What is the interest rate for personal loans in 2025?

Answer

A:

As of 2025, personal loan interest rates in India generally range from 10% to 24% per annum. The exact rate depends on various factors such as:

• Your credit score and credit history

• Your income stability and repayment capacity

• The loan amount and repayment tenure

• The lender’s policies (banks, NBFCs, or digital lenders)

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Typical Interest Rate Ranges:

• Public sector banks: Usually offer rates between 10% to 15%.

• Private sector banks: Interest rates mostly fall in the range of 10.5% to 18%.

• NBFCs and digital lenders: Rates can vary widely, from around 11% up to 24% or more, especially if the borrower has a low credit score.

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Impact of RBI Policy:

The Reserve Bank of India (RBI) reduced the repo rate recently, which may lead to some easing of personal loan interest rates. However, personal loans often have fixed or slightly variable rates, so changes might be gradual.

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How to Get a Lower Interest Rate:

• Maintain a good credit score (750 and above).

• Provide proof of stable income.

• Opt for a shorter loan tenure.

• Consider secured loans by offering collateral.

• Build a good relationship with your existing bank or lender.

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If you want personalized help or advice on securing the best personal loan rates, feel free to contact:

 Visit:  www.legals365.com
Call: +91 9625961599

Advocate B.K. Singh and the team are here to assist you!

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