Personal loans: Find the right rates for you

 

The right rates are considered as one of the key factors in determining the ideal cost of borrowing. Personal loans act as a saviour but only when they are approved with an ideal rate. Try to achieve a decent personal loan interest rate.

Here are some recent rates to compare among different banks/NBFCs:

Lenders	Interest Rate* (p.a.)	Loan Amount (Rs.)
Allahabad Bank	9.20% onwards	As per  the applicant’s profile
Andhra Bank	10.80% onwards	As per the applicant’s profile
Axis Bank	12% onwards	50,000 to 15 lakh
Bajaj Finserv	12.99% onwards	Up to 25 lakh
Bank of Baroda	11.40% onwards	50,000 to 10 lakh
Bank of India	9.35% onwards	Up to 10 lakh
Bank of Maharashtra	10.85% onwards	Up to 10 lakh
CASHe	33% to 36%	9,000 to 3 lakh
Central Bank	8.45% onwards	Up to 20  lakh
Citibank	9.99-14.24%	10,000 to 30 lakh
Early salary	24% onwards	8,000 to 2 lakh
Federal Bank	11.49% onwards	Up to 25 lakh
Fullerton India	11.99% onwards	Up to 25 lakhs
HDFC Bank	10.75% onwards	50,000 to 40 lakh
Home Credit	24% onwards	25000 to 2.40 lakh
HSBC Bank	10.50% onwards	Up to 30 lakh
ICICI Bank	11.25% onwards	50,000-20 lakhs
IDBI Bank	12% onwards	25,000-5 lakhs
IDFC Bank	10.75% onwards	1 lakh-25 lakhs
Indiabulls	13.99% onwards	Rs.1000 to Rs. 15 lakh
Indian Bank	9.20% onwards	As per the applicant’s profile
Indian Overseas Bank	11% onwards	Up to 15 lakh
Indusland Bank	11% onwards	50,000-15 lakhs
Kotak Mahindra Bank	10.75 onwards	50,000-20 lakh
Kreditbee	1.02% p.m. onwards	1000 to 2 lakh
Moneytap	1.25% p.m. onwards	Rs. 3000 to Rs. 5 lakh
Moneyview	1.33% p.m. onwards	Rs. 10,000 to Rs. 5 lakh
Muthoot Finance	15% onwards	Rs. 50,000 onwards
Punjab National Bank	8.80% onwards	25,000 to 15 lakh
RBL Bank	14% onwards	1 lakh to 20 lakh
Standard Chartered Bank	11.00% onwards	1 lakh-50 lakhs
State Bank Of India	9.60% onwards	Up to 20 lakhs
TATA Capital	10.99% onwards	75,000 to 25 lakh
UCO Bank	9.45% onwards	Up to 10 lakh
Union Bank of India	8.90% onwards	Up to 15 lakh
Yes Bank	10.75% onwards	1 lakh to 40 lakh

From the above table, we can evaluate the rates of various financial institutions and predict which lender is best to take a loan in the current situation. 

How to achieve an ideal rate on a loan?

Below mentioned are a few points to remember to achieve an ideal rate on loan:

• Always try to maintain a decent CIBIL score.

• Try to drive your credit utilization ratio on the downer side.

• Maintain a lesser FOIR(fixed obligation to income ratio).

• When you are applying for a loan, don’t go for multiple financial institutions at the same time.

• Try to get your loan approved from a bank/NBFC with whom you have maintained a strong bond in the form of savings account and fixed rates.  

The right rate plays a crucial role in evaluating your total debt against the bank/NBFCs. There are multiple lenders to choose from and get yourself an ideal rate loan. However, you can check the SBI personal loan.

Read More:- Personal Loan Demand is high WHY?