Personal Loan

Personal loan Interest rates, Charges and Fees in 2022


In today’s modern world, money is a necessity. People tend to take loans for their needs. Banks and different financial institutions provide personal loans. This loan comes with an interest. Interest is an extra amount to be paid above the principal amount. Personal loan interest rates are different for different financial institutions. Piramal is one of the leading providers with the best facilities, friendly environment and best offers. It provides you with many features and benefits while availing of a personal loan. Some of them are-

  1. There are zero prepayments when you apply for the loan.
  2. You can apply for loans ranging anywhere between 1 lakh and 10 lakhs.
  3. PIRAMAL provides you with a quick sanction of the amount with minimum documentation required.
  4. Customers can have flexible repayment schedules with friendly EMIs.
  5. The feature of clubbing is available in case of a higher loan amount.

Some detailed charges related to Personal Loan at PIRAMAL are-

Processing fees4% loan amount + Taxes (applicable)
Default Interest2% per month on default EMI
Documentation chargesUp to 0.5% of loan amount + Taxes (applicable)
Prepayment charges Up to 5% of the prepayment amount + Taxes (applicable)
Charges in case of Check Bounce500 INR + Taxes (applicable)
Any Legal chargesAt actuals + Taxes (applicable)
Charges related to recoveryAt actuals + Taxes (applicable)
Stamp Duty chargesAt actuals + Taxes (applicable)
Statutory charges At actuals + Taxes (applicable)
Charges for Physical copy of Loan Repayment schedule (if required)500 INR + Taxes (applicable)
Charges for change in Loan repayment mode (if required)500 INR + Taxes (applicable)
Charges for issuing Duplicate NOC (charges are just for a physical copy) 500 INR + Taxes (applicable)
Charges for Account statement (charges are just for a physical copy)500 INR + Taxes (applicable)

What is the Personal Loan Principle Amount?

This is the total amount of the loan. The interest is calculated on this amount. The time period is also decided by taking it in the term. The more the principal amount, the more is interest. The same goes for time. For example- you take a personal loan for 2 lakhs.

What is the Personal loan Interest Amount?

This is the extra money paid. The interest may vary. It can be different for different banks. It can also differ for states. The banks usually give offers to people for loans. They give loans and earn a lot. It is like a long-term investment for them. The amount they give, they get back. They also get a lot of money in form of interest. They can even take the property of the person if he or she fails to return the money within a given time.

To save yourself from interest, the best option is to reduce the period. Prepayment of loans can be useful too. The amount for prepayment can be calculated easily. It is calculated by a home loan prepayment calculator.

What is EMI?

EMI:  Its full form is equated to a monthly instalment. It is payable when you take a loan. You have to pay EMI every month. You have to continue paying until the principal amount dissolves. The EMI has 2 sections of money. One is the principal amount and the other is interest. The breakup of the amount gives EMI to be paid. The time period is also fixed. Even the date on which the EMI is to be paid is fixed. 

The documents which are required for a Personal Loan are-

  1. Any one of the Documents for identity proof
  • Copy of aadhaar card
  • Copy of passport
  • Copy of voter Id
  • Copy of the driving license
  1. Any one Document for address proof
  • Copy of aadhaar card
  • Copy of passport
  • Copy of voter Id
  • Copy of driving license
  1. Any one of the Documents to the process of KYC
  • Copy of aadhaar card
  • Copy of passport
  • Copy of voter Id
  • Copy of driving license
  1. Bank statement for at least the last 3 months 
  1. Passbook with records of at least the last 6 months
  1. Id card of the employee
  1. Proof of salary
  1. Latest salary slips
  1. Details of Co-applicant in case of clubbing

Factors which affect the personal loan interest rates-

The factors that affect the interest rates for personal loans are as follows-


This is one of the major factors which decides whether you are eligible for a personal loan or not. It decides the personal loan interest rates for you. You should always aim to have a good CIBIL score. Anything higher than 750 is a good score. You can have a good CIBIL score by paying your EMIs on time. Just don’t let the check bounce. Always have enough money in the bank before the due date of the EMI. This will help you maintain a good CIBIL score.

  1. INCOME 

Your income is a major deciding factor. The more the income, the more are your chances to get the loan. Higher income allows you to avail of the loan of your choice. It also provides a wide variety of options. 


The relationship you have with the financial institutions can also affect the rates. People tend to have close relations with some NBFCs. In simple words, being a regular customer. This can also affect the rates and concessions that you can avail. A previous banking or lending relationship can affect this to a great extent.


Thus, it is important to know all the charges related to personal loans beforehand. The interest rates differ as per the financial institutions. So you need to choose carefully. Piramal provides with best facilities. The friendly officials can help you with all your financial needs. You can avail of a personal loan with ultimate ease. Piramal is a one-stop solution for you. Check out