Upwards Personal Loan

Upwards offers personal loans at an attractive interest rate starting as low as 9% p.a. However, the interest rate applicable to a particular applicant depends upon specifics of the applicant profile including his/her credit score, age, income level, outstanding debt, etc.

Upwards personal loan interest rate starts at 9% p.a. irrespective of the type of personal loan opted for. The different types of Upwards personal loans currently offered are as follows:

Personal Loan Interest Rates by Partners Banks/NBFCs

Given below are some tips that could help you avail a lower rate of interest on your Upwards personal loan:

Some key factors which affect personal loan interest rate are given below:

1. Age of the applicant: Quite often, with an increase in the age of the applicant, the interest charged on personal loans also increases. This is so because, as the person gets closer to his/her retirement the chances of increase in the applicant’s income level decreases.

2. Credit Score: It is one of the first things that lenders look at when lending money to an applicant. It helps them assess an applicant’s creditworthiness and repayment capacity. A high credit score (usually 750 or above) indicates a higher creditworthiness and thus, enables you to secure a personal loan more easily. It may also help you avail a personal loan on better terms and conditions like a lower rate of interest on your personal loan.

3. Loan Amount and Tenure Desired: Usually, as the loan amount and repayment tenure increase, the personal loan interest rate also increases and vice versa.

4. Education Credentials: Quite often, applicants with a higher level of education are charged a lower rate of interest on personal loans as they have a better chance of securing good employment opportunities and higher levels of income.

5. Employment Details: Applicants having a stable job and history of employment or those working with reputed organizations are more likely to avail a lower rate of interest on personal loans as compared to those with limited or no work experience.

6. Income Level: Personal loans may be offered at a lower rate of interest to applicants with higher incomes as they are thought to have a better repayment capacity and therefore, are less likely to default on repayments.