How to get loan with less interest
How can I get less interest on my loan?
How to get a lower interest rate on a personal loan
- 6 ways to do this. …
- Maintain a good credit score. …
- Maintain a good repayment history. …
- Compare interest rates, look out for seasonal offers. …
- Check the interest calculation method. …
- Credibility of employer. …
- Your employment history. …
- Points to note.
Which bank gives loan at lowest interest?
Comparison of Personal Loan Interest Rates offered by leading Banks/NBFCs
| Lenders | Interest Rate (p.a.) | Processing fee (% of loan amount) |
|---|---|---|
| IDFC FIRST Bank | 10.49% onwards | Upto 3.50% (Minimum Rs 2,999) |
| Bajaj Finserv | 13.00% onwards | Upto 4% |
| RBL Bank | 14.00% onwards | Up to 3.5% |
| Muthoot Finance | 14.00% onwards | Up to 3.5% |
Is there any interest-free loan?
Personal loans that truly charge no interest are rare, but there are some lenders that offer them. For instance, certain universities provide emergency student loans that come with 0% APR. There are also some nonprofits and local organizations that offer interest-free loans where you pay back only what you borrow.
What is the best way to get loan?
7 ways to get a loan quickly
- BORROW FROM YOUR EMPLOYER. Interest rate : 5-8% ( Could also be interest-free.) …
- CASH WITHDRAWAL ON A CREDIT CARD. Interest rate : 2-3.5 % a month. …
- TOP-UP LOAN. Interest rate : 9-13% …
- PERSONAL LOAN. Interest rate 13-24% …
- LOAN AGAINST PROPERTY. …
- LOAN AGAINST SECURITIES. …
- LOAN AGAINST GOLD.
How do I choose a good personal loan?
5 Tips For Choosing The Best Personal Loan
- Evaluate the Interest rates. …
- Consider the eligibility criteria.
- Enquire about additional fees and charges.
- Check the documentation requirements.
- Ensure repayment flexibility.
- Disclaimer.
What is the interest of 10 lakh loan in SBI?
Banks which are offering 10 Lakh home loan amount at low rate of interest.
10 Lakh Home Loan Interest Rates.
| SBI | 6.80 – 7.70% |
|---|---|
| ICICI Bank | 6.80 – 7.95% |
| LIC Housing Finance | 6.90 – 7.30% |
| Axis Bank | 7.75 – 8.40% |
| Bank of Baroda | 6.85 – 7.85% |
What is the interest on 1 lakh loan?
Factors Affecting Personal loan EMI
| Loan Tenure | 2 years | 3 years |
|---|---|---|
| EMI amount for loan amount ₹ 1 Lakh at 10.25% | ₹ 4,626 | ₹ 3,238 |
| Total amount you pay back to the bank including principal and interest | ₹ 1.22 Lakh | ₹ 1.35 Lakh |
| Interest you have to pay over loan tenure | ₹ 22,436 | ₹ 35,476 |
How much personal loan can I get if my salary is 15000?
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
What are the 4 types of loans?
Loans
- Personal Loan.
- Business Loan.
- Home Loan.
- Gold Loan.
- Rental Deposit Loan.
- Loan Against Property.
- Two & Three Wheeler Loan.
- Personal Loan for Self-employed Individuals.
Can I loan money for profit?
You are happy to lend your money to those people and businesses as long as they meet certain requirements and can pay an interest rate. The borrower is happy because they are charged fewer fees and are much more likely to be approved; you’re happy because that interest rate is your profit.
Which loan is cheaper as per interest rate?
A good credit score can get you lower home loan interest rates.
Home Loan Interest Rates of Top Lenders in India.
| 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% |
How much loan can I get on 60000 salary?
However, if you are deliberating on the loan amount with how much loan I can get on a 60,000 salary, the approved amount should be close to Rs. 16.20 lakhs.
Multiplier Method.
| Salary | Expected Personal Loan Amount |
|---|---|
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
| Rs. 60,000 | Rs. 16.20 lakhs |
What is the EMI for 50 lakhs home loan?
50 Lakh Home Loan EMI Details
| Loan Amount | Rate of Interest | EMI per month |
|---|---|---|
| Rs. 50 lakhs | 6.80% p.a. | Rs. 57,540 |
| Rs. 50 lakhs | 6.80% p.a. | Rs. 44,384 |
| Rs. 50 lakhs | 6.80% p.a. | Rs.38,167 |
| Rs. 50 lakhs | 6.80% p.a. | Rs.34,704 |
What is the EMI for 20 lakhs home loan?
EMI Calculation for a 20 Lakh Home Loan with varying Tenors
| Loan Amount | Interest rate | EMI |
|---|---|---|
| Rs.20 lakh | 6.70%* | Rs.17,551 |
How much loan can I get on 35000 salary?
“How much home loan can I get on my salary?” If you are a salaried employee and you plan to own a house, this is the first question that pops up in your mind.
How Much Home Loan Can I Get?
| Net Monthly Income (₹) | Loan Amount (₹) |
|---|---|
| ₹ 30,000 | ₹ 17,09,806 |
| ₹ 35,000 | ₹ 20,46,586 |
| ₹ 40,000 | ₹ 23,83,366 |
| ₹ 50,000 | ₹ 30,56,926 |
How much home loan can I get on 50000 salary?
How much home loan can I get on my salary?
| Net monthly income | Home loan amount |
|---|---|
| Rs. 45,000 | Rs. 37,53,591 |
| Rs.50,000 | Rs. 41,70,657 |
| Rs. 60,000 | Rs. 50,04,788 |
| Rs. 70,000 | Rs. 58,38,919 |
What is the interest of 30 lakh in SBI?
Banks which are offering 30 Lakh home loan amount at low rate of interest.
30 Lakh Home Loan Interest Rates.
| SBI | 6.80 – 7.70% |
|---|---|
| LIC Housing Finance | 6.90 – 7.30% |
| Axis Bank | 7.75 – 8.40% |
| Bank of Baroda | 6.85 – 7.85% |
| Canara Bank | 6.90 – 8.90% |
What is the monthly interest on 40 lakh rupees?
Investing ₹40 lakhs in a non-cumulative FD scheme for 12 months can offer an interest rate of 5.65%. As compared to the monthly interest for ₹40 lakh in banks, 5.65% is your best bet. With Bajaj Finance FD, a ₹40,00,000 investment will fetch you ₹18,883 per month.
What is the EMI for 3000000?
So if you take a 3000000 home loan and the interest is 8.45% for 20 years, your emi will be Rs. 25,845.
Where should I invest 25 lakhs to get monthly income?
Investment Options for Monthly Income Rs. 25 Lac:
- Bank Deposits: Every bank offers a monthly income scheme for periods ranging from 1 year to 10 years with varying interest rates. …
- Corporate Deposits: …
- Monthly Income Plan Mutual Funds:
What is the interest of 1 crore?
Earn interest on ₹ 1 crore fixed deposit up to 7.05%.
₹ 1 Crore FD: Details.
| Banks | FD Interest on ₹ 1 Crore | Senior Citizen Rates on ₹ 1 Crore FD |
|---|---|---|
| HDFC | 6.20% – 6.65% | 6.00% – 6.50% |
| PNB Housing Finance | 5.75% – 6.85% | 6.00% – 6.95% |
| Bajaj Finance | 5.65% – 6.80% | 5.90% – 7.05% |
| SBI | 2.90% – 5.50% | 3.40% – 6.30% |
What is the monthly interest on 30 lakh rupees?
Interest Per Month on ₹30 Lakh Fixed Deposit
| Tenor (in years) | Interest Rate on ₹30 lakh FD | Senior Citizen Rates on ₹30 lakh FD |
|---|---|---|
| 1 | 5.65% | 5.90% |
| 2 | 6.40% | 6.65% |
| 3 | 6.80% | 7.05% |
| 4 | 6.80% | 7.05% |
What is HDFC Monthly income Plan?
HDFC Monthly Income Plan – LTP is a balanced debt-oriented fund that is aggressive in nature. In order to invest in this fund, investors can put in Rs. 5,000, followed by Rs. 500.
Which bank is best for monthly income?
Best Bank For Monthly Income Scheme
| Bank | Interest Rate | Tenure |
|---|---|---|
| ICICI Bank Fixed Deposit | 2.50% – 4.60% | 7 Days – 10 Years |
| Axis Bank | 2.50% – 5.75% | 7 Days – 10 Years |
| ICICI Home Finance | 4.30% – 6.45% | 12 Months – 120 Months |
| Kotak Bank | 2.50% – 5.30% | 7 Days – 10 Years |
What is the interest of 1 lakh in HDFC Bank?
HDFC Fixed Deposit (FD) Rates
| Tenor | Interest Rates of FD | ₹ 1 Lakh Fixed Deposit Interest Per Month |
|---|---|---|
| Non-Senior Citizen | Senior Citizen | |
| 1 Year | 4.90% | ₹459 |
| 2 Years | 4.90% | ₹472 |
| 3 Year | 5.15% | ₹509 |