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What are the interest rates of personal loan in India?

Personal loans comes with higher rate of interest as they are unsecured and do not require any asset to be kept as security.

In comparison to home loan and auto loan which are secured in nature and the money is ought to be used for the desired purpose only. Personal loans are flexible and can be used as per borrower’s discretion.

Indian lending and credit market is beaming with personal loan products. There are several buyers who procure this loan to meet their personal needs. The only hitch attached with personal loans is the fact that they come up with higher rate of interest which usually start from 10.50% per annum. 

Different lenders charge different personal loan interest rates which are governed by several factors like credit score, income and repayment history of the lender. Similar to how home loan follows home loan eligibility criteria, personal loans also comes with pre-defined eligibility criteria.


Various Indian banks and lenders offer personal loan. Some of the leading banks and NBFCs along with their rate of interest and processing charges are mentioned below:

Personal loan provider
Rate of Interest
Processing Fees charged (It is charged on the loan amount)
10.50% - 12.99%
11.55% - 13.05%
As decided by the lender
15.75% - 24%
1.50% - 2.00 % + GST
12.99% onwards
Up to 3.99%
11.35% - 16.35%
13.10% onwards
One time @ 2.00%
12.5% onwards
13.00% - 16.50%
MCLR (12M) + 3.00%
Rs 500 + S.T
10.99% onwards
Upto 2.75%
12.95% - 13.95%
11.49% onwards
12% onwards
Upto 6.5%
11.25% - 21.50%
Up to 2.50%
10.75% - 17.84%
Up to 1% of the disbursed loan amount
11.50% - 19.25%
Up to 2.25% per annum of loan amount
12% onwards
11.5% onwards
Up to 2%
14.20% onwards
10.75% onwards
Upto 2.5% + tax
11.29% - 19.99%
Up to 2.5% + GST
As decided by the lender
12% onwards
 12% onwards
11.99% onwards
Upto 3%
11% onwards
13.25% - 13.65%
11.25% onwards
Up to 2.5% + GST
11.70% onwards
14.40% onwards
10.75% onwards
Up to 2.50%

There are several key factors which define the personal loan interest rates. Some of the factors are credit score, income, and relationship with the bank and company repute. These factors determine the final rate of interest which will be offered to you.Credit Score: A good credit score over 750 increases your chances of getting a lower interest rate deal on personal loan. Credit score defines your repayment history and a good score signifies that you have been diligent with past loans.

·    Income: Lenders seek your income to check for your repayment capacity and also on the basis of your income they decide on the loan amount which you would be able to repay back easily. Higher income borrowers often get better deal in terms of interest rate in comparison to one with lower incomes.
·   Relationship with the lender: A good relationship with the bank also puts you in a negotiating position for better interest rates on personal loans.

·    Company repute: A public sector company or an MNC is likely to get you a better deal with rate of interest. A reputed employer is synonymous to job stability and steady income. The lender takes this into consideration to be assured of timely repayments.
      One can avail the lowest interest rate on the personal loans by keeping a few factors in mind.
·     Aim to improve and maintain your credit score by paying the loans and debts on time.
·       Keep your debt to income ratio low.

     ·   Always compare different lenders before choosing your personal loan provider. Fintechs like LoansJagat offers an excellent platform wherein the borrowers can compare various lenders for their offerings like rate of interest, loan amount, loan tenure, loan disbursal time etc.

    If your credit score is fair, then apply for the personal loan with a co-applicant like your parents or spouse who has better credit score. The lender takes the credit and financial aspects of both the applicants into the consideration

Some Good Books to Study for NID Exam Preparation

About NID 2020

With three campuses in India, National Institute of Design (NID) is one of the best colleges in the country for design studies. The Institute conducts admissions for UG and PG courses based on the entrance test DAT (Design Aptitude Test). The tests are conducted in two parts – Prelims and Mains every year. The schedule for NID 2020 has been released,and the date for the Prelims is on 29th December 2019.

Schedule for NID DAT 2020

Below are the important dates NID aspiring students need to remember

Online Registration Starts
 October 1st 2019
Online Registration Closes
November 7th 2019
Submission of application form with a late fee
November 13th  2019
Admit Card release - DAT Prelims
December 20th 2019
DAT Prelims Exam
December 29th  2019
DAT Prelims Result
February 18th  2020
March 19th 2020
Counselling Starts
June 5th & 6th 2020

Format for NID 2020

The Prelims paper is dividedinto Part I – MCQs (70 marks) and Part II – Subjective Questions (30 marks). The test aims to assess the analysing, creativity and visualisation skills of the candidate along with knowledge. The prelims will be for 100 marks,andthe language of paper will be English. Candidate clearing the Prelims for NID 2020 will be selected further for the Mains paper.

NID 2020 Mains is an offline paper where candidates need to showcase their Design/Drawing, Model making, Presentation and Group Discussion skills for which maximum marks are 100. None of the sections have negative marking. Duration for the exam is 3 hours.

The weightage for Prelims and Mains paper of DAT is as given below:


Preparing for Prelims

With very little time and a vast syllabus to study the aspirants need to refer books which help them prioritise the topics. Here is a list of some books which will help the students in their preparations.

1.      Manorama Yearbook and Newspapers – For the General Knowledge section since the scope of questions is vast, students need to stay updated on the current affairs as well as past events. The Manorama Yearbook is released every year,giving the candidates an updated knowledge of events.

2.      A Modern Approach to Logical Reasoning by R. S. Aggarwal – It is the one book that is necessary and recommended for all the entrance examinations. The revised edition of the book includes questions from recent examinations. The book comes with simple and easy to understand solutions.

3.      Design Drawing by Francis Ching – the book comes along with a CD-ROM giving students a chance at a better understanding of multiview, perception and design. The CD gives step-by-step videos by the author explaining free-hand techniques and various lessons.

4.      Perspective from Basic to Creative by Robert W Gill – With this book,the student gets an insight into the three types of perspective in clear and simple terms. The book is a combined edition of two of the author’s previous books,i.e. Basic Perspective and Creative Perspective.

All the above books give the candidate an in-depth preparation for the NID 2020 entrance examination. Along with this, the aspirants also need to practice solving the mock tests and previous year question papers to get an idea about the scheme of questions. A number of books are available containing such practice papers and their solutions. Some of them are:

NID UG (B.Des) Study Pack – the pack, has 14 books covering all the topics in the syllabi along with question papers for the students to solve.

NID Mock Test Series by Bhanwar Rathore

Guide for NIFT/NID/IIFT 2020 by Arihant Experts (comes with solved papers)

NID/NIFT/UCEED/CEED workbook by Ar. Revati Shantanu Parkhi

Find out section wise preparation tips & strategies for NID Entrance Exam at https://www.shiksha.com/design/communication-design/nid-entrance-exam-preptips