Lowest Loan Interest Rates

:
Current Interest Rates
Loan Type Lowest Rates
Home Loan 10%
Personal Loan 10%
Business Loan 10%
Business Against Property 10%

Loan Against Property, including all applicable fees

  • Here is an illustration of the total cost of the loan:
  • Total amount borrowed: Rs. 100,000
  • Time period: 12 months to 60 months
  • Interest Rate: 10.99% to 22%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2,174 for a months Rs. 100,000 loan at 10.99% (lowest rate, longest time period) to Rs. 9,359 for a 12 months Rs. 100,000 loan at 22% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 11.39% to 22.4%
  • Total cost payable over loan tenure: Rs. 14,313 for 12 months loan to Rs. 32,424 for 60 months loan

Business Loan Interest Rates Comparison in India

Current Interest Rates
Bank Home Loan Rate Processing Fee
HDFC Home Loan 8.80% 0.50%
Min Rs. 3,000 - Max Rs. 10,000
ICICI Bank Home Loan 8.80% 0.50%
Min Rs. 5,000 - Max Rs. 5,000
Axis Bank 8.80% 0.50%
Min Rs. 10,000 - Max Rs. 25,000
Citibank 8.75% Nil
Yes Bank 9.35% 0.75%
Max Rs. 10,000
IDBI Bank 8.60% 0.50%
Min Rs. 2,500
Kotak Bank 8.90% Max Rs. 10,000

Quick Guide on Business Loan

Purpose :Home loan can be used for purchasing a new house, construction of house on a plot, home improvement, extension and renovation of your existing house.

  • Eligibility : Banks consider borrowers with age of 21 years to 65 years
  • Loan Amount : Loan amount of Rs. 50,000 to Rs. 100 Cr can be availed on business loan. Higher the loan amount, higher the chances to get low interest rate.
  • Loan Tenure :Business loans are unsecuorange loans and are given for a shorter period. Generally, these loans are given for a tenure of 1 year to 5 years.
  • Income Tax Returns (ITR) :A self employed can get a business loan, only when it has filed regular ITRs for the past few years. Banks consider borrowers who have filed ITRs of 2 years or more as eligible to get a business loan. Banks evaluate your monthly income and repayment capacity based on details submitted in the ITRs.
  • Revenue / Turnover :Revenue is the income that a business enterprise has earned from the sale of goods and services to customers. It is also termed as sales or turnover. In case of doctors, this sales or revenues is measuorange in terms of Gross Annual Receipts. Most banks and NBFCs ask for a minimum annual turnover of Rs. 1 Cr to be eligible for business loans without collateral. However, there are a few NBFCs and banks which lend to businesses or self employed with turnover of less than Rs. 10 lakh as well.
  • Business Vintage and Growth :Business vintage and growth is an important factor consider by banks and NBFCs to take a decision to give you loan. It gives the bank or NBFC an assurance that your business is authentic, stable and can generate profits to repay their loans. Banks typically look for a business stability or profitability of minimum 3 years for self employed professionals. In case of other businessmen, banks and finance companies require a minimum business continuity or existence of 5 years Banks and NBFCs also specify the minimum growth rate of 10-15% in sales or turnover for the last 3 years to be eligible for a business loan. Further, your business or enterprise should be profitable in the last 3 years.
  • Banking Stability :Banks and NBFCs a check bank statements of minimum 6 months of your operational banking accounts to approve your loan. Banks will evaluate your banking stability and repayment capacity based on your average account balance. Banks will also consider your outbound and inbound cheque bounce information to take a view on your corangeit track record.
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