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Rate of Interest

Personal Loan Interest Rates

Personal loans offered by Ruloans are multi-purpose loans that you can use according to your needs and discretion. You may choose from an array of loan options that offer varying interest rates based on the value of the loan you choose to apply for, and the term of your loan. Interest rates depend on your eligibility, income, credit score, and other such criteria.

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Bank Name Interest Rate Processing Fees
HDFC Bank Ltd 10.25% Upto 2.50% Min Rs. 999
ICICI Bank 10.25% Upto 2.25% of Loan Amount
Bajaj Finance Ltd 12.99% Starting from 1.50% - Up to 3%
IDFC FIRST Bank Ltd 10.49% Upto 2.00%
Axis Bank Ltd 10.25% Rs.4999
RFSPL 13% 2%
Tata Capital 10.49% Upto 2.50% of Loan Amount
Fullerton 13.99% 2%
IndusInd Bank 10.49% Min 0.75% to Max 1.75%
Kotak Mahindra Bank Ltd 10.25% Starting from Rs.3999
HDB 14% Upto 3.5%
Axis Finance Ltd 12% 2%
Yes Bank 10.5% 1%
Loantap 15% 1.50%
Muthoot 14% 3.50%
Shinhan Bank 10.4% 1%
Standard Chartered Bank 11% 1%
Upwards 12% 2%
Incred Finance 20% 3%
Hero 14% 2.50%
Aditya Birla Finance Limited 15% 1%
IndusInd Bank Interest Rates 10.49% Min 0.75% to Max 1.75%
HDB Financial Interest Rates 14% Upto 3% of Loan Amount
Finnable 20% Upto 3% of Loan Amount
Paysense 20% Upto 3% of Loan Amount
Muthoot Interest Rates 14% 2.5-3.5%
Types

Types of Personal Loan Interest Rate

Personal Loans offered by Ruloans Partner Banks and NBFCs are typically at a Fixed Rate of Interest. Fixed interest rates are rates that remain constant throughout the period of the loan no matter how market interest rates fluctuate. This results in EMIs being constant throughout the entire loan tenure, unlike floating interest rates. For your choice of current personal loan interest rates, use Ruloans EMI Calculator.

What are the Factors that Affect Personal Loan Interest Rates?

  • Credit Score

    To get your Personal Loan approved, you need to have a good credit score. Credit scores denote your creditworthiness.

  • Occupation

    Interest rates differ from occupation to occupation. A lender generally offers different interest rates for salaried employees, different rates for self-employed loan seekers to mitigate as a risk factor.

  • Income

    Your income becomes a factor for repayment when you apply for a personal loan. If you have high income, you are likely to be charged a lower rate of interest due to lesser risk of default in repayment.

  • Age

    Age turns out to be another factor that dictates interest rate on your personal loan. A younger applicant may be perceived as lesser risky, while an older applicant may be considered of higher risk; thus the interest rates will differ accordingly.

  • Employment Organization

    Employees of well-known MNCs, Public limited Companies, and companies of good standing may receive better rates of interest compared to employees of lesser-known companies.

  • Association with Lender

    Should you have a long-standing and good financial relationship with your lending organization, you are likely to receive better rates of interest due to your lender's familiarity with your financial records.

loan at best interest rates are available at Ruloans; calculate yours with Ruloans EMI Calculator for cheap personal loan interest rates.

Other Charges

Apart from personal loan interest rates, there are several other fees and charges that have to be paid and may be classified as under.

  • General Charges
  • Miscellaneous Charges
  • Foreclosure Charges

Classification of Other Charges

General Charges
  • Processing Fee

    A one-time fee levied during the processing of your personal loan application may be known as a processing fee. This kind of fee will be a non-refundable fee, whether your lender approves your loan or rejects your loan.

  • Gap Interest or Pre-EMI Interest

    When you avail only a part of the personal loan, you are required to pay interest only on the amount disbursed until you avail the full loan. Pre-EMI interest or PEMI, or Gap Interest will be payable monthly until the final disbursement, after which EMIs commence.

Miscellaneous Charges Post Disbursement
  • Penal Interest

    A lender will charge you a penal interest rate will be charged when you delay a monthly instalment. Your regular interest rate along with a delayed interest rate will make up the penal interest chargeable in such a case.

  • Bounce Charges

    Charges levied when an EMI bounces are known as Bounce Charges. When inadequate funds in your bank account cause your EMI to bounce, the lender charges you a bounce charge.

  • Mandate Rejection Service Charges

    Rejection of services rendered by your lender causes a levy of a mandate rejection service charge.

  • CCOD Annual Maintenance Charges

    If you choose a flexible funding option such as Cash Credit or Overdraft, CCOD Annual Maintenance Charges are levied. These charges are a fee charged for the maintenance of Overdraft.

  • Outstation Collection Charges

    Issuing a cheque from a non-local branch will cause the levy of an outstation collection charge. The collection of such outstation cheques causes the lender to charge you an Outstation Collection Charge.

  • Statement of Accounts

    Issue of a hardcopy of your bank statement consisting of a list of all bank transactions during a given period known as Statement of Accounts will attract a charge. Such a charge will not be levied for obtaining a soft copy of the Statement of Accounts.

  • Loan Cancellation Charges

    In the event of the cancellation of your personal loan after the processing of your loan disbursal will be the reason for a Loan Cancellation Charge to be levied by your lender.

  • Instrument Swap Charges

    When you swap or exchange your personal loan liability or the cash flow for a different financial instrument, you will be charged an Instrument Swap Charge. The swap will only take place after you pay the charge.

  • Duplicate Repayment Schedule

    When you ask for a duplicate table that contains details of your loan repayment, known as an Amortization Schedule or a Repayment Schedule, you will be charged a fee for a hardcopy, and this charge will be known as a Duplicate Repayment Schedule charged. No such charges will apply for a soft copy of the same.

  • Duplicate NOC

    Applying for a duplicate No Objection Certificate will cause the lender to charge you a fee on the issue.

  • Post-Dated Cheque Charges

    While making an EMI payment, if you issue a cheque dated for a later day, the lender will charge you a fee known as a Post-Dated Cheque Charge.

Foreclosure Charges:

When you plan for pre-payment of your personal loan, whether in part or in full, your lender will charge you a Foreclosure Charge or a Pre-Payment Charge. No charges will apply for loans taken on a floating rate of interest.

  • Foreclosure Charges for Top-Up

    When you pre-pay a personal loan where you pay a new interest rate higher than the old existing lower interest rate applicable, your lender will charge you a Top-Up Foreclosure Charge. This charge does not apply when you pay a new interest rate higher than the existing rate.

  • Foreclosure Charges on CCOD Cases

    Your lender will levy a CCOD Foreclosure Charge when you choose to pre-pay your personal loan in part or in full taken in the form of Credit or Overdraft.

  • Foreclosure Letter Charge

    Delay in your EMI payments will cause the lender to issue you a Foreclosure Notice to notify you about the delay in payment. While the issue of a hardcopy of such a notice will attract Foreclosure Letter Charge, a soft copy will not.

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