Personal Loan Interest Rate & Charges

A personal loan in Our Partnered NBFCs is the best route to fulfill your financial pursuits as the interest rates start at, as low as, 12.5%. At such a competent rate of interest, the borrower isn't burdened with the load of the monthly installments and the EMIs (Equated Monthly Installments) can be smoothly paid. With Our NBFC Partners, you get much better options that are highly affordable, comprehensive, and easy to access.

Also, looking at the completely online way offered by Nowofloan to apply for a personal loan in Our Partnered NBFCs, this emerges as the most comforting factor for the loan seekers as they can easily escape the traditional loan processes and save their valuable time, money, and efforts. This new-age manner of applying for a personal loan is the smartest approach a loan seeker could have.

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Loan Processing Fees

The financial institution through which the final loan disbursement occurs, charges some administrative processing charges – these are not a much higher percentage of the personal loan – generally, the range of the loan processing fees is between 0-2% (excluding taxes); but the final details may vary.

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What is Prepayment?

In the context of personal loans, pre-payment refers to the loan repayment done before the decided tenure. Though many financial institutions offer zero foreclosure charges, the final details depend individually on the financial institution.

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Planning a Personal Loan

There are various factors that must be considered while you plan a personal loan. From your monthly income to monthly expenses – every inflow and outflow of your money needs to be kept in mind while planning a personal loan. Also, you can have much clarity with the EMI calculator.

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Aspects Considered For Personal Loan Interest Rate & Other Specifics

As there is no collateral guarantee provided to the lender, the loan applicant's profile is the only aspect that reflects the repayment capabilities. Generally, the following are the factors that are put into consideration:

• CIBIL Score/Credit Score
• Repayment History
• Ongoing Loan/Debts
• Current Income

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Fixed Rate Personal Loan

This option is great to be on the safer side as there is no guarantee of market fluctuations! Having a fixed interest rate also helps you in planning the repayment in an efficient manner. For the ones who want to be safe from the market ups and downs, the fixed rate personal loan remains the ideal choice.