Check Personal Loan Interest Rates All Banks Here

A personal loan at a desirable rate is all that a borrower would want. If you are also looking for different options where you can get a suitable rate, you must know that some of the top banks in India such as SBI, HDFC Bank, ICICI Bank, Bajaj Finserv are offering personal loans at a very low rate of interest. In this article, you can check the rates offered by each of the lenders and later check the calculation done for EMI.

It is very important that you compare all the deals in advance so that you can repay the loan without any hurdle. You can check the personal loan interest rates at some of the top banks in India.

ICICI Personal Loan Interest Rate

ICICI Bank calculates the final interest rate on the basis of MCLR and Base Rate. Presently, the rates are one of the lowest personal loan interest rates in India with the rates from 10.99% per annum onwards.

Bajaj Finserv Personal Loan Interest Rate

On personal loans, the rate of interest offered by Bajaj Finserv is available starting from 10.99% per annum. The maximum loan amount you can get is ₹25 lakhs. There is also an option of flexi loans the details of which can be checked on the official website of Bajaj Finserv.

SBI Personal Loan Interest Rates

The bank offers personal loans at floating rate of interest based on 2-year MCLR which is presently 8.10% p.a. At present, the starting rate of interest for personal loans is 11.35% per annum.

Kotak Mahindra Bank Personal Loan Interest Rate

A personal loan at Kotak Bank is available at the starting rate of 10.99% per annum.

HDFC Personal Loan Interest Rate

HDFC bank offers personal loan interest rates starting from 10.99% per annum up to 20.75 % per annum.

Axis Bank Personal Loan Interest Rate

The interest rate is one of the lowest interest rates on a personal loan and presently ranges from 15.50% to 24% per annum.

How can you calculate personal loan EMI?

EMI or equated monthly installment is calculated with the help of loan calculator. This tool is used to know the payments that a borrower is liable to pay to the lender. The EMI is dependent on the interest and principal each month for a particular period of time that is the loan tenure. This tool works on the basis of the following details:

  • Loan Amount
  • Tenure
  • Rate of Interest

Let us suppose that you have applied for a personal loan at Axis Bank and want to check your future so as to be prepared for the payment and manage your finances accordingly. Your loan amount is ₹15 lakhs, the tenure of 5 years and has been offered the interest rate of 15.50% p.a. by Axis Bank that is:

  • Loan Amount- ₹15,00,000
  • Tenure-5 years
  • Interest Rate- 15.50% p.a.

The payments from your end will be as follows:

EMI: ₹36,080

Total Interest Outgo- ₹6,64,787

Total Amount (Interest + Principal) – ₹21,64,787

How can you apply for the loan?

You can apply for a personal loan through the official website of the bank. All you have to do is follow the below steps:

  • Fill up the loan application form with correct personal details like the name of the applicant/s, the income of the person who wants to take the loan and the profession, etc.
  • Submit the form along with the required documents and submit online

What are the documents required to apply for the loan?

The documentation process is simple and quick so as to make it convenient. Since there is no security needed, the process includes the below-listed document verification:

For Salaried:

  • Signed loan application form with photograph
  • Identity Proof- Copy of Passport/Voter ID Card/Driving License/PAN Card/Aadhar Card
  • Processing fee cheque
  • Latest 3 months bank statement (where salary/income is credited)
  • Last 3 months salary slips

For Self-employed:

  • Signed loan application form with photograph
  • Identity Proof- Copy of Passport/Voter ID Card/Driving License/PAN Card/Aadhar Card
  • Processing fee cheque
  • Latest 6 months bank statement
  • Income proof with last 2 years audited financials

 

How is a Home Loan Balance Transfer Beneficial for You?

When you take a home loan, you know that it is going to continue for a long long time maybe up to 30 years if you want. You are also aware that paying the EMIs is very important else your property will be sold by the lender. Thus, to avoid these unnecessary troubles, you can choose a lender which is offering a rate of interest that you can afford. Since the interest rate is the main factor in deciding the EMI, you have the choice to choose the lender according to your suitability or else there is an option to balance transfer.

A balance transfer facility is available in order to help you shift your loan to the lender which is offering a lower rate of interest as compared to the existing one. There are minimal charges on the transfer facility so that you can focus the difference between the rates. Below are the top banks offering lowest home loan rate where you can transfer your home loan.

Home loan rates at SBI

 At SBI, the interest rates on housing loans are available at the starting rate 8.30% per annum for women applicants and 8.35% per annum for other applicants. The maximum interest rate on the loan if 8.60% per annum which is also within the budget of the mass.

Home loan rates at HDFC Ltd

 The home loan is disbursed at the present rate of interest starting from 8.35% per annum and goes up to 8.95% per annum.

Home loan rates at LIC Housing Finance

The interest rate on a housing loan for variable loan amounts is mentioned below:

  • Up to ₹1 lakh to 35 lakhs- 8.35% p.a. (for women) and 8.40% p.a. (for others)
  • From ₹30 lakhs and ₹2 crores – 8.50% p.a. (for all)
  • From ₹2 crore to ₹5 crores- 8.70% p.a. (for all)

Home loan rates at Axis Bank

 The home loan rate at Axis Bank is presently at 8.35% per annum onwards. The processing fee applicable to home loans is up to 1% of the loan amount plus applicable taxes that is GST.

Home loan rates at Bank of Baroda

Bank of Baroda is among the top banks when it comes to home loans as the rates offered are very low and one of the lowest rates available in the market. The interest rate on home loans starts from 8.30% per annum and goes up to 9.30% per annum.

What is the home loan rate at IDFC Bank?

The rates applicable on home loans is floating. The rate is spread over 6 Month Year MCLR which is subject to change with the loan amount. The minimum rate spread is MCLR + 0.20% which is applicable up to the loan amount of ₹30 lakhs.

How can you calculate your home loan EMI?

 The calculation of EMI on a loan is done online through a loan EMI calculator. It is the easiest tool that helps you in calculating home loan EMIs in a few minutes. This tool takes into account the basic details of your home loan which are:

  • Loan amount
  • Tenure
  • Interest rate

Suppose, your current home loan is of ₹40 lakhs with the tenure of 25 years. The rate of interest at the present lender is 9.50% p.a. The EMIs you are currently paying is as follows:

EMI: ₹34,948

Total interest outgo: ₹64,84,360

Total amount: ₹1,04,84,360

However, if you transfer your home loan to a lender which might give you the rate of 8.30 % per annum if you match the eligibility criteria, you can save a lot of money.

Here is an example for your reference:

EMI: ₹31,672

Total interest outgo: ₹ 55,01,530

Total amount: ₹95,01,530

As you can see, the total saving on the loan is ₹9,82,830 which is a big amount and can be used for many purposes such as paying home loan EMIs without any hassle or buying a brand new car or going on a trip. Thus, make sure you choose the lender the lowest rate possible as per your eligibility so that you can save your money and use it in a productive manner.

Top 5 Advantages Of Giving Freebies To Customers

For you to achieve loyal customers, you need to satisfy their needs and even give more than they asked for. You need to be very giving to your customers to foster lasting relationship. Nonetheless, it all begins with unparalleled customer service and of course, freebies.

No one declines free stuffs. It will become your greatest business strategy so you should stick to it! How? Find out here top reasons why you should give freebies to your customers.

Freebies effortlessly creates a positive buzz towards your brand

The truth is, people love free stuffs. Giving out freebies allow new clients to get engage with your brand. It also adds interactive and a positive vibe against your brand. This happiness felt by your customers will then be shared to others, creating the much needed positive buzz towards your business.

Freebies encourages your customers to try out your other products

If you have a newly released product, it is important to let your customers know about it and how great it is. The most effective way to do so is to give away free items. Free product samples give your clients the chance to “test the waters”. Once they got pleased, they will surely get hooked in your products. Free items are the key tools to help diminish the hesitation of people towards your brand.

Freebies improves your relationship towards your customers

Every business has encountered that one specific time when a customer got upset at a given situation. During these times, a good customer service should take place. Resolve issues accordingly with your customers and win back their trust to your brand. You can do so by offering free items as a means of resolution to the issues you’ve encountered. If it isn’t that big fuss, they will eventually accept it right away.

Freebies creates a good image to your brand

Surely, it won’t hurt your business if you send away some of your items to your valued customers. Nonetheless, these free samples will generate a positive impact to your brand’s image and positive feedback will follow. When customers are appreciated and made special, they tend to think highly on your brand and towards your products. Getting something for free is a proven way of pleasing customers. Freebies will definitely outshine your competitors.

Freebies is your best commercial

You need to increase the publicity of your products so more people will know about it. Though there are a lot of effective ways to generate popularity among your brand, it is still the free items offered to your customers will matter most. Once the customer gets pleased by the free items, they will be interested in purchasing it later on. Moreover, freebies to your loyal customer will make them happy and will secure their loyalty in the long run.

Freebies means so much, more than you ever think of. You need to be generous in giving these free items to your customers so they will come back and buy your products in the later time.

Hidden Facts You Need to Know a CIBIL Report

Are you someone who is curious to know your credit score before applying for a loan or your favourite credit card? If yes, reading this article is going to be worth for you. Many people at the time of applying for a loan or a credit card pay much attention to the credit score and why not, it is undoubtedly one such crucial ingredient without which it is difficult for an individual to experience a smooth financial journey.

However, just like your credit score, there is another vital element that plays a key role in your overall loan journey, any guesses? Well, it is your CIBIL report. You read that right, my buddy! This report not only showcases your score but it includes a lot more information. So, without wasting any time further, let’s just get into the topic straight and discuss more of the same in the article below.

When it comes to CIBIL report, there is no denying the fact that it is a comprehensive unified document that not only contains the credit history across different lenders over a significant period of time but it also includes the details of an individual’s/corporate entity’s borrowing history and repayment record. Basically, this report includes the following:

The personal details of an individual such as Name, Age, Gender and Address

Employment Details and Total Earnings

Total number of hard inquiries made by the potential lenders on the receipt of a loan/credit card application

Previous and current loan records along with payment record

Defaults on loan/credit card (if any)

Total credit limit and monthly spend limit (credit utilization ratio)

Credit score

Moreover, with the help of this report, it becomes easy for the lenders to know the detailed information of an applicant’s creditworthiness on the basis of previous and current credit behaviour. After looking at the report and getting fully satisfied with the same, the lenders take their final decision. Now that you know the information this unified document usually contains, let’s just know how this report has been generated.

How is CIBIL Report Generated?

India’s first Credit Information Company known as Credit Information Bureau of India Limited Limited (CIBIL) is one such renowned agency that maintains and collects the records of all the individuals and non-individuals who has ever been involved in any credit-related transaction such as loan/credit card. This reputed company collects the records from numerous leading banking and NBFCs on a monthly basis. If we talk about the data, it includes new loan/credit card application, credit limit, interest rates, status of all applications, defaults or what not. The lenders always keep an eye on the financial history of an individual and after considering the above parameters, a detailed Credit Information Report (CIR) has been generated that also has a credit score. Now, you can say this detailed report is a gateway of an individual creditworthiness and after the deep analysis of the same, the lenders evaluate and approve the loan/credit applications.

However, one thing that needs to be mentioned here is the fact that if your report says that your credit score is poor, it would be a big problem for you as due to which you won’t be able to get the lucrative deal for a loan/credit card. That’s Right! If an individual is having a low score, he/she tries to improve the same by keeping certain key points in mind. And, if a person’s score is good, he/she ensures that it should always remain good, i.e. maintaining a good score is also an important practice that also required the much-needed attention.

If you pay all your bills/dues on time without a miss, if you maintain a healthy relationship with your lender/credit card issuer, if you don’t check your score on a regular basis and if you avoid applying for a loan/credit card at too many lenders are some of the key practices that one should always follow so that it not only helps in improving/maintaining a good score but the same will also reflect in the CIBIL report, which will work in the favour of an individual for his/her future loan/credit needs.

What Is the Canada Immigration Process from India?

The immigration process to Canada is mainly handled by the IRCC or Immigration, Refugee and Citizenship of Canada, which is a governmental body that sets and amends the regulations, rules and policies impacting the immigration systems for Canada, whether it be national or the state like the Provincial Nominee Programs. Canada is the nation where there is regular shortage of skilled workers and IRCC tends to introduce multiple pathways to allow foreign nationals to enter or migrate to Canada and join the workforce and work and live with Permanent Residence Visa. So, if you live in India and want to migrate to Canada, then it is important for you to know the Canada Immigration Process from India.

The Pathways for Migrating to Canada from India

There are many popular pathways for applying for PR visa and migrate to Canada from India. Some of the pathways for Indian Immigration to Canada are:

Quebec Skilled Worker Program

Provincial Nominee Programs

Express Entry Programs

Family Sponsorship

Details for Canada Immigration Process from India

Education Credential Assessment – This is the first step and you need to submit the document of ECA to support your PR profile on Express Entry. It will show your educational qualifications that it is equal to the Canadian educational system and hence you can get selected for immigration.

IELTS Language Ability Report – This is the language proficiency certificate which is one of the crucial documents to support your application. This will give you the points which you need to score to be eligible for the PR Visa. The Language ability not only shows that you are able to read, speak and write English in social settings.

Submit Express Entry Application – After you have all the required documents you need to submit the application online. You need to know that Express Entry Program offers several pathways for Indian Immigration to Canada and this includes:

Federal Skilled Trades Program

Canadian Experienced Class

Federal Skilled Worker Program

After creating the profile and choosing the pathway through which you want to apply for Canada PR, you are required to submit the online application and provide all the details that are asked like age, education, work experience and married or single.

Get CRS Score – Comporehsnive Ranking System is the score that would decide if you qualify for Indian Immigration to Canada or not. After creating the profile, you will receive the CRS Score based on your ranking of various factors that you have submitted like language ability, age, education, work experience and more.

Applying for PNP – The Provincial Nominee Program is the great way to secure your Indian Immigration to Canada via Express Entry Draw. There are 10 Provinces and each province has different criteria for immigration and hence you need to check the requirements before applying for PNP program.

Wait for Express Entry Draw – After fulfilling all the immigration requirements and receiving the CRS score and nomination for PNP program, you are required to wait for the Express Entry Draw. It usually takes 15 days.

Invitation to Apply for Nomination Certificate – Once you receive the ITA and get PNP Nomination, you can apply for Canada PR visa and move to Canada with PR visa in hand.