Personal Loan: Taking a personal loan can be expensive this year. The reason for this is the increase in risk weightage by RBI from 100 percent to 125 percent.
In view of the rapidly increasing trend of unsecured loans in the country, a new rule has been issued by the Reserve Bank of India i.e. RBI. After the implementation of this rule, taking an unsecured loan like personal loan will become costlier than before and you will have to pay more interest for the loan.
What is the new rule?
RBI has increased the risk weightage in consumer credit from 100 percent to 125 percent. This will increase the lending cost of the company and its direct impact will be on the bank’s customers and they will have to pay more interest on the loan. In such a situation, all the loan giving companies will have to follow this rule, for which the deadline has been given till February 29, 2024.
For example, earlier a bank had to keep a risk weight of 100 percent i.e. Rs 100 on a personal loan of Rs 100. Under the new rule it has now been increased to 125 percent. This means that now for a loan of Rs 100, banks will have to keep a risk weightage of Rs 125. In such a situation, the cost of personal loan has increased for banks. This will have a direct impact on customers taking personal loans.
Personal loan interest rates in banks
- SBI Personal Loan Interest Rate 11.15% – 15.30%
- HDFC Personal Loan interest rates starting from 10.50%
- Axis Bank Personal Loan interest rates starting from 10.49%
- ICICI Personal Loan interest rates starting from 10.65%
- BOB Personal Loan Interest Rate 11.40% – 18.75%
- PNB Personal Loan Interest Rate 10.40% – 16.95%
- Bajaj Finance Personal Loan interest rates starting from 11.00%
- Canara Bank Personal Loan Interest Rate 10.65% – 15.65%
- IDFC Personal Loan Interest Rates Starting From 10.75%
- Yes Bank Personal Loan interest rates starting from 10.99%
- Navi Personal Loan Interest Rates 9.90% – 45.00%
- Union Bank Personal Loan Interest Rates 11.35% – 15.45%
- Indian Bank Personal Loan Interest Rate 10.00% – 15.00%
- Bank of India Personal Loan Interest Rate 10.75% – 14.75%
- Tata Capital Personal Loan interest rates starting from 10.99%
- Kotak Personal Loan interest rates starting from 10.99%
- Bandhan Bank Personal Loan interest rates start from 11.55%
