personal loans come into play. It is essential to consider the interest rates at which these loans are offered, some banks offer low and attractive interest rates while others are too high and unaffordable. Rate of interest is calculated considering various factors by each bank.
There are mainly two kinds of interest rates namely fixed and variable or floating. Every individual can personally choose which type of interest they prefer on their loan amount. Fixed rate personal loan and variable rate personal loan are the two kinds; the first one is where the rate of interest is locked throughout the life of personal loan, this cannot be changed at any time even if the rate falls or goes up over the coming years. The latter is the right opposite, where the rate is subject to market volatility. If the interest rate in the market falls, you will have to just pay the reduced rates and vice versa. While fixed rate is a kind of hedging of market volatility, variable rates are helpful is you are expecting the interest rate in the market will fall.
In addition, all interest rates charged by banks/NBFC’s which Finance Buddha works with follow a written down value principle. For more details on the amortization schedule please click here.
The table below shows the indicative rate of interest charged by various banks. The final rate offered by the bank may differ depending on the profile and other evaluation parameters that a bank might choose.
There are mainly two types of lenders: Secured lender vs. unsecured. Interest rates for each of these will vary according to the way it is structured. Secured lender will require a security either a movable or fixed one to lend the loan. In case of default, the ownership of this security will be moved to the lender. In this case the interest rate will be low as they have less risk. Their risk can be mitigated easily with the help of security pledged.
On the other hand, unsecured loans have high rate of interest. The risk involved in default is high. They have no direct option to receive the money without going for legal assistance. Borrower can decide whether to choose secured loan or an unsecured one.
Though each bank has different ways of charging fees on personal loan, the basic structure is pretty much the same. They will consider all factors of the amount that is loaned, individual criteria and more. Few common fees and charges are listed here.
Make every use of the above tips and information to reap the benefits of personal loan!
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