Interest Rates for Personal Loans
Enjoy low personal loan interest rates for affordable repayments. Choose Aditya Birla Capital Personal Loans and instantly find your loan's expected EMI.
- Easy & flexible repayment options
- Easy application process with quick sanctions
- Online EMI calculator for quick calculations
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Personal Loan Interest Rates for 2024
Find out the interest payable on Aditya Birla Capital Personal Loan to plan your repayments effectively.
Loans up to 12 months
Interest is calculated on the Short Term Reference Rate (STRR).
STRR w.e.f. from March 1, 2024 is 19.45% p.a.
For Self Employed Non Professional
Interest is calculated on the Long Term Reference Rate (LTRR).
LTRR w.e.f. from March 1, 2024 is 20.45% p.a.
Fees and Charges for Personal Loan
Charge Type
Amount
Processing fees
Up to 4% of the loan sanctioned amount
Cheque Return charges
₹1000 + GST per instance
Penal charges (charges levied for non-payment of overdue amount)
3% p.m. (36% p.a.) on the overdue amount for the delayed period
Penal charges for non-compliance with material terms and conditions (covenants / stipulated conditions) mentioned in the Sanction Letter / Loan Agreement, wherever applicable
2% p.a. on the outstanding loan amount till the date of compliance
Charges for cancellation of Loan
4% of loan amount disbursed + applicable taxes
CIBIL report retrieval fees
Rs. 50 per instance for Consumer and Rs. 500 per instance for commercial CIBIL/Credit Report
Charge for Exchanging PDCs / ECS
₹750 + GST per instance
Loan re – schedule charges
₹5000 + GST per instance
Stamp Duty
As per Actual if applicable
Insurance Premium
As per Actual if applicable
Pre – closure Quote
₹1000 + GST per instance
Any other charges
As per Actual if applicable
Duplicate No Due Certificate issuance charges
Rs. 500 per instance
Foreclosure Charges
- For Term Loan:
- Upto 4% of the principal outstanding amount
- For Flexi Loan:
- Upto 4% of the total withdrawable amount
- Conditions: : Foreclosure is allowed only after 12 months from the date of disbursal of loan.
Part Pre-payment charges
- For Term Loan:
- a) NIL charges – if part pre-payment is equal to 20% of principal outstanding amount
- b) Upto 4% on remaining loan amount – if part pre-payment is greater than 20% of principal outstanding amount
- Conditions:
- a) No pre-payment is allowed in first 12 months from the date of disbursement
- b) Part pre-payment amount should be equal to OR greater than total of 3 EMIs
- For Flexi Loan:
- a) No charges for payments through mobile app/portal.
- b) Part pre-payment of loan facility toward limit reduction is not available
How to Reduce Personal Loan Interest Rates
There are ways in which you can reduce the interest rates on your Personal Loan. These ways are as follows –
Good credit score
Improve your credit score. A high score shows that you are creditworthy and reduces default risk. As such, lenders tend to offer borrowers with high scores lower interest rates.
Negotiation
You can negotiate Personal Loan interest rates with the lender. You can get a lower interest rate if you have a high credit score and favourable eligibility parameters.
Shorter tenure
Choosing a shorter repayment tenure does not alter the interest rates, but it reduces your overall interest outgo on the loan. As the interest component reduces, you can save on repayments.
Tax Planning
Save Tax, invest more,
reach goals
- Tax-saving options, one click
- Save tax under different sections
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