Personal Loan Interest Rates
At times, when life goes south and you are strapped monetarily, most of us resort to immediate financial support – a personal loan. A personal loan adequately fulfils our short-term and long-term financial needs without being too overbearing on us.
However, a loan carries interest with it. Interest is usually what a bank or an NBFC charges the borrower in lieu of lending the money. Simply put, your EMI or Equated Monthly Instalment is composed of principal amount and the applicable rate of interest.
Clix Capital, one of the leading money lenders in India, takes immense pride in keeping the best interest rates on personal loan to make sure a borrower doesn’t have to struggle to repay every month. Our rate of interest is the best and varies based on your application form specifics like credit score, net income, and amount of loan.
Before applying for an instant personal loan, you can check out our ‘Personal Loan EMI Calculator’ that gives you an idea of the expected EMI, loan period, and the amount of loan.
We Have a Bevy of Personal Loan Offerings!
Home Renovation/Expansion Loan
Clix Capital will provide you with the means to turn your house into a dream home!
Factors That Affect Personal Loan Interest Rate & Charges
When you apply for a personal loan, the first and foremost thing you consider is the rate of interest it carries. Different NBFCs have separate criteria but there are some factors that are common in every case.
The interest rates on personal loan vary and the top 5 criteria affecting it are:
- Net income
- Credit History
- Payment History
- Company that you’re working for
- Loan amount & type
How to Grab Personal Loan at Best Interest Rates from Clix Capital?
At Clix Capital, we ensure that we offer our best services and rates for a personal loan. However, there are various factors that contribute towards deciding the best rate of interest. If these factors are kept in check before applying, you can avail best rate of interest on your personal loan:
- Credit Score – A credit score, or creditworthiness of a borrower, is a top catalyst in getting the best rate of interest on personal loan Generally, a credit score of 630-900 is considered excellent for the purpose. Having a high credit score means you appear less risky to the lender.
This can be wisely achieved by keeping your credit utilization in check. Never exceed 30-40% of your available credit limit. First-time loan takers are advised to keep an adequate balance in their savings bank account and avoid cheque bounces to build a good credit score.
- Credit/Repayment History – If you’ve had a loan or credit card in the past, your payment history reflects on your credit score. If you’ve always been on time with the payments and have never missed a single instalment, you appear to be a low-risk loan taker and shows your fair intent of repayment.
That is sufficient to get you best rate of interest on personal loan at Clix Capital.
- Compare Money Lenders – Yet another way of getting best interest rate on personal loan is to compare the money lenders against factors as ease of disbursing the personal loan, rate of interest, EMI, formalities involved, and approval time.
Clix Capital offers the best interest rates on personal loans to borrowers within a flash and with the least amount of paperwork. At Clix Capital, it’s only the borrower’s convenience we’re concerned about.
- Loan Repayment Capacity – Monthly income of the borrower plays a crucial part when it comes to grabbing the lowest deals on interest rates. If the borrower’s monthly income is higher and spends wisely through the month leaving a fair amount in the savings bank account, it is considered to be a healthy picture.
Avail Best Rate of Interest on Personal Loan from Clix Capital
What matters to us most at Clix Capital is your convenience and that fuels us every day to offer you the best interest rates on personal loans.
Whatever your requirement – debt consolidation, wedding expenses, higher education, overseas vacation expenses, medical emergency. We have the funds to cover it for you.
Stop waiting and avail best offers on personal loans with interest rates to match to see your financial worries fading away!
To know more or check for your offer.
What Documents Do I Need to Provide?
Validly completed application form
- We will provide you with a run-of-the-mill application form to detail out all the information we need before processing your personal loan request.
Passport size photograph
- This photograph should be fairly recent and indicative of your current physical appearance.
Identify proof (PAN Card, Aadhaar Card, etc.)
- This can be either your Aadhaar Card, PAN Card, or Government ID (if you happen to be a government employee).
Address proof (Electricity Bill, Sale Agreement, etc.)
- Your Aadhaar Card is the go-to document here. In case your current address is not updated in Aadhaar card, one certified copy of any Official Valid Document (OVD) is required. These OVDs are either your Passport, Voter ID, or Driving License.
Income proof (Bank Account Statement, Salary Slips, etc.)
- This comes in the form of your latest one-month pay slip or Form 16 for the current year.
How Do I Apply for a Personal Loan from Clix Capital?
1. Fill out the application form. It only takes 3 minutes to do so!.
2. Check out & approve applicable interest rate, tenure and EMIs.
3. Congratulations! The personal loan is disbursed to your bank account.
What is the current interest rate of a Personal Loan?
Telling you a fixed number as the current interest rate of a Personal Loan in India would not help you take an informed decision. Reason being – the current interest rate is dependent on many factors including your credit rating, income, financial obligations, employment, and other crucial factors. You are most welcome to contact our representative who can help you calculate the interest rate eligible for you. Clix Capital personal interest rate begins at 18.50% pa and goes up to 29.99% pa.
What is the processing fee for a Personal Loan, and why is it charged?
Processing fees is simply the expenses charged against the effort for processing the loan applications, handling documents, verifying details, preparing the loan agreement, and a lot more. Keep in mind that the processing fees of Clix Capital varies as per the loan amount. These are non-refundable charges for loan applicants irrespective of whether the loan application is approved or rejected.
How do I get a Personal Loan with a low interest rate?
The process at Clix Capital cannot get simpler. All you have to do is fill up our online personal loan application, accept the loan offer and then you’re all set to get funds into your account. Go ahead and try it now! Personal Loan interest rates at Clix Capital depend directly on several factors, including your income, credit score, other financial obligations, employment, etc.
What is the foreclosure charge for Personal Loans?
Let us say you plan to prepay the loan amount before the tenure ends. It is known as foreclosing a loan. The fee you pay to foreclose a loan is the foreclosure charge. Don’t stress over it as it is usually a very small percentage of the outstanding loan balance.
How is the Personal Loan interest rate calculated?
We use your credit rating, income, job stability, and other crucial parameters to calculate the Personal Loan interest rate. Let us share how it is done traditionally – with a multiplier or fixed rate method. We suggest the modern way – a Personal Loan calculator. It is a free tool to quickly check the interest rate online.
What is the stamp duty charge for a Personal Loan?
It is not possible to share an absolute number as the stamp duty charge for Personal Loan. It varies for case to case and is usually a small percentage of the loan amount. Why don’t you get in touch with our customer care representative, and they will help you with the details!
How can I reach out to Clix Capital for any other information on my loan?
Clix Capital has a robust customer service centre that you can reach by calling the toll-free number +91-120-6465400. Customers may call on any working day from Monday to Saturday between 9:30 am-6:30 pm. You may also contact us by email at email@example.com for any queries or doubts about loans.