What is the interest rate on a Repair/Top-Up Loan?

The interest rate on a Repair/Top-Up Loan depends on several factors:

• Loan Type: Interest rates for top-up loans on existing loans are often lower than standard personal loans since the financial institution already have a financial relationship with the borrower.
• Credit Score: Borrowers with a good credit score (above 700) can access lower interest rates, while those with lower scores may face higher rates.
• Loan Amount and Tenure: Larger loans and longer repayment periods may come with higher interest rates. Shorter tenures often attract lower rates.
• Financial institution Policy: Different financial institutions offer varying rates based on their risk assessment and market conditions.

Typical interest rates for repair/top-up loans in India range from 10% to 15%, but it’s essential to compare offers across financial institutions.