What is the average rate of interest on a personal loan?

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9.41%

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Similarly one may ask, how can I lower my personal loan interest rate?

Simple Ways to Reduce Your Loan EMI

  1. Opt for a Higher Down Payment. …
  2. Choose a Loan With a Longer Repayment Tenure. …
  3. Go for a Step-Down EMI Plan. …
  4. Consider Taking Loans With Your Existing Bank. …
  5. Negotiate With Bank For Lower Rate. …
  6. Compare Before You Switch Your Lender. …
  7. Full or Part Prepayment Helps Reduce Loan Burden.
Subsequently, how much loan can I get on 35000 salary? Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).

Also to know is, which bank has the lowest interest rate for personal loan?

Compare Best Personal Loan in India

Bank Interest Rates Lowest EMI Per Lakh
HDFC Bank Personal Loan ⊕ Compare 10.25% ₹ 2,137
ICICI Bank Personal Loan ⊕ Compare 10.25% ₹ 2,137
Bajaj Finserv Personal Loan ⊕ Compare 12.99% ₹ 2,275
IDFC First Bank Personal Loan ⊕ Compare 10.49% ₹ 2,149

Which bank is best for personal loan?

5 Best Online Personal Loans in India Dec 2021

Bank Interest Rate Processing Fee
ICICI Bank 10.25% Upto 2.25% of Loan Amount
Kotak Bank 10.25% Starting from Rs.999
HDFC Bank 10.25% Upto 2.50% Min ₹ 999
Axis Bank 10.49% Rs.4,999

2 Related Question Answers Found

Which loan has the highest interest rate?

Payday loans have high fees that can equate to annual percentage rates, or APRs, of around 400% — much higher than personal loan APRs, which average around 10% to 11% for a 24-month term, according to the Federal Reserve.

Which loan is cheaper as per interest rate?

A good credit score can get you lower home loan interest rates.

Home Loan Lenders Rate of Interest (in per annum)
State Bank of India (SBI) 6.70%-6.90%
Axis Bank 6.75% – 7.20%
ICICI Bank 6.70% – 7.55%
Bank of Baroda 6.75% – 8.25%

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