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).
Top 5 factors that effect your Personal Loan Interest Rates:
: 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.
2.Company Status: Banks define Companies in 3-4 categories namely
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
Factors effecting Self Employed customer for Personal loan Interst Rates:
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 firstname.lastname@example.org for inclusions or updates.
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