Loan up to 40 Lakh * | Digital Process | Quick Approval
A Personal Loan is a loan that provides borrowers with collateral-free funds. Monthly installments of the borrowed amount can be made to the lenders during the loan period, also referred to as the “term.” When considering a loan, you should always put affordability first because interest payments are what make up the cost of borrowing.
Choose the Grahaan Capital Personal Loan to have access to cost-effective, competitive interest rate loans that are customized to fit your needs. If have a strong financial profile, you might get an even better negotiate when you take out a personal loan with no hidden fees and an appealing interest rate.
The Grahaan Capital Personal Loan has appealing interest rates since we recognize that affordability is a borrower's top concern. With a starting rate of 10.75%* p.a., it's one of the most appealing options available in the market. You can obtain competitive interest-rate personal loans in India by simply applying Grahaan Capital
Each lender has a different processing charge for personal loans. The associated administrative Personal Loan fees must be paid whether you choose an online Personal Loan or any other kind. Our Personal Loan processing fees range from 0% to 2% of the loan amount plus taxes, so you can keep your expenses down and your savings at their best. Applying for a loan with Grahaan Capital just requires you to pay these minimal Personal Loan fees & costs.
Making a plan for your loan is essential to wise borrowing. You should be aware of the EMIs that you must pay. To make these computations easier, utilize our Personal Loan EMI Calculator. This allows you to figure out how much interest you should pay based on the most recent personal loan interest rates that are available to you.
| Particulars | Charges |
| Personal Loan Interest Rates | 10.75%* p.a. onwards |
| Loan Amount | ₹1 Lakh to ₹40 Lakh |
| Loan Processing Fees | Minimum 2% plus applicable taxes |
| Lowest EMI per month | Starting from ₹1,699* per Lakh for 84 months |
| Loan Tenure | 12 – 84 months |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources & 4% If paid from other sources |
| Default Interest | Minimum 3% per month |
| Repayment Instrument Dishonor Charges | Minimum ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| * No Other Hidden Charges | |
A personal loan’s interest rate might change based on several elements, such as your credit score, the amount you borrow, the lender you select, and the term of the loan.
Check your credit score: Your credit score is one of the factors that lenders use to evaluate your creditworthiness; a higher score can help you get a better interest rate. Verify the accuracy of your credit report and raise any errors that exist.
Choose a shorter loan term: Since the lender bears less of the risk, a shorter loan period usually carries a lower interest rate.
Improve your credit score: Before requesting a personal loan, try to raise your credit score if it is poor. Avoid applying for new credit, pay off credit card debt, and pay your bills on time.
Your budget can be more effectively planned if you use the loan amount and interest rate that you are offered to compute your equated monthly installments (EMIs).
You have to pay an Equated Monthly Instalment, or EMI when you apply for a loan from a financial institution. Calculating how much you can truly afford to pay back each month, though, might be difficult. The following is the fundamental formula used to calculate EMI:
E = [P x R x (1+R)^N] / [(1+R)^N-1]
So to get a comprehensive understanding of these variables, let’s discuss them in detail:
R represents ‘rate of interest’. It is the interest rate that a lending institution charges for a loan. This rate of interest may vary depending on the lender; the higher the rate of interest, the higher will be the EMI amount.
P denotes your principal amount. It is the loan amount that you borrow from a lender. The lower the amount you borrow, the lower the EMI, and vice versa.
N indicates the loan tenure. It is the time within which you must repay the loan amount. This loan amount is inversely proportional to the EMI. This signifies that the longer your loan tenure, the lower will be the EMI and vice versa.
After learning about each variable, let’s get a clear idea of how this calculator works.
Suppose you have availed a loan of Rs 10 lakh to build a house. The lending institution has offered a loan with an annual interest rate of 7.2% for a tenure of 10 years.
As per the formula, the monthly loan repayment amount will be:
P x R x (1+R)^N / [(1+R)^N-1] where,
N is 10 years or 120 months
R is 7.2% = 7.2/12/100 = 0.006
EMI = Rs 10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 – 1) = Rs 11,714
Hence, you will be paying the EMI of Rs 11,714 every month for 10 years.
There are two types of Personal Loan interest rates, fixed and floating. Knowing all about these types is important as it helps you borrow smartly. Most personal loan lenders offer a fixed interest rate. Let’s understand the difference between the two.
Fixed Interest Rate
A fixed-rate personal loan is a good option for you if you avoid taking on any financial risks and value stability. This is because the interest the interest rate stays constant throughout the term of the loan. A fixed-rate loan’s primary drawback is its somewhat higher cost in comparison to a loan with a floating interest rate. Under this situation, a fixed-rate Personal Loan will remain unaffected even if policy changes cause the interest rate to decrease. This means that the borrower will have to pay the same monthly payment with the predetermined amount.
Floating Interest Rate
Floating interest rate changes based on the financial market. Since the interest rate can go up or down, this is better for people who don’t mind taking on some risk. Your total interest payment will be significantly lower if the policy changes are favorable to you as the customer. As a result, the interest rate is reduced. You never know, though, and you can end up with a higher interest rate than you signed up for if the policy changes are not advantageous to you as the consumer.
| 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 |
To provide you with the best possible interest rate, we evaluate several aspects of your credit and financial history. You may also be approved for a competitive Personal Loan interest rate in India, depending on your income level, credit history, and financial stability. Your worries about paying large EMIs are eliminated with Grahaan Capital’s affordable Personal Loan interest rates.
Here are the different factors that affect the Personal Loan interest rate & charges.
Age of the Borrower: The borrower must be of lower age, above 21 years, and not close to the retirement age
Credit Score: The borrower must have a good credit score of 720 and above
Occupation: The borrower shouldn’t be involved in a job that is considered riskier and has uncertainty. A salaried professional enjoys better bargaining power on interest rates compared to self-employed professionals.
Employer: Working with a reputed employer increases your chances of getting a lower interest rate on a personal loan.
Repayment Capacity: You should have a lower debt-to-income ratio that will help you to get a personal loan easily
Relationship with the Lender: If you are an existing customer with the lender, the process to get a personal loan gets easier
If you want to achieve specific goals having to strain your budget, a low-interest personal loan is quite helpful. You might be able to obtain a low-interest loan if you have a solid credit score and credit history. As you make your payments on time, make sure that your credit score stays high. Further advice on obtaining low-interest personal loans can be found in the table below.
Following are some points that you need to bear in mind for getting a Personal Loan at a lower interest rate:
Choose the right mix of principal and tenure
