Want Personal loan at lowest rate of interest?

Want Personal loan at lowest rate of interest?

69°
Missing
Deal Newbie
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49
1

Hello guys, any idea where can I get a personal loan at lowest Rate of Interest?

Apps like India Bulls quoting interest hovering around 24-30% annum.

What is average market rate of interest for cash loans?

Banks are giving me loans with rate 18-24%

13 Comments  |  
8 Dimers
Pikachu
Deal Lieutenant
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3683
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NBFC always have higher rate of interest  as compared to public & private sector banks.

Better go with some public/private sector bank.

Download
Deal Lieutenant
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also check whether its flat interest rate or reducing rate
I am getting loan @ 14% flat rate from credithome

Missing
Deal Cadet
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Don’t just check lowest rate. Check charges for part pre-payment and preclosure charges as well.

Also, lowest rate is with the banks. If you have a regular salary you can get it from 11.5% onwards.

Missing
Deal Cadet
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SARDARKHAN wrote:

also check whether its flat interest rate or reducing rate
I am getting loan @ 14% flat rate from credithome

There is no FLAT interest rate now. RBI has banned the term FLAT interest few years ago.
Now any bank/nbfc or any other firm should charge reducing balance interest only.

Coming to the higher rate of interest, thats where the credit card will help you.
Try to contact your credit card bank and ask for either Insta loan or Insta Jumbo loan.
Insta loan= your credit limit will be blocked to that extent. Max loan amount is your credit limit.
Insta Jumbo Loan = Your credit limit will not be blocked and the loan amount will be more than your credit limit.

Go for HDFC or Axis , if you have their credit cards.
For HDFC, the processing fee is either Rs600 or 800.
For AXIS, it is 1.5% of loan amount.

Both Insta/Insta Jumbo are instant loans.

Missing
Deal Newbie
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49
1

My SBI Credit card is giving me a cash loan over and above credit limit @ 14% . but processing charge is way too high. if I take Rs. 156000(highest amount allowed for me) then I have to pay total 195400 in 3 years and 171500 in 1 year term. I feel it is too much of Interest.

75pe
Deal Subedar
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cointalksindia142 wrote:

My SBI Credit card is giving me a cash loan over and above credit limit @ 14% . but processing charge is way too high. if I take Rs. 156000(highest amount allowed for me) then I have to pay total 195400 in 3 years and 171500 in 1 year term. I feel it is too much of Interest.

It’s normal when you get loan with out any security.

Cropped1329001084
Deal Newbie
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65
0

Ur salary, company and credit history matters in getting lower interest rate

Missing
Deal Cadet
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266
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cointalksindia142 wrote:

My SBI Credit card is giving me a cash loan over and above credit limit @ 14% . but processing charge is way too high. if I take Rs. 156000(highest amount allowed for me) then I have to pay total 195400 in 3 years and 171500 in 1 year term. I feel it is too much of Interest.

Wrong usage of words.
Processing charge / Administrative charge = one-time charge for processing the loan

After getting the loan, you will be paying the interest on the loan. That is NOT called a processing charge. That is called the interest amount.

Try with 12% interest calculator. Google it for the calculator.
Personal starts from 11 to 22%. There is no GST.
CC loan starts from 14 to 24%. which will become 16% to 25% with GST.
Typical hand loan person to person = 24%

Missing
Deal Newbie
50
49
1
Expand
ramadesidime wrote:

Wrong usage of words.
Processing charge / Administrative charge = one-time charge for processing the loan

After getting the loan, you will be paying the interest on the loan. That is NOT called a processing charge. That is called the interest amount.

Try with 12% interest calculator. Google it for the calculator.
Personal starts from 11 to 22%. There is no GST.
CC loan starts from 14 to 24%. which will become 16% to 25% with GST.

Yes processing charge is 3000+GST ( one time) which is 3500 in this SBI Credit card loan.  the figures in lakhs are the total amounts (Total of all EMI) to be paid with interest+processing charge along with principle amount.

Missing
Deal Cadet
50
266
2
Expand
cointalksindia142 wrote:

Yes processing charge is 3000+GST ( one time) which is 3500 in this SBI Credit card loan.  the figures in lakhs are the total amounts (Total of all EMI) to be paid with interest+processing charge along with principle amount.

2% processing is normal. Go for it.

John
Deal Cadet
97
564
5
Expand
ramadesidime wrote:

There is no FLAT interest rate now. RBI has banned the term FLAT interest few years ago.
Now any bank/nbfc or any other firm should charge reducing balance interest only.

Coming to the higher rate of interest, thats where the credit card will help you.
Try to contact your credit card bank and ask for either Insta loan or Insta Jumbo loan.
Insta loan= your credit limit will be blocked to that extent. Max loan amount is your credit limit.
Insta Jumbo Loan = Your credit limit will not be blocked and the loan amount will be more than your credit limit.

Go for HDFC or Axis , if you have their credit cards.
For HDFC, the processing fee is either Rs600 or 800.
For AXIS, it is 1.5% of loan amount.

Both Insta/Insta Jumbo are instant loans.

Still some of the banks like SBI are mentioning the Flat rate ..

Adding to what you have mentioned …

the interest component of insta loans attracts GST additoinally.

John
Deal Cadet
97
564
5
Expand
ramadesidime wrote:

Wrong usage of words.
Processing charge / Administrative charge = one-time charge for processing the loan

After getting the loan, you will be paying the interest on the loan. That is NOT called a processing charge. That is called the interest amount.

Try with 12% interest calculator. Google it for the calculator.
Personal starts from 11 to 22%. There is no GST.
CC loan starts from 14 to 24%. which will become 16% to 25% with GST.
Typical hand loan person to person = 24%

Not so true about CC loan. Not all CC loans attracts additional GST.

In HDFC, they provide two loans based on our CC credit.

1. Insta loan – credit limit will be blocked. Attracts GST additionally.
2. Insta Jumbo loan – credit limit will NOT be blocked. NO GST.

So, when we are asking for loans based on Credit card limit, we should enquire whether the loan interest attracts GST or not.

John
Deal Cadet
97
564
5
Expand
cointalksindia142 wrote:

Yes processing charge is 3000+GST ( one time) which is 3500 in this SBI Credit card loan.  the figures in lakhs are the total amounts (Total of all EMI) to be paid with interest+processing charge along with principle amount.

Just be careful with SBI credit cards. They usually inform us the flat rate of interest and the interest rate will be much higher for reducing balance. Check with them how much EMI you have to pay and using the loan mortgage calculator (Excel templates are available) compare it and then decide.

Missing