Kotak offers personal loans at a reasonable interest rate starting from 10.75% p.a. However, the rate may vary depending upon a customer’s profile, income, previous credit record, among other factors.
Yes, it most certainly will. If you have a track record of not paying your credit card dues on time or have pending installments for previous debt, you are less likely to be approved.
Yes, a CIBIL score or a credit score is among the first factors loan providers check because it reflects your creditworthiness. People with a low score can still get a personal loan.
Yes, it is possible to secure the lowest personal loan interest rate with a poor credit rating. The easiest way of doing so is offering collateral, which might help your loan provider trust you.
Certainly! It is a possible outcome for those loan seekers with a high CIBIL score and a positive rapport with the lender.
While no guideline mandates a bank to entertain queries regarding a reduction, you may be able to get a lower interest rate for your personal loan than the rest of the applicants.
No. We realize that interest rates can make a loan far more expensive than it has to be; however, do not fall into the trap of low-interest rate loans. Always read the documents to understand the hidden charges better.
Not if you have opted for a personal loan with a fixed interest rate. However, if you have opted for a variable interest rate, your interest rate will change as per the new lending guidelines provided by RBI.
While there is no set frequency, you can expect a change every time RBI guidelines on Repo-linked Lending Rate (RLLR) change.
Yes, you can do this if you have opted for monthly/daily reducing adjustable interest rate personal loans. After every installment you pay, the outstanding amount becomes the new principal, and the bank will periodically calculate the new interest rate.
