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Some fees and charges are levied on Holiday Loans which include interest rates, one-time processing fees, prepayment charges, etc. The interest rates charged by banks or financial institutions depend on the applicant’s profile. Based on the loan option, the interest rates may be substantially high.
You can choose between fixed and floating rates. The interest rates for Holiday Loans vary from 11% to 22%.
Here is the list of interest rates offered by some of the top banks:
|
Banks |
Interest Rates |
|
Kotak Mahindra bank |
10.99 - 19.65% |
|
Standard Chartered bank |
10.99 - 14.49% |
|
HDFC bank |
11.29 - 19.50% |
|
ICICI bank |
11.70 – 18.85% |
|
Bajaj Finserv |
11.99% onwards |
|
IndusInd bank |
12.99 - 20.00% |
|
SBI bank |
12.90 - 16.55% |
|
Citibank |
11.49% |
There are two kinds of Holiday Loan interest rates: fixed and floating.
Here, the rate of interest charged on the Holiday Loan amount will remain constant throughout the loan repayment period. You know your Holiday Loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.
Here, Holiday Loan interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating Holiday Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.
There are two methods to calculate interest: flat rate method and the reducing balance method.
In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the Holiday Loan will be considered and calculated on the basis of the outstanding loan amount.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
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