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You can get a Personal Loan at interest rates starting from 9.99% p.a. on Bajaj Markets. However, prior to applying for a loan, it is important to check the various interest rates and other applicable charges offered by multiple lenders to make a financially wise decision. 

Fees and Charges

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Minimum Interest Rate
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Maximum Loan Amount
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Processing Fee
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Bajaj Finance Limited

12% p.a.

₹35 Lakhs

Up to 4.72%(Inclusive of applicable taxes)

4.7
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CASHe

27% p.a.

₹4 Lakhs

₹1,200 or 2% of loan amount, whichever is higher + GST as applicable

4.4
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Federal Bank

11% p.a.

₹5 Lakhs

0.70% - 2.80% of the loan amount

4
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Fibe

14% p.a.

₹5 Lakhs

Up to 3% of the loan amount

4
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Finnable

15.95% p.a.

₹10 Lakhs

Up to 3% of the total loan amount

4
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IIFL Finance

18% p.a.

₹5 Lakhs

2.50% - 4% of the loan amount + GST

4.1
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InCred

16% p.a.

₹10 Lakhs

2%-5% of the sanctioned amount

4.3
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Kissht

18% p.a.

₹2 Lakhs

0.99% onwards

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Kotak Mahindra Bank

10.99% p.a.

₹25 Lakhs

Up to 1.10% - 1.50% of the loan amount + GST

4.2
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KreditBee

18% p.a.

₹4 Lakhs

From ₹500 to up to 6% of the loan amount

4.1
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L&T Finance

11% p.a.

₹15 Lakhs

Up to the 2% of loan amount + GST

4.6
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moneyview

16% p.a.

₹5 Lakhs

Starting from 2% of the approved loan amount

4.2
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mPokket

24% p.a.

₹45,000

₹50 to ₹200 + 18% GST (depending on the loan amount with a maximum APR of 48%)

4.1
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Muthoot Finance

14.50% p.a.

₹15 Lakhs

2% - 4% of the loan amount

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Olyv

1.5% p.m.

₹5 Lakhs

Based on the applicant’s profile

4.1
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PaySense Partners

15% p.a.

₹5 Lakhs

2% - 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher)

4.3
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Privo

9.99% p.a.

₹5 Lakhs

1%-3% of the loan amount + GST

4.5
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SMFG India Credit

12% p.a.

₹25 Lakhs

Between 0% - 6% of the loan amount

4.2
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Upwards

1.5% p.m.

₹5 Lakhs

Up to 4% of the loan amount

4.3
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YES BANK

10.99% p.a.

₹50 Lakhs

Up to 2.50% of the loan amount

4.2
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Zype

18% p.a.

₹5 Lakhs

2% to 6% of the loan amount

4
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Personal Loan Interest Rates FAQs

How does my income determine my Personal Loan’s interest rate?

If you have a higher income, the lender might offer you a lower interest rate. This is because a higher income can increase your creditworthiness.

What is the processing fee for personal loans?

The processing fee on a personal loan can be up to 3%-4% of the loan amount.

How does my credit score impact the cost of my loan?

A higher credit score allows you to get a personal loan at a lower rate of interest, thus lowering your cost of borrowing. When approving a loan application, one of the first factors that lenders consider is the borrower’s credit score, as it is an indicator of their creditworthiness.

What is the lowest interest rate I can be offered if I apply for a Personal Loan on Bajaj Markets?

On bajajfinservmarkets.in you can get a Personal Loan at interest rates starting from as low as 9.99% p.a.

How do I benefit if the interest is calculated on a daily/monthly reducing balance?

If interest is calculated on a daily or monthly reducing balance, you benefit from lower interest payments. This is because interest is charged on the outstanding loan amount, which decreases with each repayment.

How do my employment history and experience play a role in determining the rate of interest?

A stable employment record and extensive experience establish your repayment capability and lower the risk of default. This allows you to borrow the required money at lower interest rates.

Are personal loan interest rates fixed or floating?

Personal loan interest rates can be either fixed or floating. Choose the type of rate that suits your financial situation and repayment capabilities.

What is meant by reducing interest rate?

Reducing interest rate is calculated on the outstanding loan balance after each EMI payment. This results in reduced interest paid over time.

Do government employees get special personal loan interest rates?

Some financial institutions offer special interest rates for government employees on personal loans. Lenders usually provide them with more favourable borrowing terms because of their job stability and reliable source of income.

How does my current debt level determine my interest rate?

Your debt-to-income ratio is an indicator of your ability to manage your loan repayment. Therefore, the higher your current debt, the greater the risk associated with the lending. This can lead to higher interest rates being charged.

Can I get a low rate of interest even if my credit score is poor?

Yes. However, you may be required to submit an asset as collateral to mitigate the risk of default and get a loan at favourable terms.

Can banks change the interest rate during the loan tenure?

Lenders offer loans on floating rates, where the interest rate may fluctuate and are revised regularly based on market conditions. For fixed-rate loans, the interest rate will be the same over the course of the tenure.

How to get a low interest rate on a personal loan?

Ensure that you have a high CIBIL score, stable employment history and income, as well as a low debt-to-income ratio. Alongside these, the chosen loan amount and tenure also play a major role in determining the interest rate charged by your lender.

What factors affect the personal loan interest rates?

Here are some factors that have a major impact on the personal loan interest rate offered by lenders:

  • Credit score

  • Repayment History

  • Income 

  • Employment stability

  • Debt-to-income ratio

  • Loan amount

  • Loan tenure

  • Relationship with the lender

  • Market conditions

  • Type of interest (fixed or floating)

  • Collateral (if any)

How is the interest charged on a personal loan?

Personal loan interest is typically calculated using the reducing balance method. Let's say you borrow ₹100,000 at an annual interest rate of 10% for 1 year. In the first month, you pay interest on the entire principal amount. If your EMI is ₹8,791, the interest component is ₹8,333, and the remaining ₹458 goes towards the principal. The next month, interest is charged on the reduced principal of ₹99,542, and this process continues. As you repay, the interest reduces, making your EMIs more principal-centric over time, saving you on overall interest payments.

How does balance transfer help you get a lower interest rate?

When you opt for a balance transfer, you may be offered a lower interest rate and better loan terms that can help you save on your overall repayment costs.

What are the other personal loan charges a lender can levy?

Alongside the interest rate, other charges you may be required to pay include processing fees, prepayment penalties, and documentation fees. Ensure to read the fine print of your loan agreement and check the charges levied by the lender prior to making a decision.

Can I get a low-interest personal loan without a CIBIL check?

Getting a low-interest personal loan without a CIBIL check may be difficult. A good credit score generally enhances your chances of securing such loans at favourable terms.

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