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Your personal loan interest rate determines your regular EMI payments towards the loan repayment. At Tata Capital, we offer personal loans at low interest rates, along with a flexible repayment tenure.
Moreover, interest rates can vary for different borrowers depending on key eligibility factors like your monthly income, CIBIL score, loan amount, loan tenure, repayment capacity, employment nature, debt-to-income ratio, financial history, and more. So, the lower the interest rate on your personal loan, lower is the EMI that you need to pay, and more convenient your loan repayment becomes.
With Tata Capital, enjoy an affordable personal loan at lowest interest rates in the industry, starting at just 10.99%!
The interest rates on a personal loan can typically vary anywhere between 10.99% and 29% p.a. based on the eligibility calculation and how you fulfil the personal loan eligibility requirements of the financial institution.
Personal loan interest rates are a significant factor to be taken into consideration because it determines the total cost of servicing the loan. Let us see how.
Every loan EMI comprises of two components viz; the principal and the interest. If your total interest amount is high, it will directly increase your total sum payable.
That’s because the personal loan EMI you need to pay, for repaying your principal amount over the decided loan tenure is governed by the latest personal loan rates applicable. Here, a lower personal loan interest rate will reduce your overall interest payout, thereby requiring you to pay lower EMIs to the lender over the loan tenure.
The personal loan interest is calculated using - flat rate and reducing balance method.
In the flat rate method, the interest paid remains fixed. The total interest payable is calculated on the loan amount borrowed throughout the loan tenure. Hence, the personal loan rates stay constant and don’t lessen even when the principal amount reduces as you pay your monthly instalments.
Contrarily, in the reducing balance method, the interest rate is calculated on the outstanding balance amount, which decreases every time you pay an EMI.
The mathematical formulae for interest on personal loan interest calculation are as follows:
The processing fee is a non-refundable fee levied by lenders while processing your personal loan application. You are charged this one-time fee even if the loan does not get sanctioned. At Tata Capital, you are charged up to 3% of the loan amount + GST.
Penal interest is the rate of interest lenders charge on a delayed EMI payment. You are then required to pay the outstanding instalment inclusive of the additional interest on a personal loan. The penal interest at Tata Capital is levied at 3% per month on the overdue amount.
The following miscellaneous charges are also involved under personal loans -
Getting a low interest personal loan is preferable for reducing your interest outgo and overall costs. Availability of loans can depend on numerous factors; make sure to consider them before applying. You can also use a personal loan EMI calculator to understand to calculate your principal EMIs and interest payable and plan your repayment.
| Customer Profile | Loan Slab | Interest Rate%* |
|---|---|---|
| Salaried | Any amount | 10.99%* onwards |
These are those charges that are levied in case of an EMI bounce per instance. In other words, these charges are levied when you miss a personal loan EMI payment due to inadequate funds in your bank account. At Tata Capital, you’ll be required to pay Rs. 600 for every Cheque/Payment Instrument Dishonour.
Charges will be levied if new mandate form is not registered within 30 days from the date of rejection of previous mandate form by Borrower’s bank for any reason whatsoever. Tata Capital charges a nominal amount of Rs. 450 + GST.
CCOD Annual maintenance charges are the charges levied on those who have chosen a flexible funding option such as PL Overdraft. It is charged for the maintenance of the Overdraft limit. At Tata Capital, 0.25% of reduced assigned limit OR Rs.1000/- (whichever is higher) shall be payable at the end of the 13th month.
If the cheque, you have issued for payment has been made to a non-local branch, Tata Capital will levy an outstation collection charge for the collection of such cheques. Tata Capital charges Rs. 100 + GST per repayment instrument.
Lenders charge a certain amount to issue your Statement of Account - a statement having a list of all transactions made in your loan account during a given period. At Tata Capital, you will be charged only if you ask for a hard copy in case of branch walk-in at Rs. 250 + GST. Downloading a statement of account on the portal is free of cost.
If you wish to cancel your personal loan immediately following the process of loan disbursement, then you are charged a loan cancellation charge. Tata Capital levies 2% of the Loan Amount/ Facility amount OR Rs. 5750/- (whichever is higher)
If you wish to exchange or swap your eMandate or post-dated cheques from another account for EMI repayment purpose you will be charged Rs. 550 + GST per instance.
Tata Capital will share a welcome letter with Repayment Schedule post availing of Personal Loan. In case you need a duplicate statement of the Repayment Schedule you will be charged Rs. 550 + GST per instance.
If you need to apply for a duplicate No Objection Certificate (NOC) due to any reason, Tata Capital will issue a new one in your name for a charge of Rs. 550 along with the GST charge.
The following factors can impact your latest personal loan interest rates.
Besides your CIBIL score, the lender also reviews your past credit record to determine your current personal loan interest rates. A clean credit history with no EMI defaults and disciplined payments is preferred.
Your income significantly determines your personal loan rates. If you belong to the high-income bracket, the lender perceives you as more likely to be stable and timely repay the loan and extends more competitive interest rates.
If you are servicing multiple loans and credit cards, and your debt burden eats up a significant portion of your monthly income, the lender can consider you a high-risk borrower. It can impact the personal loan interest rates you will qualify for.
In fixed rate loans, lenders charge you a constant personal loan rate throughout the tenure. Here, your total interest payable and EMIs remain fixed.
Floating or variable personal loan interest rates in India are susceptible to fluctuating economic conditions. Here, you can get low interest personal loans initially, but the lender can revise the rates as per the repo rate. Hence, your interest payable can vary throughout the tenure.
Fixed and floating rates both offer a different set of advantages. While fixed rates keep your EMIs constant, you may pay significantly lower instalments with floating-rate loans. But, if current personal loan interest rates increase suddenly, you run the risk of paying bigger EMIs in the future.
Here are a few different ways to get lower interest rates when applying for a personal loan:
At Tata Capital, we offer multi-purpose personal finance tailored to meet your unique desires and financial requirements. Get quick access to collateral-free funds at competitive personal loan rates, starting at just 10.99%. With us, you can plan your repayment as per your convenience and ability to repay. Opt for a loan amount, EMI plan, and tenure that suit you.
With years of experience under our belt, we understand your needs. We extend a hassle-free online application process, minimal paperwork requirements, and relaxed eligibility criteria to ensure a comfortable borrowing experience for you.
You can choose to avail an instant personal loan with tenure from 12 to 72 months.
Here’s why our Personal Loan is perfect for you:
A processing fee of upto 3% of the loan amount and required document charges are applicable, and the same is deducted from the loan amount at the time of disbursal.
Personal loan processing fee is a one-time fee, non-refundable regardless of whether or not an applicant’s loan is sanctioned.
Tata Capital allows its customers to pre-pay their personal loan in part subject to the following conditions:
Foreclosure charges are charges levied on the complete pre-payment of your personal loan. Such charges are levied on both regular and flexible funding (PL Overdraft) options, even on loan top-ups.
Tata Capital levies foreclosure charges in the following ways –
The following charges are involved in case of missed EMI payments for a personal loan –
Your interest rates on personal loan depend on your credit score, monthly income, job stability, loan amount and tenure. If you have a high credit score, have a good repayment record, and earn a high monthly salary, you will easily qualify for a loan and get low interest rates. As a result, your net personal loan interest component will reduce.
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