You can take a personal loan to meet your financial requirements. One of the financial products that you can borrow for yourself from a bank or unique financial institution is a personal loan. There are many banks in Bangladesh that offer the best personal loans to their customers and can easily apply online or offline. Hence, before taking your personal loan, you must observe the interest rates offered by different banks.
Current Personal Loan Interest Rates Are Given Below Including Fees:
Below are the bank personal loan interest rates and fees.
| Bank Name | Processing Fee | Interest Rate (p.a.) |
|---|---|---|
| AB Bank Limited | Up to Tk.50.00 lac @0.50%, max Tk.15,000 Above Tk.50.00 lac @0.30%, max Tk.20,000 | 8%-20.00% p.a. |
| Agrani Bank Limited | — | 9% |
| Al-Arafah Islami Bank Limited | @0.25%-@0.50% | 9% |
| Bangladesh Commerce Bank Limited | 0.10 % loan processing fee applicable | 9% |
| Bangladesh Development Bank Limited (BDBL) | Up to Tk.50.00 lac @0.50%, max Tk.15,000 Above Tk.50.00 lac @0.30%, max Tk.20,000 | 9% |
| Bangladesh Krishi Bank | — | 9% |
| Bank Alfalah Limited | — | 8%-9% |
| Bank Asia Limited | Up to Tk.50.00 lac @0.50%, max Tk.15,000 Above Tk.50.00 lac @0.30%, max Tk.20,000 | 8%-9% |
| Bengal Commercial Bank Ltd | 1% of loan amount | — |
| BRAC Bank Limited | Up to 0.50% of the loan amount | — |
| Dutch-Bangla Bank Limited | Maximum 0.50% | 8% |
| Dhaka Bank Limited | 0.50 % on approved loan amount or BDT15,000.00 max | — |
| Eastern Bank Limited | 0.5% of the loan amount | 8%-9% |
| EXIM Bank Limited | — | 9% |
| IFIC Bank Limited | 0.50% of loan amount, Max. Tk. 10,000 others | 9% |
Factors to consider for loans
How you can get low interest while choosing a personal loan, you can consider the following facts:
Processing Fee
- Lenders charge a one-time charge known as a processing fee while disbursing a loan, which can add some cost to the loan. In some cases, the interest rate is kept low, but the lender adjusts it through processing fees. So, it is very important to monitor it.
Customer Service
- If the customer gets a hassle-free good loan experience, then a lender will easily increase its customer base. You must have modern and good customer care channels to get good service from customer loan application to payment of the last installment. These should be verified before taking the loan.
Early Settlement Fee
- Some banks may charge an early settlement fee from the customer if a customer settles the outstanding loan balance before the end of the repayment period. Make sure the bank/financial institution you are applying for charges an Early Settlement Fee.
Customer Eligibility Criteria
- The lender may offer you a personal loan depending on a certain qualification, so you should check whether you meet the eligibility criteria specified by the lender. For this, you need to ensure that your income meets the prescribed limits and that you meet the age requirements.
Loan Disbursement
- If you want to take a personal loan due to your urgent needs, it is important to consider the timing of the loan disbursement. Meanwhile, some banks and financial institutions disburse loan money within a short period of time.
Special offer times
- Some lenders offer lower interest rates on various festive occasions so you can take advantage of that.
Other Charges
- There are various charges like processing fees, default charges, pre-payment fees, loan cancellation charges, and cheque/EMI bounce charges which can save the overall cost of the loan from application to final installment., instrument return charges, stamp duty charges, duplicate statement issuance charges, swap charges, duplicate amortization schedule issuance charges, etc. So, you must check all the information.
Frequently Asked Questions (FAQs) on Personal Loan Interest Rates
How does my income determine the interest rate?
- How you repay your debt depends on your income. If you have a good job and a higher salary, your loan amount will increase, and your loan risk will also decrease. Generally, lenders prefer low-risk individuals and offer low-interest rates.
How can I get a better interest rate?
- If you have a good credit score and a good relationship with the respective lender, you may get priority and get a better interest rate. Moreover, some reputed institutions work on a need-to-know basis and lend large amounts of money at low-interest rates if you have a good credit profile.
How is the processing fee calculated?
- Different lenders charge different processing fees. Usually calculated as a percentage of the loan amount you apply for or charge a fixed fee set by the lender.
How much will I have to pay if I miss an EMI payment?
- Your lender will not charge you a late payment if you fail to pay the EMIs on time. This fee will be mentioned in your loan documents. Also, you may have to pay a penalty through some bank late fees.
What is the average personal loan interest rate?
- Most banks in Bangladesh offer personal loan interest rates of 7% to 24% p.a. The interest rate you are charged is likely to vary based on many factors like your income, the company you are employed with, your age at the time of applying for the loan, etc.