Personal Loan Interest Rates

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Comparison of Personal loan interest rates. Instant compare all major government & private banks personal loan rates in India at deal4loans which helps you to choose the lowest rates online.

Latest Trend March 2018: Last month some banks offered special schemes for higher income salaried employees. Citibank offers 10.99% rate of interest on personal loans for the month of March 2018 with approval within 48 hours.

Personal loan interest rates in India depend on various criteria, among which major is the income level. Different banks have different classifications based on which interest rates are calculated. To start with whether you are working for an employer (salaried) or you are an employer yourself (self – employed). 

Where

CAT A refers to – Top 1000 companies
CAT B refers to – Multi National Companies( MNC’s )
CAT C refers to – Small companies
Non Listed refers to – Smaller companies with 100 emloyees.
Loan Surrogates refers to – Any running loan from any bank

 

Top 5 factors that effect your Personal Loan Interest Rates:

1.Income:

: If your Income is above a certain limit, Banks believe that your chances of paying are higher as you have a regular income. Most Banks have categories according to income where they give different rates.
As your monthly income goes higher, the rate of interest on your personal loan will be lesser. The rates are defined for customers who have income between Rs. 20,000 to Rs. 50,000 and Rs. 50,000 to Rs. 75,000. On the other hand, if you have income above Rs. 75,000 you will get lower rate of interest.

2.Company Status: Banks define Companies in 3-4 categories namely

  • Cat A or Elite or Top 500 companies

•Cat B
•Cat C
•Others

Anyone working in these companies can take a Personal loan from Banks. The better the category of your company, the lesser rate of interest you get. Banks classify these companies on the size of company and reputation.

Banks give a lesser rate of interest to CAT A company customers as they are less likely to default. So, if your company (start-ups) is new and not categorized in the Banks you are likely to get a higher rate or no loan from the banks.

3.Credit and Payment History: Banks follow Cibil scores/rating before giving personal loans. If your payments for Credit Cards and Loans is not up to mark, there is a chance for you of getting rejected by the bank or getting a higher rate of interest. Cibil score for a personal loan is in the range of 0-900 and most banks prefer customers with the score above 750. Also, if your Cibil score is more than 800, you can get 0.25% basis drop on your personal loan rate of interest
4.Relationship with your Bank:The bank where you have your Saving account/Salary account is most likely to give you some special rate of interest or processing fees on personal loans. Banks make sure that their personal loan and credit card customers get better options as compared to other banks. So, before applying to other banks for a personal loan, check your own bank rate of interests
5.Individuals Negotiation Skills:Keeping in mind the above information, you can always negotiate and ask Banks for special waivers on Interest Rates, Processing Fees, etc.

Factors effecting Self Employed customer for Personal loan Interst Rates:

  1. Annual Income Tax Return- If your income is high and you are a large company you can expect rates to be lower for you.
  2. Type of Business- Banks are ready to give lower rates to sound business .So all Manufacturing and sound business professionals get a better rate of Interest on the personal loan.
  3. Special rates to Self employed professionals- Banks really like to fund Doctors/Engineers/CA and Architects as they believe these set of customers are rarely default and hence there rates are better from others.

 

Disclaimer: Please note that the interest rates given here are based on the market research. To enable the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised to recheck the same with the individual companies / organizations. This site does not take any responsibility for any sudden / uninformed changes in interest rates.
Banks/ Financial Institutions can contact us at info@team4loans.com for inclusions or updates.

 

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