Your employment history and experience help the lender to determine the personal loan interest rate. It shows that you will be able to pay the loan amount within the agreed time frame without any failure.

Most financial institutions consider the applicant’s credit score when sanctioning a loan. You can certainly get a loan approval with a low credit score but it will be with a higher interest rate. If you are a salaried employee or self-employed person, a steady source of income plays an important role in getting approval for a personal loan.

Personal loan interest rates are fixed and floating. In the case of a fixed rate, the interest rate will remain the same throughout the loan tenure. However, in the case of floating rate, the interest rate may vary depending on the market conditions. At Muthoot Finance you can get the best personal loan interest rates.

You can check the total interest payout for your personal loan by multiplying the principal amount by the interest rate and the loan tenure.

The main difference between the reducing rate and flat interest rate is that in reducing rate, the interest rate is calculated under the diminishing rate. On the other hand, a flat interest rate is calculated on the principal loan amount. Applicants can also use the personal loan rate of interest calculator to find out their exact interest rate.

It completely depends on the lender from whom you are borrowing the loan amount. Different lenders have their own unique criteria to determine the limit on the loan amount. Usually, the lender takes certain factors into consideration such as the salary of the applicant and employment experience when sanctioning a low interest personal loan.

Yes, personal loan interest charges may change in case you have chosen a floating interest rate. Otherwise, it remains the same throughout the loan tenure.

Yes, personal loans charge interest on a monthly basis. The lender needs to make monthly payments towards the principal amount along with the interest charge until the end of the loan tenure. At Muthoot Finance, you can get the lowest personal loan interest rate if you have an excellent credit history.

Interest rate is the annual percentage charged by the lender for the loan amount. It is calculated on the basis of credit score, credit history and loan amount. Interest is paid by the lender on a monthly basis. You can also use the personal loan interest rate calculator for India designed by Muthoot Finance to find out the interest rate on your personal loan.