The interest rates for the loans are sometimes highly variable due to aspects like lenders, quality of creditworthiness from your end product size which is applied and prevailing in the market conditions. Asides from this, interest rates are also fixed or flexible.
Personal Loan:
So a personal loan, being unsecured in nature is more expensive to acquire as compared with other types of secured loans overtime interest rates. It starts at 10.50 % up to to 22% or higher based on your credit rating, income and the lending organization terms and conditions.
Business Loan:
It depends on factors, such as the kind of loan for business you want to take, how this money is intended to be used in your company’s activities; its financial standing and also the lending organization that represent these interest rates among other issues. The rates of interest can vary anywhere from about 10% to round up the number to very high in excess over 22 %.
Home Loan:
On the other hand, factors of economical and monetary policies drastically changes , that it might impact on rate of interest for secured loans as per RBI policies. It can vary at 8.50 % up to 12 % depending on credit score , property valuation , job profile.
Car Loan:
Such variables like amount owed, down payment etc. affect car loan interest rates in terms of the type and value or maturity date have significant influence on what would be charged as an overall . Car loans are available with interest rates as low ast 8.80% to 12 % or more.
Bank Overdraft:
Whereas most forms of credit have fixed interest rates, bank overdrafts the banks also differ in respect that they may charge a higher rate than others quoted. These rates may vary from around 10 % to 22 % or even higher. The issuing bank together with creditworthiness
It is important to note that these are broad ranges, and the interest rates may go down or up with regard to individual cases upon other factors related it. Alternatively, macroeconomic considerations such as economic factors; the policies of a central bank and banking arrangements made in different regions can determine lending rates.