Personal loans are an excellent way to finance large purchases or consolidate debt. When contemplating a Personal loan, it is essential to consider important factors like interest rates along with the time of disbursement, processing charges, and associated fees.

Piramal Finance gives instant personal loan at low rates with minimum processing fees, and no charges for early repayment.

How to Get the Lowest Personal Loan Interest Rate?

You can get a low-rate interest personal loan from Piramal Finance based on your credit score, employment, income, and age.

Income and Employment Status

Your income and employment status can determine your ability to repay the loan. Having a steady job increases your chances of getting low interest personal loans. Essentially, Piramal Finance requires proof of income and a stable job before approving a loan.

Credit Score

Your credit score is one of the significant factors affecting personal loan interest rate. If you have a good credit score, Piramal Finance will likely offer you lower personal loan rates. Make sure to pay your previous loans & bills on time and keep balances low on your credit cards.

Age

Younger applicants can usually repay loans better than older applicants. Consequently, younger applicants are eligible for lower interest rates compared to their older counterparts.

Timely Repayments

Missing repayments will harm your credit score. Always pay on time or contact Piramal Finance if you have trouble. They can assist you in finding a solution.

Discounts & Offers

Piramal Finance promotes various offers on personal loan interest rates, so make sure you are aware of what is available.

Personal Loan Interest Rates – Features & Charges

Get a loan at competitive fees & Interest rates. Below is the table for our fees and charges –

Personal Loan Features & Fees	Details

Personal Loan Interest Rates	12.99%* p.a. onwards
Loan Amount	₹ 25,000 to ₹ 5,00,000
Processing Fees	Up to 5% plus applicable taxes
Loan Tenure	3 - 60 months
Prepayment Charges	₹ 0
Foreclosure Charges	₹ 0
Stamp Duty	At actuals (as per state)
Cheque Bounce Charges	₹ 500 plus applicable taxes
EMI Bounce Charges	₹ 500 plus applicable taxes
EMI Pickup/Collection Charges	₹ 250 per visit plus applicable taxes
Cash Collection Charges	1% of collection amount of Rs. 50000 and above in cash + taxes
Change of Loan Repayment Mode	₹ 500 plus applicable taxes
Loan Cancellation after Disbursement	Interest accrued & due plus applicable taxes
Loan Repayment Schedule (applicable for physical copies only)	₹ 500 plus applicable taxes

Change of Loan Repayment Mode

₹ 1000 plus applicable taxes

How to Calculate Personal Loan Interest Rate?

The personal loan ROI can change depending on numerous factors, such as

Credit Score: A higher credit score can help you secure a lower interest rate on a personal loan
Loan Term: A shorter personal loan term generally comes with a lower rate of interest
Other Factors: Income, employment status & age are some of the key factors in determining the personal loan interest rate

Once you obtain the loan amount and interest rate, you can calculate your monthly EMI using the formula below.

EMI = P x R x (1+R) ^N / [(1+R) ^N-1]

Here,
P - Principal
R - Rate of Interest (Monthly)
N - Loan Tenure

Calculating personal loan interest manually is complex, better to use a Personal Loan EMI Calculator.

Personal Loan Interest Rate Calculator

Salaried people with a minimum monthly salary of ₹15,000/- can apply for an instant loan.

Personal Loan EMI Calculator
Personal Loan Eligibility Calculator

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Loan Tenure (Years)

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Interest Rate (% p.a)

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Your Personal loan EMI is

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Principal amount

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Interest amount

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Types of Interest Rates in Personal Loan

Interest rates come in two forms, fixed and variable. Let us have a look at all the primary features

Fixed Interest Rate	Floating Interest Rate

Interest rate for personal loan remain constant	Interest rate changes as per the market conditions
You will need to pay a constant amount of EMI during the entire repayment period.	The EMI amount may vary during the repayment period
Benefits - provides stability, suitable for large tickets purchases.	Benefits – provides flexibility, adjusts as per prevailing market rates

Ideal for loan borrows who are not willing to take risks

Suitable for loan borrowers who can take risks

Fixed and floating interest rates have advantages and disadvantages; consider all factors before deciding.