Rates of chemical reaction depends on the inherent characteristics or nature of the reactants. That is the reason, why some reactions are fast while others are slow. For E.g., oxidation of ferrous ion by KMNO
4 (potassium permanganate) in acidic medium is fast, while the oxidation of oxalate ion by the same reagent is slow. For E.g., oxidation of ferrous ion by KMNO
4 (potassium permanganate) in acidic medium is fast, while the oxidation of oxalate ion by the same reagent is slow.

Apart from the nature of the reactants, the factors that may affect the rate of a reaction are as follows:
- concentration of the reactants.
- temperature at which the reaction occurs.
- concentration of catalyst (in homogenous reactions).
- surface area of a solid reactant or catalyst (in heterogenous reactions).