Personal Loan Interest Rates & Charges @ 1.5%* p.m. Loans up to ₹5 lakhs Easy Application No Documentation Apply Now Home Personal Loan Personal Loan Interest Rates Getting instant access to money has become easier than ever. Whether you’re out of money during an emergency or just want to splurge a little extra on a vacation, a personal loan is all you need. But an important factor that makes a personal loan affordable is the interest charged on it.The interest rate on the personal loan depends on many factors like your credit score, repayment history and credit report. The stronger your credit profile, the lower interest you will have to pay.Looking for minimum interest loans? On personal loan from Zype you can get personal loan up to ₹5 lakhs starting at just 1.5% per month.You can complete your application in less than 8 minutes, get approved within 60 seconds and get the money in your account on the same day. Borrow the money you need now and pay later in flexible EMIs.Interest on Personal Loan from ZypeIf you want the lowest personal loan interest rate, then download Zype! You can get up to ₹5 lakhs starting at just 1.5% interest per month.Refer to this table to understand all the applicable charges on your personal loan: Type of credit facility Interest Rates and charges applicablePersonal interest rateStarting at as low as 1.5% (monthly)Processing ChargesProcessing fees from 2% to 6% on every loanLate ChargesPenal interest & late fees will be charged to your total outstanding loan on daily basisHow to Calculate Personal Loan Interest RatesThe personal interest rate you’re charged on the loan is based on your credit profile.If you have a good credit score, clean repayment history and a strong credit profile, you can get a low interest personal loan.It’s always better to calculate your personal loan EMIs before taking the loan. You can compare offers across various lenders, plan your budget better and even be prepared for any unexpected expenses.Use this formula to calculate your EMIs.E = P x R x (1+R) ^N / [(1+R) ^N-1], whereP is the principal or loan amountE is your personal loan EMI amountR is the monthly interest rateN is the no. of months of EMI payment Types of Personal Loan Interest RatesWhen you’re applying for a personal loan, you may come across two types of interest rates:Fixed Interest RateA fixed interest rate is the one that remains constant throughout the loan tenure. This means that your EMI amount will not change at any given point.An advantage of choosing a personal loan with a fixed interest rate is that you can plan your budget in advance. Floating Interest RateA floating interest rate is one that is linked to a base rate decided by the RBI & can be affected due to various economic factors. That means the interest you pay on your loan could fluctuate when your base rate changes.Zype offers low interest personal loans that have a fixed interest rate starting at just 1.5% per month. Personal Loan EMI CalculatorLoan Amount (in rupee) 10,0005,00,000Interest Rate (in %) 134Loan Term (in months) 172Total Interest PayableTotal Payment (Principle + Interest)Your EMI is Factors that Affect Personal Loan Interest RatesIf you want to get the lowest personal loan interest rate, it’s important to know the factors affecting them. IncomeYour monthly income plays a significant role in determining your personal loan interest rate. If you have a high and steady income, you can get higher loan amounts at lower interest rates. Repayment HistoryOne of the first things that your lender will see before giving you a personal loan is your repayment history. If you pay all your EMIs on time, you can easily get low interest personal loans. Credit ScoreIf you want the best personal loan interest rates, make sure you have a good credit score. This is because it increases your credibility as a borrower and shows that you have experience handling credit.Step-by-Step Guide to Apply for a Personal LoanIf you want to take a low rate of interest loan and want a repayment tenure of at least 2 years, you should apply with a bank.But if you’re looking for an instant loan at a low interest rate and short repayment tenure, choose Zype! You can apply for a personal loan with minimum interest rate in these 6 simple steps.1) Download the Zype app from Play Store/AppStore & create your account.2) Complete the application by adding your PAN number along with some other basic details like your name & phone number.3) Get approved for a credit line within 60 seconds based on your credit profile.4) Add your Aadhaar number & do a selfie verification to complete your KYC to unlock your credit line.5) Select your desired loan amount & EMI option.6) Get the money directly in your account on the same day.Frequently Asked QuestionsWhat is a Good Interest Rate on a Personal Loan?The personal loan interest rate in India can range between 8.75% to 49.5% per annum. If your credit score is above 800, anything between 12% to 24% is considered a good interest rate, depending whether you’re borrowing from an NBFC or bank.Is 12% Interest on a Personal Loan Good?Yes, 12% interest on a personal loan is very good. The best personal loan interest rates in India are between 12% to 24%. But before finalizing your lender, you should always look at the current personal loan interest rates.How is the Personal Loan Interest Rate Calculated?Your personal loan interest rate is calculated based on many factors like your credit score, repayment history and credit profile.How to Get the Lowest Interest Rate on a Personal Loan?Want the lowest interest rate on a personal loan? Then download the Zype app! You can get up to ₹5 lakhs starting at just 1.5% interest per month.