A Personal Loan with Attractive Interest Rates
A Personal Loan is a loan that provides borrowers with collateral-free funds. Throughout the loan period, often known as the 'term', the borrowed sum can be paid back to the lenders in monthly instalments. The interest payable on the loan is the cost of borrowing, and you should always prioritise affordability when you are planning to take a loan.
When you opt for a loan with capitalneed, you can access cost-effective, competitive interest rate loans, tailored to match your profile. Borrow a loan at an attractive interest rate with no hidden charges and get an even better deal if you have a strong financial profile.
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Personal Loan minimum interest rateWe understand that affordability is a top priority for any borrower, so capitalneed offers attractive interest rates starting at 10.29% p.a. |
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Loan processing feesThe processing fee for a loan varies between lenders. Whether you opt for an online Personal Loan or any other type, you must pay the related administrative charges. To keep your costs low and savings optimal, our charges for loan processing are Depends on Profile. You only need to pay these fees & charges to apply for a loan with capitalneed. |
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Zero hidden costsHidden charges can sometimes make customers lose a lot of money without their knowledge. There are no hidden charges involved with capitalneed’s loan. We highly value transparency in all dealings, whether big-ticket or small loans. Every charge and condition, right from the processing fee to any other administrative fees and other charges, are clearly communicated during the loan transaction process. |
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Online interest calculatorPlanning your loan is crucial to borrowing smartly. A portion of each re-payment goes toward the amount you borrowed (called the principal amount), and another piece goes toward interest costs as you repay the loan over time. You should know the EMIs payable as well as the interest owed on your loan. Use our EMI calculator to simplify these calculations. Through this, you can calculate the interest amount to be paid according to the latest interest rates offered to you. Apply at capitalneed and get an attractive interest rate on your Personal Loan. |
Personal Loan Interest Rate Calculator
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EMI Amount = *
How to Calculate Personal Loan Interest Rate?
The interest rate on a personal loan can vary depending on several factors, including your credit score, the amount you're borrowing, the lender you choose, and the loan term.
- Check your credit score: Lenders use your credit score to determine your creditworthiness, and a higher score can help you secure a lower interest rate. Make sure your credit report is accurate and dispute any errors.
- Choose a shorter loan term: A shorter loan term typically comes with a lower interest rate, as the lender takes on less risk.
- Improve your credit score: If your credit score is low, take steps to improve it before applying for a loan. Pay your bills on time, pay down credit card debt, and avoid applying for new credit.
Using the loan amount and the interest rate offered to you, you can calculate your monthly payments to plan your budget. The following formula is used to calculate the EMIs:
E = [P x R x (1+R) N] / [(1+R) (N-1)]
Where,
○ Principal or the loan amount
○ R = Monthly interest rate (annual interest rate/12)
○ N = Number of monthly instalments
This formula is used to calculate the fixed monthly payment that a borrower has to make towards the loan re-payment, which includes both the principal amount and the interest charged on it.
- P = Loan Amount
- R = Rate of Interest
- N = Loan Tenure
EMI
2,00,000 * 15%/12 *
(1+15%/12)^2/((1+15%/12)^2-1)
EMI
₹9,697
Personal Loan – Schedule of Charges & Other Features
| Personal Loan Interest Rates | 10.29% p.a. onwards |
| Loan Amount | ₹1 Lakh to ₹50 Lakh |
| Loan Processing Fees | Depends on Profile |
| Loan Tenure | 12 – 96 months |
| Stamp Duty | At actuals (as per state) |
Factors Affecting Personal Loan Interest Rate & Charges
We assess several factors in your financial and credit profile to offer the most appropriate interest rate. Depending on your financial stability, credit history, and income status, you can even get approval for a competitive interest rate in India. capitalneed offers competitive interest rates so that you don't have to worry about paying high EMIs.
Here are the different factors that affect loan interest rate & charges.
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Income
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Credit score
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Employment status
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Credit history
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Existing debt
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Relationship with the lender
Types of Personal Loan Interest Rates
There are two types of loan interest rates, fixed and floating. Knowing all about these types is important as it helps you borrow smartly.
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Fixed Interest Rate
If you don't take any financial risks and prefer stability, a fixed interest rate is a choice for you. This is because the interest rate remains the same throughout the tenure. The main downside of a fixed-rate loan is that it costs a little higher than a floating interest-rate loan. If the interest rate falls due to policy changes, a fixed rate will not be affected in this scenario. As a result, the borrower will be required to pay the same predetermined amount each month. However, irrespective of a fixed or floating interest rate, you can find the best personal loans with competitive interest rates at capitalneed.
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Floating Interest Rate
Floating interest rate changes based on the financial market. This is better for those comfortable with some risk, as the interest rate can increase or decrease. If the policy changes are favourable to the customer, the interest rate is accordingly lowered, and you end up paying a lot less interest. However, there is always a risk that the policy changes are unfavourable to the customer, and the interest rate may be higher than what you initially signed up for. So, apply at capitalneed and get competitive interest rates.
| Fixed interest rate | Floating interest rate |
| Interest rates remain constant | Interest rate can change depending on the fluctuation in the market |
| Your EMI payable will remain the same throughout the re-payment tenure | Your EMI payable is likely to change during the re-payment tenure. |
| You are likely to be charged a pre-payment charge if you prepay your loan | You may not be charged a pre-payment charge if you prepay your loan |
Tips to Avail Personal Loans at Competitive Interest Rate
A loan with low interest rates is great for fulfilling specific goals without having to strain your budget. If you have a good credit score and credit history, getting a low-interest loan could be possible. Make sure that you maintain a high credit score and that you are regular with your repayments.
Following are some points that you need to bear in mind for getting a loan at a lower interest rate:
Maintain a healthy credit score
Look out for pre-approved offers from lenders
Maintain a stable and regular source of income
Choose the right mix of principal and tenure
