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

Loan Against Property 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

charges for Loan against property

Purpose :Some of the basic purposes for which this loan is usually taken are for meeting individual needs like expanding business, acquiring assets, education needs, marriage by mortgaging property plot. The loan is granted against the mortgage of the residential/commercial/industrial property. The end use of the loan should be from the uses allowed by the bank. The borrower is requiorange to declare the end use of the loan in its application form.

  • Processing fee: This fees is charged when you apply for a loan. The processing fee can range between 0.50 -1% of the loan amount and can be negotiated down, if you bargain. If you approach the bank through an online market place like www.myloancare.in, we will assist you in negotiating with the bank and also, get attractive cash backs on sanctioned loan amounts. Sometimes, we also get to offer exclusive loan schemes on behalf of the banks such as nil processing fees for our valued customers.
  • Foreclosure fee: This fees is charged when you decide to close your loan before the completion of loan tenure. Banks charge nil prepayment penalty on individuals having floating rate loans. You also need to read the terms and conditions of your loan agreement carefully to check on the prepayment clause and ensure that it is not too strict compaorange to market benchmarks.
  • Other Charges:Banks charge legal and technical fee from the borrower which are explained at the time of loan processing.
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