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Prime Rate

What does it mean?

The prime rate is the interest rate at which banks lend to customers or businesses with the highest credit rating or simply the most creditworthy customers.

Points to remember

  • It is used on many short-term loan products which include adjustable mortgage rates, automobile loans, credit cards, and home equity loans.
  • The prime rate index can fluctuate or remain constant for months on end, depending on the economic conditions.
Related Terms
Interest Rate
NACH
Credit Report
Collateral
Credit Line
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Personal Loan EMI Calculator

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Your EMI Amount is

₹  

13,107

Loan Amount

₹145,000

Min

Max

₹8,000

₹10,00,000

Interest rate

14%

12

30

Select EMI option

12 Months

3

36

Months

Months