Aditya Birla Finance Personal Loan Interest Rates

4.5

Aditya Birla, one of India's biggest banks, provides various services in the personal loan industry. The personal loans offered by Aditya Birla can be used to cover any urgent financial need, such as a wedding, medical procedures, home repairs, trip for enjoyment, etc.

  • Personal Loan offer for You

  • 13% - 28%

    Interest Rate (p.a.)
  • ₹1L - ₹30L

    Tenure(1 - 7 Years)
  • ₹2,275 - ₹3,114

    EMI Per Lakh
  • 13% - 28%

    Interest Rate (p.a.)
  • ₹1L - ₹30L

    Tenure(1 - 7 Years)
  • Up to 3% of the loan amount

    Processing Fee

Compare Aditya Birla Finance Personal Loan Interest Rates with Other Lenders

Each lender claims to provide personal loans with attractive interest rates. Thus, it becomes incredibly hard to choose the best lender. The following table compares the personal loan interest rate in Aditya Birla Finance Limited with other lenders. Go through the table below to get a deeper understanding of the personal loan offered by the various lenders and choose the best one.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • Prefr PL Interest Rate

  • 15% - 36%

  • 3-5% with Minimum Proc. Fee of INR 1500 + GST

  • 4.5

  • ₹50K - ₹5L

    Tenure(1 - 4 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Several factors contribute to determining the personal loan interest rates in Aditya Birla Finance Limited (ABFL). The annual percentage interest rate ranges between 13% and 28% per annum (pa). The repayment tenure ranges between 12 and 84 months. The Aditya Birla Finance Limited personal loan interest rates are fixed throughout the tenure.

Aditya Birla Finance Limited Personal Loan Interest Rates for Salaried and Self-Employed

ABFL offers personal loans to both salaried and self-employed individuals. They can avail of the minimum loan amount of INR 1 lakh and a maximum amount of INR 50 lakhs. The interest rates are determined based on their eligibility, credit score, amount, and tenure.

The Aditya Birla Finance Limited personal loan current interest rate for salaried and self-employed applicants is given in the table below:

Self-Employed 13% - 28% pa
Salaried Employees 13% - 28% pa

Note: The interest rates mentioned above are dated January 30, 2023.

Aditya Birla Finance Limited personal loan interest rate for salary account

Applicants having a salary account with Aditya Bira Finance Limited get additional benefits. The Aditya Birla Finance Limited PL interest rate for applicants having a salary account starts from 13% pa and can go up to 28% pa. This low-interest rate makes ABFL a good option for borrowers.

Aditya Birla Finance Limited pre-approved personal loan interest rate

Applicants can get their loans pre-approved with ABFL at an attractive interest rate. The pre-approved personal loan interest rates in Aditya Birla Finance Limited range between 13% and 28% pa. This interest rate is for January 2023, and the lender holds the full power to change the interest rates as per the change in the essential points of reference rates.

Aditya Birla Finance Limited Personal Loan Balance Transfer Interest Rates

A balance loan transfer facility is offered to the people at Aditya Birla Finance Limited. This allows an individual to transfer the remaining balance of their existing personal loan to ABFL at lower interest rates, better repayment terms and other benefits.

The Aditya Birla Finance Limited personal loan interest rates on balance transfer range from 13% to 28% pa.

Aditya Birla Finance Limited Personal Loan Interest Rates and Charges

A lender charges various fees and charges to carry out the process of sanctioning a loan. The following table lists the personal loan interest rate of Aditya Birla Finance Limited 2023 and other fees and charges that applicants are required to pay.

Particulars Rates, Fees and Charges
Annualised Interest Rate 13% - 28% pa
Processing Fees 3% plus GST of the loan amount
Foreclosure Charges 4% on POS plus GST
Pre-closure Charges INR 1,000 plus GST
Cheque Return Charges INR 500 plus GST
CIBIL Report Retrieval Charges INR 100 plus GST
Stamp Duty As per actuals
Loan Cancellation Charges 4% of loan amount plus GST
Default penal charges 3% of pending amount per month
Insurance premium As per actuals
CIBIL report retrieval charges INR 100 plus GSTx
Part Pre-payment Charges
  • Part pre-payment up to 20% of the total amount disbursed- NIL
  • Part pre-payment more than 20% of the total amount disbursed- 3% plus GST

Note: The information mentioned above is for January 2023.

Factors Affecting Aditya Birla Finance Limited Personal Loan Interest Rates

The following factors affect the personal loan interest rates in Aditya Birla Finance Limited. Applicants must go through these factors before applying for the loan to ensure they get the rate they deserve.

Credit Score

A credit score is a numerical representation of your credit history between 300 and 900. Most lenders consider a credit score of 750 or higher to be favourable. If your credit score is above 800 and close to 900, you may be able to negotiate a lower interest rate with your lender.

Repayment History

If this is your first loan, you may not have much wiggle room with the lender. If you have a good repayment history with other loans, you can use this to negotiate the best interest rate with your lender.

Employment Status

When reviewing loan applications, lenders look at your employment history. While most lenders require a minimum of one year of experience in the same job, having more experience can help you get the best interest rates.

Employer’s Credibility

Yes, you read that correctly! Your employer's status is critical in determining the Aditya Birla Finance Limited personal loan interest rates. For example, if you work for the government or a reputable MNC, you will be offered a lower interest rate and vice versa.

Age

The applicant's earning potential is determined by their age. An applicant who meets the eligibility requirements receives an interest rate based on age. A younger applicant, for example, is more likely to get better interest rates.

How to Calculate Aditya Birla Finance Limited Personal Loan Interest/EMI

Applicants can employ Aditya Birla Finance Limited personal loan interest calculator to calculate the Equated Monthly Installment or EMI they are required to pay as repayment. To calculate the EMI, they simply need to enter the loan amount, tenure and Aditya Birla Finance Limited personal loan rate of interest, and the required result will be displayed in a few seconds. However, this calculation can be done manually as well. The following formula is used for calculating EMI.

EMI = P x [R x (1+R)^n]/[{(1 + R) ^ n}-1]

Here,

  • EMI = Equated Monthly Installment amount
  • P = Approved loan amount
  • R = Periodic interest rate
  • n = Repayment tenure

How to Get Low-Interest Rates on Aditya Birla Finance Limited Personal Loan?

The following factors can help an applicant get a lower interest rate for a personal loan from Aditya Birla Finance Limited.

Improve Credit Score

A score of 750 or higher is generally regarded as satisfactory. A good credit score improves your ability to obtain new credit and allows you to obtain the loan amount you want with the repayment term you want at a reasonable interest rate. Improve your credit history to get the best personal loan interest rate. Make on-time EMI payments and pay off any outstanding debts to improve your creditworthiness.

Avoid Missing Repayments

Despite funds' availability, and some people fail to make their EMI payments. They harm their credit history and borrowing capacity, including future loan interest rates.

Always Be on the Lookout

Banks, financial institutions, and loan lenders have special offers and deals during the holiday season. You must keep your eyes open during all festive seasons and occasions to get a better deal. Deals and offers are available during the company's anniversary or the owner's birthday. So make sure you look into that as well. If you apply for a personal loan while an offer is running, you can get a lower interest rate on your application.

Compare Different Lenders

Personal loans are available from various financial institutions at varying interest rates. Consider all of your options before making a decision. Choose the lender with the lowest interest rate for a personal loan in India.

Negotiate

If you have a good credit history and profile, you can negotiate the personal loan interest rate with your lender. This method may even get you the lowest interest rate on a personal loan.

Personal Loan by Other Banks

Frequently Asked Questions (FAQs)

What is the current interest rate of Aditya Birla Finance Limited's loan?

Aditya Birla Finance Limited’s personal loan current interest rate starts from 13% pa. It can go up to 28% p.a.

How can I reduce my interest in Aditya Birla Finance Limited's personal loan?

To reduce your Aditya Birla Finance Limited interest rate on a personal loan, you must improve your credit score, extend your repayment tenure, negotiate better terms and make timely repayments.

Is Aditya Birla Finance Limited's personal loan a floating or fixed-rate loan?

Aditya Birla Finance Limited’s personal loan is a fixed-rate loan.

Do Aditya Birla Finance Limited demand collateral or security for personal loans?

No, Aditya Birla Finance Limited does not demand collateral or security for personal loans.

Can individuals pay off their Aditya Birla Finance Limited loans EMI early?

Individuals can pay off their Aditya Birla Finance Limited loans EMI early. However, they will have to pay the pre-payment charges set by ABFL.

What is the EMI for a 1 lakh personal loan?

The EMI for INR 1 lakh personal loan with a repayment period of one year and Aditya Birla Finance Limited personal loan current interest rate of 13% pa is INR 8,932.

What is the EMI for a 10 lakh personal loan?

The EMI for INR 10 lakh personal loan with a repayment period of one year and Aditya Birla Finance Limited personal loan current interest rate of 13% pa is INR 89,317.

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