Personal Loan Interest Rates

All About Personal Loan Interest Rates

Loans are the best way to afford a good and decent lifestyle. Thanks to the various options rendered by the financial system, we now have many loans ; we have loans for house, house renovation, car purchase, education etc.  

Amongst all these, we have personal loan which can be used to meet the current and emergent financial needs. It is a type of unsecured loan . This loan is available at a higher interest rate and this is primarily because you don’t need any security to avail this loan .

The best part about personal loan is that you have the flexibility to use this loan as per your convenience . To be precise, personal loan is an instant source of cash which you can use as per your requirement.

Key Features of Personal Loan-

  • Hassle free loan approval
  • No need for guarantee
  • Flexibility to use the loan money
  • Unsecured loan
  • Source of instant cash
  • Higher interest rate

Why Choose a Personal Loan?

Well, a personal loan is always a good option if you are looking for instant cash. Personal loan is a last resort for any financial emergencies or to fullfill your lifelong desires or for a wishful life.

Though it is so accessible, it’s advisable to check the personal loan  interest rate. Since personal loans are unsecured and most of the banks, don’t need a guarantor for the same, the banks and the financial lenders  have comparatively a higher Personal loan interest rate.

 

How can you use personal loan? Here is a list of things you can do with the personal loan :

  1. House renovation
  2. Wedding
  3. Buying gadgets
  4. Going on holiday / vacation
  5. Emergency need like clearing the dues, investing in business and many others

The primary reason why some people tend to choose personal loan over others is that it requires lesser documentation and are highly flexible. Most of the banks and NBFCs provide the personal loan. It is easy to apply and avail personal loan, but, you must fulfill specific eligibility criteria.

General Eligibility Check for Personal Loan Applicant – 

Minimum Age 21 years
Maximum Age 60 years
Employment Salaried professionals/business owners/Professionals and  others
Employment Status Employed or in-business for at least two years. And at least one year with current employer/business
Minimum Income Rs.4000-20,000 per month
Maximum Loan Amount Up to 50 lacs, but it also varies with the income, repayment capacityand existing EMI
CIBIL Score 350-900

Here is the list of the banks Loanyantra is tied up with for personal loans.

Personal loan interest rates –
Bank Name Personal loan Interest Rate Minimum Tenure- Maximum Tenure Personal Loan Amount
Citi Bank 10.99% – 15.99% 1-5 years Max-30Lakhs.
Axis Bank 15.50% to 24% p.a. 1-5 years Min- Rs 50,000

Max-Rs 15 lakhs.

STANDARD CHARTERED BANK 10.99% – 14.49% 1-5 years Max- 30lakhs.
HDFC Bank 10.99% – 20.75% 1-5 years Max- 25Lakhs
FULLERTON 14% – 33% 1-4 years Max- 15lakhs
HSBC 11.29% p.a. to 17.5% up to 5 years Max- 30 lakhs
ICICI 10.99% to 22.00% per annum 1-5 years Max- 20lakhs
IDBI 12.75% to 13.75% up to 5 years Min- Rs. 50,000

Max-10lakhs

SBI 12.90% – 14.90% 5 Years Min- 25,000

Max- 15 lakhs

Why Choose loanyantra over many other for lower personal loan interest rates

About Loanyantra- We are one of the leading service providers when it comes for those searching for any financial service ‘online’.  We assist you in finding the right bank which can offer you the best rates.

Loanyantra for Lower personal loan interest rates – Loanyantra marks a different place in the market as it outstands it responsibility w.r.t the customer providing personal loans at a comparatively lesser interest rate from your favourite bank. 

When you look for a faster process and an immediate disbursal of personal loan amount, we are on top of the ladder among many whom you can rely on.

Continue to celebrate life as we take care of your personal loan process and that too for a lower interest rate and also cash back if any offers available.  Connect with us to know more about a personal loan. All you have to do is just dial a missed call to 040-71011991.

Personal loan interest rates Axis bank

Personal loan, a multi-purpose loan, in Axis bank comes with different features and also lower interest rates. For the convenience of the customers, Axis bank, one of the fastest growing private banks in India, now does not levy an extra charge for pre-closure or part payment of the personal loan.

A personal loan ensures that you need not go back on your targets that you have set for yourself. Be it the perfect wedding for your daughter, the complete renovation for your new apartment or a fun-filled holiday for your family. Get the best personal loan interest rate with Axis Bank.

Personal Loan Interest rates Axis bank

Here is the list of charges and personal loan interest rates Axis bank details.

Interest Rates & Charges*
Rate of Interest 15.50% to 24%
Loan Processing Charges 1.50% to 2.00% + GST as applicable
Cheque Bounce Charges Rs. 500 per cheque bounce + GST as applicable
Cheque/ Instrument Swap charges Rs.500 per instance + GST as applicable
Prepayment/ Foreclosure Charges Nil
Default Interest Rate @24.00% per anum i.e 2% per month on the overdue installment
Duplicate Statement Issuance Charges

Duplicate Amortization Schedule Charges

Duplicate Interest Certificate
(Provisional/ Actual) issuance Charges

Rs 250 per instance + GST as applicable

Rs 250 per instance + GST as applicable

Rs 250 per instance + GST as applicable

Cibil Report Issuance Charges

Stamp Duty Charges

Rs. 50/- per instance per set+ GST as applicable

As per State Stamp Act

Issuance Charges for Photocopy of Loan Agreement/ Documents Rs 250 per instance + GST as applicable
*(Subject to change as per Bank’s discretion from time to time)
* Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)
Personal Loan Axis bank Features 
  • Simplified Access – Minimal documentation and quick approval
  • Loan Amount – Minimum Amount  – Rs. 50,000 ; Maximum Amount  – Rs. 15,00,000
  • Loan Tenure – 12 to 60 months.
  • Balance Transfer – Carry over existing loans from other banks to Axis Bank
  • Axis eDGE Rewards – Earn reward points on taking a Personal Loan
Personal Loan Axis bank Eligibility

You have to fulfill certain requirements to be eligible for a personal loan from Axis bank. The documents and eligibility criteria are mentioned below. So go ahead, get the personal loan and watch your dreams come true with affordable personal loan interest rates from Axis bank.

Individuals who can take a Personal Loan from Axis bank

  • Salaried Employees
    • Salaried doctors
    • Employees of Public and private limited companies
    • Public and private limited companies
    • Government sector employees including Public Sector Undertakings and central and local bodies
  • Minimum age of 21 years
  • Maximum age of 60 years at loan maturity
  • Minimum net monthly income – Rs. 15,000
Documents required for Personal Loan Axis bank
  • Application form
  • Photograph
  • Age proof
  • ID proof
  • Income proof
  • Bank statement
  • Residence proof
  • Signature verification proof

Post-sanction / pre-disbursement documentation

  • Loan Agreement duly signed
  • Standing Instruction (SI) Request / ECS Form. Security Cheques required for SI and ECS

Qualification or registration proof required for doctors, architects, CA, CS, ICWA, MBA consultant, engineers may vary from customer to customer.

Frequently Asked Questions About Personal Loan Axis bank

1. What is the usual time taken for deciding on the Personal loan application?

Axis Bank will convey its decision within 30 working days from the date of receipt of the application provided the application is complete in all respects. The computation of 30 days shall starts from the day on which all documents required for a proper appraisal of the application are provided by the Customer to bank.

2.What are the different options for making the payment to personal loan

You may repay your Personal Loan in any of the following three ways:

  • Standing Instruction (SI): This mode can be used if you have an existing savings, salary, or current account with Axis Bank. You may wish to open a savings account with Axis Bank to use this option. Your EMI amount will be debited automatically at the end of the monthly cycle from the Axis Bank account you specify.
  • Electronic Clearing Service (ECS): This mode can be used if you have a non-Axis Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
  • Post-Dated Cheques (PDCs) : You can submit post-dated EMI cheques from a non-Axis Bank account at your nearest Axis Bank Loan Center. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

Axis bank recommends you to opt for either the SI or ECS mode of payment as they both are faster and less prone to error than the use of PDCs.

3. Can you make part-payment towards personal loan or can you pre-close the personal loan? If so, what is the extra charge levied?

Yes, you can make a part-prepayment towards your Personal Loan at your nearest Axis Bank Loan Center. Also, yes, you can pre-close the personal loan. Currently, Axis Bank levies no charge for part prepayment.

4. How do you keep a track of your personal loan? Or how do you get a statement of your repayment track?

You may place request for Statement of Account or Repayment Schedule or Interest Certificate in either of the following ways:

  • By calling the Call Center at any of these toll free numbers (1-860-419-5555 ) (1-860-500-5555)
  • By using your registered email id to write to Axis bank at: loans@axisbank.com
  • In person at any Axis Bank Loan Center.
How Loanyantra.com helps in dealing with your Personal loan interest rates Axis bank

The process for your personal loan Axis bank is as follows.

You can give a missed call to our number 040-71011991. Our customer relationship manager will get into contact with you. As and when you get the call, you can share your requirements.

Our service towards your personal loan axis bank application will be taken forward after a detailed discussion about the documentation process.

We ensure you keep all the documents ready as our executive will reach you to your doorstep for a free home service.

You can relax as we take forward and give you the best lower interest rate possible and also the refund according to the  cash back offer available.

Loanyantra still works for you till you close the loan as we keep a track about your personal loan interest rate till the end. You get a call as and when you can save on your EMI and reduce the interest rate.

Personal loans with us are even affordable and more accessible. All you need to do is just a missed call to 040-71011991.

 

 

Home Loan Interest Rates

What is Home Loan Interest Rate?

Home Loans have become the best medium to buy homes. Banks and NBFCs offer various home loan schemes and alluring interest rates that attract the home buyer. The key deciding factor for a customer to avail home loan from a particular financial institution is determined by the interest rate. The interest rate is charged on the principal loan amount. 

What determines interest rates on your Home Loan?

It is the bank that decides their lending rates. This depends on their cost of funds and NIM or Net Interest Margin which the banks need to earn to earn a profit and cover their operation cost.

An important point to note here is that home loans to salaried employees are offered at a lower rate as compared to those who are working in the unorganized sector; the prime reason for this is the stability of income of salaried employees.

The home loan interest rates calculation by the nationalized banks is presently based on MCLR or Marginal Cost of Lending Rate method. To this rate, the spread is added and then the final interest rate is mentioned to the customers or borrowers. And the NBFCs use Prime Lending Rate (PLR) calculation method.

Types of Home Loan Interest Rates

There are two kinds of home loan interest rates:

  • Fixed Interest Rate Loan-   This rate of interest remains fixed and the borrower has to pay a fixed EMI during the home loan tenure. The market fluctuations don’t impact the home loan rate. A major point of concern when it comes to fixed home loan rates is they are 1-2.5% higher than the floating rate of interest. If a borrower has fixed home loan then he/she doesn’t get the benefit if the home loan rates go down. Their EMI remains unaffected by it.
  • Floating Interest Rate Loan–  As the name indicates, floating rate loans have interest rates that change with the market condition. The are highly susceptible to market fluctuations. If the base rate changes, the floating rate also gets changed along with it. They are usually cheaper than the fixed rates but being highly influenced by the market condition they may vary as the RBI changes the rates.


Factors affecting home loan  
interest rate

  •    home-loan-interest-rates_loanyantra-comIncome
  •    Credit score
  •    Location of the property
  •    Loan amount
  •    Type of loan
  •    Loan tenure
  •    Type of interest rate
  •    Employment type
  •    On-going promo offers

All the banks and HFCs offer lucrative and competitive interest rate on the home loan, here is

The list of banks and HFCs and their interest rate.  

Banks and HFCs associated with Loanyantra Home Loan Interest Rate Range
SBI 8.50% – 9.10%
ICICI 8.65% – 10.10%
HDFC 8.65% – 9.25%
DHFL 9.00% – 10.00%
Indiabulls 8.65% – 12.25%
Standard Charted Bank 9.25% – 9.4%
Aditya Birla Housing Finance 8.65% -8.89%
IDBI 9.35%
Axis 9.15%-9.35%
CITI 8.8%- 9.55%
HSBC 8.85%-10.4%
Banks and HFCs not associated with Loanyantra Interest Rate
PNB Housing Finance 8.9% – 9.6%
LIC Housing Finance 8.5%
Kotak Bank 8.75%
Edelweiss 10.5%-10.9%
Reliance Capital 10%-11.75%
Bank of Baroda 9.6%
Indian Bank 9.65%
Dena Bank 9.6% – 9.85%
Bank of India 8.6% – 8.75%
Federal Bank 9.6%
Union Bank of India 8.8%
Allahabad Bank 8.7%-9.25%
Bank of India 8.65%-8.7%
Bank of Maharashtra 8.75% – 8.85%
Canara Bank 9.15%-9.70%

Discount on home loan interest rates by LOANYANTRA

Loanyantra is a one stop shop for all kind of home loan services. You process your loan with us and get 0.10% discount on the interest rate for one year. Also, manage your loan by the services provided by loanyantra. Get door-step service for the collection of documents and submitting them. Get updates about the process till disbursal. Our first priority is to understand our customer profile and then suggest them the best home loan which will match their requirement perfectly.  Get connected with us today to know more about home loans.

Demonetisation and Home Loan Interest Rates

To understand the relation between demonetisation and the effect it will have on the home loan interest rates, let us dive into the issue in 7 simple questions.

rs-500-and-rs-1000-ban_loanyantra-com

1. Why Is Demonetisation now in India is really a success-driven?

In India now, along with the rupee cancellation, there is a withdrawal limit which is making the demonetisation, a real strike.

2. What happens if there is a withdrawal limit?

With the ban on the 500s and 1000s, and with no further issuance of 1000s, people started depositing their hidden money in the bank accounts. Deposits happen in the form of new income mixed old income. But when you want to withdraw, there is a limit. This results in low cash in hand.

3.What happens when there are more deposits.

Already, 80% of the cash in hand with the people is deposited in the banks. And the RBI is soon reaching its limit of having cash with itself. More deposits with banks result in more money circulation among banks.

4. What if more money circulation with banks?

Before demonetisation, there was 60% of unaccounted money circulation among people. Now that money reached banks and no doubt there will be double circulation of money. If banks are rich, RBI soon cuts the repo rate (the rate at which RBI lends money to the commercial banks) and also there will be a perfect management of CRR (the amount banks have to deposit with RBI for control of the economy).

5. What happens if the repo rate is reduced?

The repo rate and home loan interest rate are directly related. So, the reduction in repo rate automatically reduces the fixed deposit interest rates and also the loans interest rates.

6. How will the home loans be affected in near future?

After Raghuram Rajan’s expert financial management on our economy, the home loan interest rates have already come down from 13% to 9.5%. Now, with the enough deposits with banks, the home loan interest rates will be much lesser, might be as less as 7%. No wonder even if it goes much lesser.

7. Which type of interest rate to opt?

To be really brisk, flexible interest rate is the best opt one now, from the day one of your loan. Immediate and constant measures to control deflation by the government will surely control the psycological deflation and stabilise the economy. Infact, giving way for the growth of the economy in true way. This always keeps the flexible interest rate low when compared to the fixed interest rate.

Loanyantra’s Tip : Low cash in hand gives the psycological feeling, even for the better earned person, of no money to spend. This is momentary. Keep dreaming about your sweet home and continue your process of home search. If you can dream, we can get it real by our low interest rates.