Interest rate for loan range from 10.99% to 24% and can vary by loan amount, loan tenure, credit score, your company as well as your past relationship with the bank. Some of the factors that affect the interest rate you get on your loan are as follows:

• Loan amount – Higher the loan amount, lower will be the rate of interest for the loan as banks offer a lower interest rate on high-value quick loans.
• Loan Tenure - Interest rate is higher for long tenure loans and lower for shorter tenure loans
• Credit Score – Your credit rating plays an important role in determining the interest rate on the instant loan you get from the bank. Higher the CIBIL score, lower will be the rate of interest. The banks will not typically lend below a credit score of 750.
• Company You Work for – Each bank has a list of company categorisation with differential interest rate offering to each company category. Larger and reputed companies are categorised in the highest company category. Higher the company category lower will be the interest rate.
• Relationship with the Bank – Existing customers of the bank are usually offered a special discounted rate. Do complete research on the interest rate before you apply for the loan