Get your Personal Loan from MyMudra

Personal loan: You want it, you got it. Just apply for it.

If you want to avail of a personal loan for any of your reason(s), then you can simply put forward your candidature with us. We will arrange for the best available loan option for you with a minimal rate and fewer pre-conditions.

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Personal Loan Interest Rates & Processing Fees


Personal loans offered by My Mudra are multi-purpose loans that you can use according to your needs and discretion.

The interest rate on a personal loan offered by financial institutions depends on several factors, such as the desired loan amount, credit score, income, etc.

 

Lenders

Interest Rates (p.a.)

Processing Fees* (Rs.)

State Bank of India

9.60% - 13.85%

Upto 2.50% Min Rs. 999

HDFC Bank

10.25% - 21.00%

@Up to 2.5%

State Bank of India

9.60% - 13.85%

Upto 2.50% Min Rs. 999

HDFC Bank

10.25% - 21.00%

@Up to 2.5%

State Bank of India

9.60% - 13.85%

Upto 2.50% Min Rs. 999

HDFC Bank

10.25% - 21.00%

@Up to 2.5%

State Bank of India

9.60% - 13.85%

Upto 2.50% Min Rs. 999

HDFC Bank

10.25% - 21.00%

@Up to 2.5%

State Bank of India

9.60% - 13.85%

Upto 2.50% Min Rs. 999

HDFC Bank

10.25% - 21.00%

@Up to 2.5%

 

*The above figures are subject to change and GST applicable in addition to the above charges. Interest rates are updated as on March 2022. The processing fee is charged on the sanctioned loan amount.

Types of personal-loan Interest Rate

There are two kinds of personal-loan interest rates: fixed and floating.

Fixed Interest Rate

Here, the rate of interest charged on the personal-loan amount will remain constant throughout the loan repayment period. You know your personal-loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.

Floating Interest Rate

Here, personal-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 personal-loan interest rate makes it difficult for you to ascertain your monthly financial obligation.

personal-loan Interest Calculation Method

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 personal-loan will be considered and calculated on the basis of the outstanding loan amount.

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