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 eventually leads to changes in interest rates offered by banks on personal loans. The interest rates of personal loans are impacted by several macroeconomic factors such as repo rate, inflation, state of economy etc. Any change in the fiscal policy may have an impact on personal loan interest rates.

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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 …

Personal Loan: How inflation influences your interest rates? Explore here
2 weeks ago

Personal Loan: How inflation influences your interest rates? Explore here

Live Mint  

Another component of our personal finance, where inflation leaves an impact is interest rates of personal loans. When the repo rate goes up, borrowing becomes more expensive for banks, leading to higher consumer interest rates personal loans are no exception. Ashish Tiwari, Chief Marketing Officer, Home Credit India, expressed that, “Personal loan interest rates are closely tied to inflation levels …

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

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 …

How does RBI’s no-rate change policy affect your personal finance?
1 year, 8 months ago

How does RBI’s no-rate change policy affect your personal finance?

Live Mint  

In FY2024, the regulator held its first bi-monthly RBI monetary policy committee on 6th April 2023 and decided to remain unchanged with repo rates which stood at 6.50 percent. If interest rates remain the same, the cost of borrowing money from banks and other lenders will not change, which means that if you have taken a loan with fixed interest …

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