Get a personal loan at low interest rates starting from 9.99% p.a. from over 20 lenders on Bajaj Markets
A personal loan interest rate is a charge levied by the lender on the amount you borrow. It is determined by factors like your credit score, income, loan amount, and repayment history, helping the lender assess the risk of lending to you. You can get a personal loan at interest rates starting from 9.99% p.a. on Bajaj Markets. Before applying for a loan, be sure to check the various interest rates and other applicable charges offered by multiple lenders to make a wise decision.
Partner Name |
Min Interest Rate |
Max Tenure |
Processing Fee |
Bajaj Finance Limited |
10% p.a. |
96 months |
Up to 3.93% of the loan amount |
CASHe |
27% p.a. |
18 months |
₹1,200 or 2% of the personal loan amount (whichever is higher) + GST |
Federal Bank |
11% p.a. |
48 months |
0.70% to 2.80% of the loan amount + 18% GST |
Fibe |
14% p.a. |
36 months |
Up to 2% of the loan amount |
Finnable |
15.95% p.a. |
60 months |
Up to 3% of total loan amount |
IIFL Finance |
18% p.a. |
42 months |
2% to 6% of the loan amount + GST |
InCred |
16% p.a. |
60 months |
2%-5% on the sanctioned amount |
Kissht |
14% p.a. |
24 months |
3% - 5% of the loan amount |
Kotak Mahindra Bank |
10.99% p.a. |
72 months |
Up to 1.10% - 1.50% of the loan amount + GST |
KreditBee |
15% p.a. |
24 months |
- |
L&T Finance |
12% p.a. |
48 months |
Up to 2% of loan amount + GST |
moneyview |
1.33% p.m. |
60 months |
|
mPokket |
24% p.a. |
90 days |
₹50 to ₹200 + 18% GST (depending on the loan amount with a maximum APR of 48%) |
Muthoot Finance |
14.50% p.a. |
60 months |
2% to 4% of the loan amount |
Olyv |
18% p.a. |
12 months |
2% - 12% of the loan amount |
PaySense Partners |
15% p.a. |
60 months |
2% - 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher) |
Privo |
9.99% p.a. |
60 months |
1%-3% of the loan amount +GST |
SMFG India Credit |
12% p.a. |
60 months |
0% - 6% of the loan amount |
Upwards |
18% p.a. |
36 months |
Up to 4% of the loan amount |
YES BANK |
12.50% p.a. |
72 months |
Up to 2.50% of the loan amount |
Zype |
18% p.a. |
12 months |
2% to 6% of the loan amount |
*Disclaimer: The mentioned rates are as of 29th November 2024. These are subject to change at the lender’s discretion.
Here are some things which may have a major impact on the interest rate levied on your personal loan:
CIBIL Score: A higher score of usually 750 or more leads to lower interest rates
Income Level: Higher income reflects your repayment capacity, leading to lower rates
Debt-to-Income Ratio: A lower ratio indicates better financial health, leading to lower rates of interest
Employment Stability: Job security signifies stable earnings and repayment capacity resulting in favourable personal loan interest rates
Loan Amount: Larger loan amounts typically attract higher interest rates due to the increase in the associated risk for the lender
Lender’s Policies: Different lenders have varying risk appetites and operation costs, which influence the rates offered
Relationship with the Lender: Existing customers of a bank or NBFC may be offered a lower rate on their personal loans
Economic Conditions: Market trends and inflation affect the interest rates lenders offer
Type of Interest Rate: Depending on whether you opt for a fixed or floating interest rate, there will be a difference in the rate and associated calculations
Personal loan interest rates are of 2 types, floating and fixed interest rates. Let’s understand how these differ and affect your loan repayment costs.
Fixed Interest Rate |
Floating Interest Rate |
The interest rate is constant across the repayment tenure |
The interest rate is regularly revised depending on fluctuations in market rates |
The EMI payable remains the same over the loan tenure |
The EMI payable changes during the tenure as per the revisions in the rate |
In case of prepayment, an additional penalty may be levied |
In case of prepayment, no additional charges are levied |
The rate is not linked to any benchmark rate like the Marginal Cost of the Fund-Based Lending Rate (MCLR) or repo rate |
The rate is linked to a benchmark rate like the Marginal Cost of the Fund-Based Lending Rate (MCLR) or repo rate. Based on changes in these rates, the lender revises the floating interest rate. |
To get a complete understanding of your loan repayment costs, it is essential to be aware of the different charges applicable to a personal loan. Alongside the interest rate, here are some other charges you are required to pay on a personal loan:
The processing fee is a one-time charge levied by lenders for processing your loan application. It is usually a set percentage of your loan amount.
For the verification and processing of the paperwork submitted, lenders usually charge a documentation fee
Post approval, if you wish to cancel the loan before the amount is disbursed, you need to pay a small charge known as the loan cancellation fee
A bounce charge is a penalty applicable to failed EMI payments caused by insufficient balance in your bank account
In case of delayed or missed EMI payments, you need to pay a late payment fee to the lender
You can make lump sum payments to service a portion of the loan’s principal amount by paying a prepayment charge
To close your loan before the end of the set tenure, you must pay a foreclosure charge, which is a percentage of the outstanding loan amount
Here are some tips you can use to get a lower interest rate on your personal loan:
Leverage Pre-approved Offers: Lenders often provide lower interest rates to existing customers with good credit. So, regularly check for such pre-approved offers.
Apply During Special Promotions: Some lenders offer low interest rates during festive seasons or special events. Timing your application can help secure better rates.
Negotiate with Your Lender: If you have a high credit score and stable employment, try negotiating for a lower rate based on your past financial behaviour
Opt for Secured Loans: Offering collateral like fixed deposits, gold, etc. can sometimes lead to a lower interest rate on personal loans
Check with NBFCs: NBFCs often provide more competitive rates than traditional banks
Use Employer Tie-ups: Some companies have partnerships with lenders that offer lower rates for employees, so inquire about this benefit with your HR department
Keep Credit Utilisation Low: Maintaining a low credit utilisation ratio can positively influence your credit score and result in better rates
Compare Offers: Consider checking the offers from different lenders to find an option that suits your needs. You can easily compare loan offers from over 20 personal loan partners on Bajaj Markets.
Interest on a personal loan is usually calculated by lenders via one of the two methods mentioned below:
Reducing Interest Method: Herein, the interest charge is calculated on the outstanding balance of the loan after each EMI payment. In this case, the interest component of the EMI is usually higher during the initial tenure. As the tenure progresses, the interest charge reduces and the principal component increases.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
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.
The processing fee on a personal loan can be up to 12% of the loan amount.
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.
On Bajaj Markets you can get a Personal Loan at interest rates starting from as low as 9.99% p.a.
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.
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.
Personal loan interest rates can be either fixed or floating. Choose the type of rate that suits your financial situation and repayment capabilities.
Reducing interest rate is calculated on the outstanding loan balance after each EMI payment. This results in reduced interest paid over time.
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.
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.
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.
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.
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.
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.
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.