Manya Ghosh
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A recent survey shows that 67% of Indians have taken a personal loan for their financial requirements. However, many people are still unaware of the factors affecting personal loan interest rates.
Getting a personal loan is easy today, but understanding why your interest rate is higher (or lower) than someone else’s isn’t always obvious. From your credit score and job type to the Reserve Bank’s repo rate, several factors quietly shape the rate you get.
Let's lay them out in simple terms, so you can borrow more intelligently and perhaps even save yourself a few thousand rupees in interest along the way.
You’re already managing a home loan, but six months later, your child’s education costs rise and your car starts showing its age. And now you’re tempted to take a personal loan or maybe a car loan. Sound familiar?
Some weeks really test your patience, don’t they? The fridge stops cooling without any warning, the kids need new school items, and there’s a family function you can’t avoid.
Soon, your expenses start piling up, and savings tap out. That’s when you start comparing quick-cash options like an instant loan vs gold loan, to cover this gap.
Do you need a loan right away but don't know where to start? You are not the only one! Fearing rejection or a drawn-out application process, many Indians are hesitant to apply for quick online loans.
From learning a new language to booking a haircut at home, there’s an app for everything today. Need groceries? There’s an app. Want to meditate? There’s one for that too.
If your holiday plan is well-timed and a bargain, but not your savings, then a personal loan can help you travel now and pay later in EMIs without tapping your emergency balances.
India’s personal loan market is booming, expected to hit $26.05 billion by 2025.
This surge suggests that more Indians are opting for personal loans rather than pledging or borrowing money from family in times of crisis.
Amit and Reena, a salaried couple aged 30–34, living in Pune, planned a home renovation to upgrade their modular kitchen, electrical wiring, and use low-VOC paint.
Rakesh has an unexpected financial crunch. He needs funds quickly to cover his daughter’s college admission.