Personal Loan Interest Rate

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What is a Personal Loan Interest Rate?

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A personal loan interest rate is the cost of borrowing, shown as a percentage of the loan amount charged by the lender each year. It is what you pay in addition to repaying the principal. You may see a nominal interest rate, which is the quoted annual rate and an effective interest rate, which reflects the overall borrowing cost after considering applicable fees and charges. The interest rate offered can vary based on your credit profile, income and loan terms and even a small difference in the interest rate can affect the total amount you repay over the tenure.
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Personal Loan Interest Rate & Charges

The interest rate is only one part of your borrowing cost. Reviewing the applicable charges can give you a clearer picture of your overall repayment. The exact interest rate offered to you depends on your profile and the loan terms. All rates and charges are subject to change at the discretion of Godrej Capital, so refer to your sanction letter for the figures that apply to your loan.

Component Applicable rate or charge
Interest rate range 10.25% to 18% per annum
Processing fee Up to 4% of the loan amount
Foreclosure charges Minimum charge Upto 4%
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How to Calculate Personal Loan Interest

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Personal Loan interest is calculated using the standard EMI formula, which considers the loan amount, interest rate and repayment tenure. Your EMI is worked out using a standard formula:

EMI = [P × R × (1+R)^N] / [(1+R)^N − 1]

Here, P is the principal, R is the monthly interest rate and N is the tenure in months.

Interest can be charged in two ways and the difference is large. Under the reducing-balance method, interest applies only to the outstanding principal, which decreases with each EMI. Under the flat method, interest is charged on the principal for the entire tenure. Personal Loans use a reducing-balance method, which is less expensive.

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Factors Affecting Personal Loan Interest Rates

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When considering a personal loan, various factors can influence the interest rate you are offered.

  • Credit score: A healthy CIBIL score of 700 or above can strengthen your eligibility for better loan terms.
  • Income and repayment capacity: A stable and sufficient income helps demonstrate your ability to repay the loan.
  • Employment and job stability: Consistent employment and a strong work history can support your application.
  • Existing obligations (FOIR): Lower ongoing EMIs relative to your income can improve your borrowing capacity.
  • Loan amount and tenure: The requested loan amount and repayment period are considered in the application assessment.
  • Relationship with the lender: An existing relationship and positive repayment track record may be considered.

These factors help determine the interest rate and terms applicable to your personal loan.

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Personal Loan EMI Calculator

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Use the Personal Loan EMI Calculator to estimate your monthly EMI, total interest payable and total repayment amount based on the loan amount, tenure and applicable personal loan ROI (Rate of Interest). Adjust the inputs to compare different repayment scenarios and plan your budget with greater clarity.
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*Disclaimer: All contents mentioned on this page, including documents, eligibility , Interest rate may vary for each borrower and are subject to the lender's discretion. The content is subject to change without prior notice.

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