Personal loan rates for an individual is defined by,
A. Applicants in higher category companies
Companies are categorised on the basis of their size and operation of business. Higher category company employees will get lower interest rates.
B. Applicant with good salary
Higher salary ensures better interest rates due to stability of income.
C. Applicant with good Credit History
Applicant with a good credit history is eligible for the best deal on personal loan.
D. Existing bank customers
Normally Banks give special offers to customers who have salary accounts with less rate and processing fee.