Personal Loan: 6 factors that determine your interest rate
1 week, 5 days ago

Personal Loan: 6 factors that determine your interest rate

Live Mint  

When you apply for a personal loan, the banks consider different factors to determine the interest rate chargeable. Macro interest rate scenario Depending on the macro interest rate scenario in the economy, banks decide the interest rates chargeable on personal loans and other loans at a broader level. Your higher credit score can help you get a personal loan at a lower interest rate than others with a lower credit score. Hence, finance institutions may charge a slightly lower interest rate on personal loans for salaried individuals than for self-employed individuals. RBI norms The RBI norms for unsecured loans like personal loans and credit cards impact interest rates for these financial products.

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History of this topic

5 Tips to Get the Best Deal on Your Personal Loan
5 days, 9 hours ago

5 Tips to Get the Best Deal on Your Personal Loan

Deccan Chronicle  

Selecting the best Personal Loan option with affordable rates, nominal charges, and favourable terms helps you rein in the borrowing costs and repay your EMIs with ease. Having a credit score of 750 and above increases your chances of getting quick Personal Loan approval at lower interest rates and better terms. Negotiate With the Lender Once you have checked the …

Choosing the Right Type of Personal Loan for You
1 week, 4 days ago

Choosing the Right Type of Personal Loan for You

Live Mint  

Among the diverse financial products available today, personal loans stand out as a flexible and accessible option for individuals looking to meet their financial needs. Whether it's consolidating debt, funding a wedding, or managing unexpected medical expenses, personal loans can be the bridge to achieving your financial goals. Types of Personal Loans Understanding the different personal loan types can help …

How to pay off your personal loan faster? Here are 7 ways
1 week, 5 days ago

How to pay off your personal loan faster? Here are 7 ways

Live Mint  

Before getting a personal loan to fund your expenses, it is important to know how to repay it to avoid extra charges over the existing amount. Interest: By paying your personal loan fast, you save money charged in the form of interest rates on your loan every month. Ways to pay personal loan faster Repayment capacity: Repaying your personal loan …

Personal loan eligibility: How does having a co-borrower affect your chances?
1 week, 6 days ago

Personal loan eligibility: How does having a co-borrower affect your chances?

Live Mint  

Although applying for a personal loan might seem like a pretty big financial decision, having a co-borrower with you could make the process go easier. Let's see how adding a co-borrower to your application would increase the chances of it getting approved and even possibly make the loan conditions better. Higher interest rates: Better loan terms, whereby the interest rates …

Personal Loan: 5 macroeconomic factors that affect your interest rates
2 weeks, 4 days ago

Personal Loan: 5 macroeconomic factors that affect your interest rates

Live Mint  

Before getting a personal loan, various factors such as credit history, banks, income, and employment type, among many other factors, may determine interest on your loan. However, there are certain factors beyond the control of a borrower and a lender that may have an impact on personal loan interest rates. The central bank will adjust the interest rates accordingly, which …

6 consequences of personal loans: What you need to know before signing up
2 weeks, 5 days ago

6 consequences of personal loans: What you need to know before signing up

Live Mint  

Personal loans are one of the quick sources of funds that cater to a variety of purposes such as debt consolidation, house repairs, and even sudden medical bills. High interest rates: As personal loans are not secured, they normally come with higher interest rates than other secured loans like mortgages and auto loans. Paying off debt with loans: Personal loans …

How can a high or low credit score affect your personal loan interest rate? Check here
2 weeks, 6 days ago

How can a high or low credit score affect your personal loan interest rate? Check here

Live Mint  

From home improvements to surprise medical costs, personal loans are great for a majority of uses. The impact of credit score on personal loan interest rates 1. Determining interest rates: Your credit score will directly decide about interest rates offered to you, wherein good scores usually get eligible for more competitive rates reducing your cost of borrowing. Speed of loan …

Personal Loan: 6 crucial things you need to know before borrowing
2 weeks, 6 days ago

Personal Loan: 6 crucial things you need to know before borrowing

Live Mint  

If you are planning to take a personal loan, it is important that you keep a few aspects in mind before you start with your application process. 6 key factors to consider before applying for a personal loan Understand your credit report: Credit score plays a major role in the personal loan approval process. Beware of misleading offers: Many lenders …

Personal Loan Repayment: 8 tips to pay off your loan faster
2 weeks, 6 days ago

Personal Loan Repayment: 8 tips to pay off your loan faster

Live Mint  

A personal loan may be a good financial tool when used judiciously. Let's have a look at the strategies to enable you to reduce your total debt, and pay off your personal loan more speedily. Principal and interest rate are typically repaid in equal monthly instalments while paying back a personal loan. It is easier and more economic to pay …

Personal loan: Before zeroing in on a lender, make note of 7 key points
Trending News
3 weeks ago

Personal loan: Before zeroing in on a lender, make note of 7 key points

Live Mint  

If you are all set to borrow a personal loan, then the first and foremost thing that you need to do is to zero in on a bank to borrow the money from. It is recommended that you choose the best personal loan provider after examining your financial needs, carrying out a thorough research, and comparing different lenders and their …

How does your credit score impact personal loan approval and interest rate?
3 weeks, 6 days ago

How does your credit score impact personal loan approval and interest rate?

Live Mint  

If you have decided to apply for a personal loan, then your credit score will play an important role in determining your eligibility for the loan as well as the interest rate which you will get. The credit score plays an important role in understanding your creditworthiness and also influences the interest rate which you may get against your loan …

Understand the role of interest rates in personal loans to make smart financial decisions
Trending News
4 weeks ago

Understand the role of interest rates in personal loans to make smart financial decisions

Live Mint  

Being one of the most important yet ignored segments of banking costs, interest rates are directly proportional to the personal loans you are willing to pay towards the borrowed money. Factors affecting interest rates on personal loans Several factors might influence the interest rate on a personal loan, including: Borrower's credit score: The higher your credit score, you most likely …

Personal loan repayment: What it means & how it works?
Trending News
4 weeks ago

Personal loan repayment: What it means & how it works?

Live Mint  

Loan repayment is the process of paying back borrowed funds with interest over a specific period of time. Factors influencing loan repayment Several factors influence how easy it becomes for you to repay the loan: Loan tenure: Longer tenures translate to lower monthly EMIs but more total interest paid. Loan extensions: To reduce the burden of loan servicing, some lenders …

5 key benefits of personal loans that you should know about –– flexibility, lack of usage curbs, and …
Trending News
4 weeks ago

5 key benefits of personal loans that you should know about –– flexibility, lack of usage curbs, and …

Live Mint  

Life often presents us with unforeseen expenses includeasily available to people. Knowing the key benefits of personal loans can help you make well-informed financial choices to achieve your objectives. The interest rates on personal loans are usually affected by several factors, including your credit score, income, and the loan amount. Quick disbursement process: Personal loans are approved and disbursed within …

Personal loan Vs gold loan: What should you choose and why? Check 5 key differences
1 month ago

Personal loan Vs gold loan: What should you choose and why? Check 5 key differences

Live Mint  

If you are falling short of money and currently exploring different means of raising funds then you can, among a slew of options, consider raising a personal loan. However, one of the key disadvantages of raising a personal loan is that it carries a high rate of interest. High rate of interest: Typically, gold loan is offered at a lower …

Applying for a personal loan? Essential dos and don’ts to keep in mind
1 month ago

Applying for a personal loan? Essential dos and don’ts to keep in mind

India TV News  

Personal loans are popular forms of credit, but they come with higher interest rates and stricter eligibility criteria. Dos and Don’ts While Applying for a Personal Loan Dos: Take appropriate steps for secured loans Do thorough research: Before applying for a personal loan, compare lenders, interest rates, terms, and associated fees. Don’t ignore your credit score: A poor credit score …

Personal loan application: How does credit score matter and what are the other factors considered?
1 month ago

Personal loan application: How does credit score matter and what are the other factors considered?

Live Mint  

Before applying for a personal loan with any bank, NBFC, or fintech, make sure you check the eligibility criteria. The higher the credit score, the better the chances of the personal loan getting approved, provided the applicant fulfils the other eligibility criteria. Some banks and NBFCs may consider personal loan applications with a lower credit score and approve them on …

Understanding Personal Loan Interest Rates: Key Factors to Consider
1 month, 3 weeks ago

Understanding Personal Loan Interest Rates: Key Factors to Consider

Live Mint  

Personal loan interest rates in India are influenced by various factors, including credit score, income, and repayment history. A high credit score and stable income are generally associated with lower interest rates, while a history of timely repayments and low default rates can lead to more favourable terms. Other factors such as loan purpose, employment stability, and the lender's risk …

3 Key Reasons to Consider a Personal Loan for Financial Emergencies
1 month, 3 weeks ago

3 Key Reasons to Consider a Personal Loan for Financial Emergencies

Live Mint  

Personal loans offer a practical solution for various financial needs, including home renovation, quick cash, and life event expenses. By consolidating multiple loans into a single personal loan, you can simplify financial management and avoid missed payments. Additionally, fixed interest rates provide predictable monthly payments, helping you avoid missed deadlines and improve your credit score over time. However, it's important …

What are personal loans and how do they work?
2 months, 3 weeks ago

What are personal loans and how do they work?

Live Mint  

Personal Loan: While personal loans are popular for urgent needs, they carry high interest rates. To obtain a personal loan, you must adhere to specific guidelines and meet the Personal loans primarily depend on your credit score, financial status, and current market conditions. Interest rates vary by bank, but they are usually calculated using a simple formula: Interest rates vary …

Personal Loans: 3 smart reasons to consider borrowing for your next big expense
3 months, 1 week ago

Personal Loans: 3 smart reasons to consider borrowing for your next big expense

Live Mint  

Whenever you fall short of money or stare at a sudden shortfall, all you typically think of is to raise a personal loan. These, and many more, are some of the key reasons for which it is not uncommon to raise a personal loan. Best Personal Loan for you at lowest interest rate Instant Apply Here we present three key …

Considering a personal loan to buy a car? Here are its pros and cons
6 months, 3 weeks ago

Considering a personal loan to buy a car? Here are its pros and cons

Live Mint  

Personal loans might be a sensible option when buying a car in some cases. Potentially low interest rates: Good credit score can turn the tables when it comes to personal loans versus car loans for car purchases. While personal loans typically have higher interest rates than car loans, if you have good credit score, you might snag a lower rate …

Personal loan: How to negotiate lower interest rate? Here are a few tips
6 months, 3 weeks ago

Personal loan: How to negotiate lower interest rate? Here are a few tips

Live Mint  

For a personal loan, you can bargain for a lower interest rate. Negotiating for low interest rates Over the loan tenure, you may be able to save money by negotiating a lower interest rate on a personal loan. While internet lenders may charge higher interest rates to people with lower credit scores, banks may offer lower rates to their long-term …

Want a personal loan at lower interest rate? Here are 7 key strategies to follow
6 months, 3 weeks ago

Want a personal loan at lower interest rate? Here are 7 key strategies to follow

Live Mint  

Demonstrating your dependability as a borrower is essential to obtaining a personal loan with low interest rates. Best Personal Loan for you at lowest interest rate Instant Apply Pay attention to your credit utilisation ratio, which represents the portion of your credit limit that you are using. Especially if your credit score isn't the best, using a co-signer can help …

Personal loans for big purchases: Here are the pros and cons
6 months, 4 weeks ago

Personal loans for big purchases: Here are the pros and cons

Live Mint  

A personal loan presents a viable option for financing significant purchases. In contrast to credit cards, which may have variable interest rates based on your creditworthiness or the state of the market, personal loans provide peace of mind. Possibility of reduced interest rates: Interest rates on personal loans are usually lower than those on credit cards, especially for borrowers with …

Personal loans pros and cons that you must be aware of
9 months, 2 weeks ago

Personal loans pros and cons that you must be aware of

Live Mint  

A personal loan represents an unsecured borrowing arrangement available from institutions such as banks or credit unions. Best Personal Loan for you at lowest interest rate Instant Apply Characteristics of personal loans The demand for immediate funds is a widespread challenge, whether it’s an unexpected medical emergency or an unplanned wedding. : Due to the absence of collateral that lenders …

What are factors which determine low interest rates for personal loans
10 months, 1 week ago

What are factors which determine low interest rates for personal loans

India TV News  

In today's day and age, personal loans have become a pivotal resource in an individual's financial toolkit, catering to various needs. However, securing a personal loan at favourable interest rates requires an understanding of several crucial factors and processes. Debt-to-Income Ratio The debt-to-income ratio, obtained by dividing total loan payments by total income, influences the interest rates offered on personal …

Personal Loan: Here's list of banks offering lowest interest rates
10 months, 2 weeks ago

Personal Loan: Here's list of banks offering lowest interest rates

India TV News  

Personal loans are invaluable in emergencies, offering crucial financial assistance. Punjab National Bank Interest rates range from 12.75 per cent to 16.25 per cent for corporate employees, with the lowest interest rate for government employees being 11.75 per cent. State Bank of India Interest rates start at 11.15 per cent, and loan amounts can go up to Rs 20 lakh …

Step-by-Step Guide to Achieving Lower Rates on Your Personal Loan
1 year ago

Step-by-Step Guide to Achieving Lower Rates on Your Personal Loan

The Quint  

Personal finances can often feel like a difficult puzzle, especially when getting a personal loan at a competitive interest rate. Tip 1: Maintain a High CIBIL Score Keeping a high CIBIL score is very important if you want a personal loan with low interest rates. Tip 2: Compare Different financial institutions Don’t just go with your first option when looking …

When must you not rush to apply for personal loans? MintGenie explains
1 year, 10 months ago

When must you not rush to apply for personal loans? MintGenie explains

Live Mint  

How often do we hear that people with no money find it difficult to secure a loan whereas those with enough monetary investments or assets can easily obtain a loan? Sometimes, spending beyond a certain limit using your credit card can land you in debt, thus, prompting you to seek a personal loan to repay the debt amount. Having a …

Personal Loans to Meet your Financial Needs
3 years ago

Personal Loans to Meet your Financial Needs

Deccan Chronicle  

The advent and rise of personal loans have provided possibilities to meet a variety of financial needs for consumers. Personal loans can be a great way to meet your financial needs without having to resort to high-interest credit cards. In that case, personal loans can be used for a variety of purposes, including: Medical expenses If you have a medical …

Personal Loans: Step-by-Step Guide to Choose the Best Loan for you
3 years, 3 months ago

Personal Loans: Step-by-Step Guide to Choose the Best Loan for you

News 18  

Both 2020 and 2021 have been terrible for the economy. And while credit cards are an easy option, personal loans are still preferred over because they are the cheapest and are available at interest rates as low as 10.25 per cent. Other Charges Before finalising any loan option, you need to understand the extra charge involved in the personal loan …

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