How is the Interest Rate on Personal Loan Calculated?
When a personal loan is taken, the borrower and the lender agree on an interest rate that will be charged for the principal amount. Of course, the borrower would have bargained for a low interest rate on this loan, and the lender would have scrutinised the individual’s creditworthiness and prevailing repo rate before finalising the deal.
Factors Affecting the Interest Rate
Commercial banks and non-bank lenders determine the interest rate on loans keeping in mind the Reserve Bank of India’s monetary policy. But various other factors like age of the borrower, work experience, and whether the borrower is salaried or self-employed also influence the interest rate. Apart from these, there are many other aspects that affect how a lender calculates the interest rate on a loan. For instance, the loan amount and the credit score—also known as the CIBIL score—play a part in the decision-making process and affect the rate of interest offered by the lender. To know more watch the full video
Key moments covered in the video are:-
00:00 Introduction to personal loan interest rate calculations
00:21 factors affecting personal loan interest rate
00:31 Personal loan repayment EMI
00:52 EMI on floating interest rate
01:12 Additional costs on personal loan
01:35 Prepayment charges
01:52 Why IIFL Finance persona loan is the best
#personalloan, #personalloaninterestrates, #iiflfinance
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