Personal loan interest rates are the percentage of interest you pay on the principal loan amount, calculated annually. RING offers personal loan interest rates starting from 18% up to 36% depending on your profile. The interest is calculated on the outstanding balance, and you only pay interest on the amount you borrow.
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About Our Personal Loan Rates
Looking for a loan that comes with pocket-friendly personal loan interest rates? RING has got your back! Whether you're eyeing a new gadget, planning a vacation, or dealing with an emergency, our personal loan interest rates are some of the best in the market. With no hidden charges and full transparency, you're in for a smooth ride from application to repayment. Say hello to instant loans and goodbye to endless paperwork!
Benefits of Personal Loan Rates
Instant approval, quick credit, and smooth transactions.
100% digital – from start to finish.
Flexible repayment plans suited to your budget.
Get personal loan interest rates that don’t break the bank.
Features of Personal Loan Rates
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
We've made it easy and convenient to apply for an Personal Loan Rates with us.
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
Personal Loan Rates EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Personal Loan Rates
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a Personal Loan Rates for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Ravi Sharma, 32
Delhi
I needed a loan to cover some medical expenses, and I was worried about the interest. With RING, I got a personal loan interest rate lower than I expected. Everything was done online, and I had the amount in my bank within a few minutes. Great service!
Neha Patil, 27
Mumbai
I was saving for a dream vacation but needed a small push. RING’s low personal loan interest rates made it affordable, and the process was so quick and easy. Now, I'm heading to Bali without stressing about the loan.
Vikram Singh, 35
Jaipur
I run a small business, and RING helped me get a loan with really low personal loan interest rates. The app is easy to use, and I could transfer the loan to my bank in minutes. They really understand the needs of young professionals.
Priya Gupta, 30
Bangalore
I had to cover some unexpected home repairs, and the personal loan interest rates at RING were the lowest I found. The flexible repayment options were perfect for my monthly budget, and I paid everything off without stress.
Anuj Kumar, 29
Pune
RING helped me with a quick personal loan at great interest rates. I loved that I didn’t have to deal with any paperwork or lengthy processes. Everything was online, and within minutes I had my funds.
Shruti Mehta, 28
Ahmedabad
The personal loan interest rates on RING are genuinely competitive. I’ve used their services twice now—once for a wedding and once for personal shopping. The best part? The repayment options are super flexible, and I’m never stressed about monthly payments.
Find the Right Personal Loan For You
Personal Loan for Travel
Fund your dream vacation and make unforgettable memories with our travel loans. From flights to hotels and everything in between, we’ve got you covered so you can focus on enjoying your trip.
Personal Loan for Students
Invest in your future or your child's education with our flexible education loans. Cover tuition fees, buy study materials, or enrol in that special course without financial stress.
Personal Loan for Home Renovation
Give your home a makeover without breaking the bank. Whether it’s a new kitchen, a fresh coat of paint, or an extension, our loans make it possible.
Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
What are personal loan interest rates, and how are they calculated?
How can I get the best personal loan interest rates?
To get the lowest personal loan interest rates, keep a good credit score, provide accurate documentation, and make sure you meet RING’s eligibility criteria. Timely repayment of any existing loans also helps unlock better rates and higher pre-approved loans.
What’s the difference between APR and personal loan interest rates?
Personal loan interest rates represent the cost of borrowing per year, while the APR (Annual Percentage Rate) includes both the interest rate and any additional fees like processing fees. This gives you a clearer picture of the total cost of the loan.
What affects my personal loan interest rate?
Your personal loan interest rate can depend on factors like your credit score, loan amount, repayment period, and existing financial obligations. With RING, we aim to offer competitive personal interest rates so that your loan is as affordable as possible.
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