What is a good interest rate on a personal loan?

APRs on personal loans typically range from 6% to 36%, and consumer advocates agree APRs should not exceed 36%.

>> Click to read more <<

Similarly, which bank has lowest interest rate on personal loan?

Which bank has the lowest interest rate on a personal loan? If you have a strong credit score, you can receive the lowest interest rate through LightStream. LightStream has rates as low as 2.49% if you enroll in autopay. Other lenders, like SoFi, PenFed, Wells Fargo, Marcus and U.S. Bank, offer rates as low as 5.99%.

Also question is, what is the monthly payment on a $30000 loan? For example, the total interest on a $30,000, 60-month loan at 4% would be $3,150. So, your monthly payment would be $552.50 ($30,000 + $3,150 ÷ 60 = $552.50).

In respect to this, which bank personal loan is best?

Comparison of Best Personal Loan Providers in India

Name of the Lender Loan Amount Interest Rate (p.a.)
State Bank of India (SBI) Up to Rs. 20 lakh. 9.60% onwards
HDFC Bank Up to Rs. 40 lakh. 10.50% onwards
ICICI Bank Up to Rs. 25 lakh. 10.50% onwards
Axis Bank Up to Rs. 15 lakh. 11% onwards

How much loan can I get on 35000 salary?

Here taking a salary as ? 35k, & without any fixed monthly obligation, you can pay a maximum of ? 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ? 20,46,586 using a home loan eligibility calculator (assuming 3 household members).

Is 10% interest high for a personal loan?

On average, personal loan interest rates range from 10% to 28%, but this varies based on inflation, the current demand for credit and other economic factors. … Borrowers with a high credit score and stable income qualify for better rates than those with low or no credit and spotty employment.

How can I get a low interest personal loan?

9 Ways to Improve Your Chances of Getting a Low Personal Loan Interest Rate

  1. Shop around.
  2. Get a co-signer.
  3. Sign up for an autopay discount.
  4. Avoid fees.
  5. Use collateral.
  6. Work with a credit union.
  7. Choose a shorter repayment period.
  8. Improve your credit score.

Are Personal Loans Bad?

Interest rates can also be low, particularly if you have good credit, making personal loans a good way to consolidate and pay off credit card debt. Other good reasons to use personal loans include paying for emergency expenses or remodeling your home. However, personal loans are not a good idea for everyone.

How much are payments on a 50000 loan?

15 Year $50,000 Mortgage Loan

Loan Amount 2.50% 5.50%
$50,000 $333.39 $408.54
$50,050 $333.73 $408.95
$50,100 $334.06 $409.36
$50,150 $334.39 $409.77

What are the payments on a $10 000 loan?

Your monthly payment on a personal loan of $10,000 at a 5.5% interest rate over a 1-year term would be $858.

What is the payment on a $30000 car?

roughly $600 a month

What is the EMI for 20 lakhs personal loan?

Formula of Calculation of EMI

Loan amount Interest Rate EMI per month
5 Lakh 8.35% Rs. 6,159
10 Lakh 8.50% Rs. 9,847
15 Lakh 8.60% Rs. 13,112
20 Lakh 8.70% Rs. 17,610

Which type of loan is cheapest?

To know

Car Loan Lender Interest Rate (in per annum)
ICICI Bank 9.30% – 12.85%
HDFC Bank 7.70% – 13.55%
Bank of India 7.35% – 7.95%
IDBI Bank 8.10% – 8.70%

How much personal loan can I get if my salary is 20000?

Consider –

Salary Expected Personal Loan Amount
Rs. 20,000 Rs. 5.40 lakhs
Rs. 30,000 Rs. 8.10 lakhs
Rs. 40,000 Rs. 10.80 lakhs
Rs. 50,000 Rs. 13.50 lakhs

Leave a Reply