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Personal Loan
As per the current rates, HDFC Bank, Kotak Bank offers the lowest interest rate of 10.25%.However, the interest rate may vary based on your income and loan amount. Apply for a personal loan that you are eligible for to get the best rates. Other banks that offer low personal loan rates are HDFC Bank, Kotak Bank.
Yes, the lowest rate on personal loans have reduced by 0.15% from 10.4% to 10.25%. The lowest personal rate of 10.25% is provided by Kotak Bank.
Getting a personal loan at low rates with bad credit score is difficult. However, adding a co-applicant with a good credit score and income level can improve your chances of getting approval for a low-interest rate personal loan.
No, along with lower interest rates, you must also consider other charges such as processing fees, prepayment & foreclosure charges, disbursal time etc. before choosing the lender for a personal loan.One should always visit a online marketplace like MyLoanCare to compare the loan on all terms and take the right decision.
Typically, private banks like HDFC Bank and Kotak Bank offer lowest personal loan rates starting at 10.25%. Currently, most of the government banks do not offer unsecured personal loans except for loans provided under government schemes and hence are not a very popular choice. NBFCs typically have a higher interest rate compared to private banks for personal and are best suited for customers who are unable to meet the stricter eligibility criteria of private banks.
Along with personal loan rates, banks and NBFCs levy charges such as processing fees, legal & technical charges, prepayment & foreclosure charges on a personal loan. These charges may together add up to the total cost of personal loan and are an important factor to decide before shortlisting the bank.
No, in India all personal loans are fixed rate loans given their short tenure of 1 year to 84 years and hence, the rate rates will not change during the loan tenure. Always check for the type of interest that your bank is levying while sanctioning your loan to avoid surprises at a later date.
Home Loan
Yes, on 1 April, 2021, the lowest home loan rates have been cut by 0.05% from 6.7 to 6.65%. As per the current rates, Kotak Bank offers home loan at a lowest rate of 6.65% .Previously, Axis Bank was providing the best rate starting at 6.7%
The present Home Loan interest rates ranges between 6.65% to 14.00%.Home loan rates are dependent on your loan amount. Lower the loan amount, lower is the rate. However, some banks offer same rates for all loan amounts. Compare and calculate the overall cost while searching for a home loan.
The interest rate of Home Loan is linked to the repo rate. Thus, banks add a margin on the repo rate to arrive at Repo Linked Lending Rate (RLLR). Based on RLLR a small percentage is added to arrive at the Home Loan rate based on factors like the risk involved, the income of the borrower, and loan amount.
Generally, the home loan rates for self employed are higher than that for salaried borrowers as banks perceive a higher credit risk for self employed borrowers. The banks which offers lowest housing rate on home loans to self employed are Citibank at an interest rate of 6.65%. However, the banks which offers lowest housing rate on home loans for salaried employees are Kotak Bank at an interest rate of 6.65% .
RBI does not announce home loan interest rates. RBI announces the benchmark with which home loan rates are linked. Each bank announces its home loan rate individually after applying a spread on the benchmark rate. The current lowest home loan rate is 6.65% which is offered by Kotak Bank.
The fixed Home Loan is best when you know that there will be a significant increase in the interest rate in the near future. Fixed Home Loan will secure you from any fluctuations of interest rate in the market. Floating Home Loan is best when you think that interest rate going to drop in the near future or the increase in the rate will neither be significant nor long term. In the case of floating rate, your interest rate is directly affected by the market rate.
Yes, you can apply for a Home Loan jointly with an earning co-applicant (either be your spouse or your parents). Adding a co-applicant can increase your eligibility and you can also avail for a higher amount of loan as your co-applicant’s income also gets added with your income, and used jointly to calculate the loan amount you will be eligible for.
Business Loan
Bank of Baroda is the best bank for taking a business loan based on their current interest rates as they offer low interest rate of 14.00%.
No, the business loan rates have been hiked by 0.5% from 13.50% to 14.00% on 1 Feb, 2020. As per the current rates, Bank of Baroda is offering business loans at the lowest rate of 14.00%. Earlier, was providing the best business loan rates starting at 13.50%.
Most of the top public sector and private sector banks give small business loans in India under various government schemes like Mudra loan, CGTMSE etc. In addition to government schemes, select banks and finance companies also offer unsecured loans to small businesses with an annual turnover of Rs. 1 crore and above based on an assessment of business financials, stability, growth, debt servicing capability and management reputation. Some of the new NBFCs have started offered business loans without collaterals for even smaller businesses, though the rate of interest on such loans tend to be higher than that offered by banks.
Yes, banks may reject your loan application if you do not have a CIBIL history or poor CIBIL. In that case, you have to opt for a loan with high rate of interest. Banks consider you to avail gold loan or credit card to build some CIBIL history before you apply for a loan.
You can reduce your loan EMI if the bank offers part prepayment or full prepayment. Most banks allow prepayment after repayment of 6-12 EMI’s and some banks allow after 1 EMI only. So, you can easily opt for prepayment of loan if you have surplus amount and want to lower your burden of EMI during the loan tenure.
You can apply in several ways. You can directly visit the bank branch and meet the sales person, contact a loan agent or apply online at any bank or NBFC’s website. You can also compare business loans rate of all banks online at MyLoanCare and apply for loan. We can connect you to banks with best loan offers at lowest rate of return. We also assist you throughout the loan process and allow you to apply online for a loan without a long tedious process.
These are generally taken for a short period of time. Generally, the loan tenure is between 12 months to 60 months.
Loan Against Property
Citibank is the best bank for taking a loan against property based on its current mortgage loan rates as the bank offers a low interest rate of 7.20%.
Best Banks for taking mortgage loans based on processing fees are:
Jammu And Kashmir Bank charges the lowest processing fees of 0.20% of loan amount. Federal Bank caps the processing fees to a maximum of ₹ 7,500 irrespective of the loan amount
You can apply for a loan in several ways. You can directly visit the bank branch and meet the sales person, contact a loan agent or apply online at any bank or NBFC’s website. You can also check and compare the best mortgage loan interest rates in all banks online at MyLoanCare and apply for a loan.
Yes, the lowest loan against property interest rate has been cut by 0.7% with effect from 2 Feb, 2021. Citibank offers the lowest rate of 7.20% on loan against property. Previously, provided the best rates on loan against property starting at 7.9%.
These are generally taken for a longer period of time. The loan tenure for loan against property ranges from 1 years to 20 years, depending upon your eligibility, loan requirement and upon the bank’s terms and conditions.
Yes, you can apply jointly with an earning co-applicant (either be your spouse or your parents). Adding a co-applicant can increase your eligibility and you can also avail for a higher amount of loan as your co-applicant’s income also gets added to your income and that total is taken into consideration for calculating the loan amount you will be eligible for.
Yes, you can avail top up on an existing LAP only if you have made timely repayment of EMIs accrued on existing Loan against land. The interest rate charges on top up loans are 0.25 – 1% higher than a property loan and can be availed with minimal documentation
Yes, you may be eligible for this loan even with a bad credit score. But, the lenders may charge a higher rate of interest on your loan and may ask you to apply for a loan along with a co-applicant who will be equally responsible for making timely loan repayments.
