Lowest Personal Loan Interest Rates in India


When a bank provides you financial service, they earn through the interest rate which is charged. Therefore, you can find a range of personal loan interest rates in India today. These percentages vary on several different criteria.

Whether you are a first-time borrower of an online personal loan or have done it in the past, keeping track of all these criteria can come in handy.

It is even more so because there are banks and financial institutions that keep changing their requirements with the latest trends and RBI rules.

However, there are certain personal loan eligibility criteria that never change and can lead to better personal loan interest rates. Here is a list of some of them!

1. Borrower’s age

The age of the person applying for a financial service matters a lot these days. If you are someone who is above the age of 55, then it might be a little difficult for you to acquire financing services. Even if you do, then the personal loan interest rates offered may be significantly high. It is mainly because the risk involved for the creditor is higher. Similarly, anyone who is below the age of 23 can also not be eligible to get a personal loan. It is since their income source will not be persistent enough.

2. Income

Income is another critical factor that can lead to better personal loan interest rates. Depending on the city where you reside, there is a set income bracket that you must fall under. For instance, if you are someone who lives in Jodhpur, Rajkot, Calicut, or Goa, then your minimum salary should be Rs.25,000 per month. On the other hand, if you live in a metropolitan like Bangalore, Mumbai, Delhi, or Pune, then a minimum of Rs.35,000 salary per month is required to get a personal loan.

3. Credit score

We have all heard about credit scores and how they work. But it is of great importance when it comes to borrowing personal loans in India. An average credit score of 750 is ideal when you are looking to get a personal loan online. In case you do not know about your current credit rating, then you can generate free reports online as well using different websites. Most financing agencies offer CIBIL calculators just like a loan calculator to borrowers.

4. Employment type

Your employment is a factor in getting better personal loan interest rates as well. For instance, if you are working for a multinational located in a big city, then it becomes much easier for you to get a personal loan. Similarly, if you are working for a company that does not have a strong industrial presence or is a start-up, then there might be a chance that the lender takes time to process your loan.

5. Rapport with bank

Lastly, the bond you have with your financing organization or bank can also help you get good personal loan interest rates. Customers who have been linked with their bank or financing institute for many years find it easy to borrow personal loans these days. It is mainly because the bank already has some trust factor involved with the client, which makes the verification process simple.


Bajaj Finserv brings to you financial services like personal loan, business loan, home loan, and more. You will also be able to find pre-approved offers for each of their financial services. These deals have been created to reduce the loan processing time in half and make it completely hassle-free.


If you wish to view your pre-approved loan offers, then submit your name and contact information today!