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  • Deutsche Bank Personal Loan Interest Rates

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  • Deutsche Bank offers personal loans at interest rates of up to 24% p.a. The minimum loan amount you can take is Rs.50,000 and the maximum amount is Rs.15 lakh. You can choose from loan tenures ranging from 12 months to 48 months. The processing fee is up to 3% of the loan amount. The loan is available to both salaried as well as self-employed individuals. Also, if you have an existing relationship with the bank, you don’t have to provide documents for income verification. Deutsche Bank also features easy documentation and quick verification procedures.

    Particulars Loan details
    Interest Rate Up to 24% p.a.
    Processing Fee Up to 2% of the loan amount
    Loan Tenure Up to 48 months (4 years)
    Loan Amount Rs.50,000 to Rs.15 lakh
    Employment Status Salaried and self-employed individuals
    Credit Score Ideal score – above 700
    Lowest EMI per Lakh Rs.2,877*
    Pre-Payment/Foreclosure Charges
    • For floating rate loans – no charge
    • For fixed rate loans – 5% of outstanding amount
    Part Payment Not allowed
    Overdue EMI Interest 24% p.a.

    Note:*The EMI of Rs.2,877 has been calculated using a principal amount of Rs.1 lakh, an interest rate of 24% p.a.,a tenure of 5 years, and a processing fee of 2% of the loan amount.

    Factors affecting Deutsche Bank personal loan interest rate

    • Credit Rating: For any bank, the higher your credit score is, the lower your risk of loan default will be. A high score indicates that you handle your finances well and that you repay your debts on time. having a high score (above 800) can help you get better interest rates.
    • Job: Having a stable job indicates that you have a regular income. For self-employed individuals, this would mean a steady income (profit) for at least a year or two. This means that you have the means to repay what you borrow. Your loan default risk is low, and this could translate into lower rates.
    • Income: Having a higher income can get you better interest rates and also a higher loan amount.
    • Loan repayment period: If you choose a longer tenure, the bank may give you a lower rate.
    • Relationship with the bank: Having an existing relationship with the bank can help you get certain benefits (including lower rates) that others aren’t entitled to. In fact, Deutsche Bank offers current interest rates to its existing customers without asking for income documents.

    Other fees and charges

    Particulars Charges
    ECS/NACH/ Cheque bounce charges Rs.500
    Stamp duty for loan agreement Depending on local state charges
    ECS/NACH/cheque swap charges Rs.500

    Illustrations

    Illustration 1: Arun has been working for just over a year. He earns a salary of Rs.25,000 per month and has a credit score of 650. He wants to take a loan of Rs.1 lakh and repay it over a period of 1 year. Since he has a low income and credit score, the bank charges him an interest rate of 21% p.a. The processing fee is 2% of the loan amount. Let’s take a look at how Arun’s loan will amortise over the next 12 months.

    Loan particulars:

    • Principal – Rs.1 lakh
    • Interest rate – 21% p.a.
    • Processing fee – 2%
    • Tenure – 1 year (12 months)
    Month Principal Paid(A) in Rs. Interest Paid(B) in Rs. Total Payment (A+B) in Rs. Outstanding Loan Balance in Rs.
    1 7,561 1,750 9,311 92,439
    2 7,694 1,618 9,312 84,745
    3 7,828 1,483 9,311 76,917
    4 7,965 1,346 9,311 68,951
    5 8,105 1,207 9,312 60,847
    6 8,247 1,065 9,312 52,600
    7 8,391 920 9,311 44,209
    8 8,538 774 9,312 35,671
    9 8,687 624 9,311 26,984
    10 8,839 472 9,311 18,145
    11 8,994 318 9,312 9,151
    12 9,151 160 9,311 0
    Total 100,000 11,737 111,737 -

    Note: The figures in the table are taken only for illustrative purposes. The actuals may vary. Please contact the bank for the correct figures.

    Illustration 2: Suresh has a total work experience of 5 years. He has been working with a reputed company for the past 3 years. He earns Rs.50,000 each month. His credit score is 845. He applies for a loan of Rs.1 lakh and wishes to repay it over a tenure of 1 year. The bank charges him an interest rate of 14.5% p.a. and a processing fee of 2% of the loan amount. Let’s see how Suresh has to repay his loan over the chosen period of 12 months.

    Loan particulars:

    • Principal – Rs.1 lakh
    • Interest rate – 14.5% p.a.
    • Processing fee – 2%
    • Tenure – 1 year (12 months)
    Month Principal Paid(A) in Rs. Interest Paid(B) in Rs. Total Payment (A+B) in Rs. Outstanding Loan Balance in Rs.
    1 7,794 1,208 9,002 92,206
    2 7,888 1,114 9,002 84,318
    3 7,983 1,019 9,002 76,335
    4 8,080 922 9,002 68,255
    5 8,178 825 9,003 60,077
    6 8,276 726 9,002 51,801
    7 8,376 626 9,002 43,425
    8 8,478 525 9,003 34,947
    9 8,580 422 9,002 26,367
    10 8,684 319 9,003 17,683
    11 8,789 214 9,003 8,895
    12 8,895 107 9,002 0
    Total 100,001 8,027 108,028 -

    Note: The figures in the table are taken only for illustrative purposes. The actuals may vary. Please contact the bank for the correct figures.

    FAQs

    1. Can I get a lower interest rate with a low credit score?

    You may be able to get a good interest rate even if you have a low credit score. For this, ask your bank if you can get a co-applicant to sign on the loan application along with you. In such cases, the bank may consider the credit score of the co-applicant as well. If your co-applicant has a great score, you can use it to negotiate for a better interest rate.

    2. Should I choose a floating rate or a fixed interest rate?

    A floating rate of interest changes whenever the market rate changes. A fixed rate remains the same irrespective of changes in the market rate. That said, people usually tend to choose floating rates because they are lower than fixed rates. You can choose whichever is more beneficial to you.

    3. How does my interest rate affect my EMIs?

    Your EMIs are directly impacted by changes in your interest rate. If your rate increase, your EMIs will increase, and vice versa.

    4. Should I calculate my EMIs before I apply? How can I do this?

    Yes, it would be wise to calculate your EMIs before you apply for a loan. This will help you identify your monthly financial commitment and decide whether you can afford it or not. You can calculate your EMI online using BankBazaar’s online EMI calculator.

    5. Should I choose the longest tenure since it may reduce my interest rate?

    The bank may give you a lower rate if you choose a long tenure. But this doesn’t mean you should choose the longest tenure right away. Since a longer tenure keeps you indebted for a longer period, you keep paying interest throughout this period. Calculate how much interest you will pay for various tenures and their corresponding interest rates. Choose the most beneficial option.

        

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