Stashfin Personal Loan Interest Rates
|Minimum Interest Rate||11.99% p.a. (annualized)|
|Maximum Interest Rate||59.99% p.a. (annualized)|
Note: Rates as of 4th October 2023
Factors Affecting Stashfin Personal Loan Interest Rates
Some of the factors used for setting Stashfin Personal Loan interest rates as well as various costs charged from the borrowers include:
Risk profile of the borrowers
Stashfin considers the employer’s profile of its personal loan applicants while assessing the personal loan applications. Although the NBFC has not mentioned the interest rate differentiation based on the employer’s profile, many banks and NBFCs consider the employer’s profile while fixing their personal loan interest rates. Most lenders offer preferential interest rates to salaried individuals as compared to self-employed individuals. Due to higher job security, personal loan for government employees are usually offered at lower interest rates as compared to personal loan for private employees. Due to the ability to withstand adverse economic conditions of top private companies and MNCs, their employees are also offered personal loans at lower interest rates.
Stashfin also considers the monthly income of its personal loan applicants while evaluating their personal loan applications. Applicants having a minimum monthly income of Rs 15,000 are eligible for Stashfin Personal Loans. Although Stashfin has not mentioned the interest rate differentiation based on monthly income, many banks and NBFCs offer lower interest rates to applicants having higher monthly income due to their higher repayment capacity and low credit risk involved. Lenders also offer personal loans to applicants having EMI/NMI ratio within 50-60%.
Credit score of the applicants
Stashfin has not mentioned any cut off credit score for its personal loan applicants. But just like many other lenders, it also considers their credit score while setting their personal loan interest rates and costs charged to the borrower. Thus, personal loan applicants having higher credit score have higher chances of getting their personal loan applications approved and probably at lower interest rates.
Other Factors that may Impact the Stashfin Personal Loan Interest Rates
- Loan tenure
- Prevailing interest rate trend in the money market
- Cost of funds
- Risk premium
- Credit and default risk in related business segment
- Historical performance of similar kind of customers
- Treasury bill rates and sovereign yield curve
- Interest cost of doing business
- Recovery cost
- Cost of portfolio monitoring
- Customer communication cost
- Loan documentation and maintenance fee
- Interest rate offered by other NBFCs in the industry
Tips to avail Personal Loan at Lower Interest Rates
- Maintain a credit score of 750 and above as most lenders prefer personal loan applicants with such credit scores and also offer lower personal loan interests to them.
- Check with the lenders you already have a lending or deposit account with
- Enquire about the interest rate concessions offered by different lenders during festive season
- Visit online financial marketplaces to compare personal loan rate of interest offered by various lenders
- Check whether you qualify for pre-approved personal loans from any lender