Want to know Tips to Get Personal Loan at Lower Rates? Here is the best information for you.
A personal loan can savior in the recession time. Besides personal loan is easily available nowadays. There is no need to search here and there neither there is any need to go bank to bank. You can easily search online and apply it to a suitable bank or non-banking financial organization. There are some tips that make you avail of a loan at low rates of interest.
Below are some of the Tips to Get Personal Loan at Lower Rates
1. Maintain a good credit score
Since a personal loan is an unsecured loan, the most important eligibility criterion is a good credit score. A personal loan is not backed by any asset as a security. Your credit score is the only sign of your creditworthiness and assurance for the lender. If you maintain a high credit score, there are chances of getting an instant personal loan at a lower interest rate. Now you can also check free CIBIL scores online and take steps for improvement.
2. Make use of professional credentials
You can use your professional credentials for negotiating the interest rate with the lender. If you are working with a reputed company and draw a high salary, it can help you get a low-interest personal loan. If your employer has good connections with the lending institutions, it can also get you a loan at a better interest rate.
3. Avail seasonal offers
Lenders provide seasonal offers to customers like lower personal loan interest rates and zero processing fees. You should look for these offers that can get you a lower interest rate on your loan. Many lenders provide a facility for customized pre-approved loan deals. You can also take advantage of these offers to get a low-interest rate on loans.
4. Apply with a known lender
When you apply for a loan with a known bank/financial institution, you get leverage for negotiation. Lenders provide better interest rates and service terms to existing customers. You can also avail special discounts on interest rates that lenders provide only to existing customers.
5. Compare all offers
With the option to apply and avail a loan online, it has become easier to inquire about different loan offers. Now you can visit the websites of the banks and financial institutions and get complete information about their offers. This can help you in making a comparative analysis and get a better interest rate. You can also use an EMI calculator to check your personal loan eligibility for the offers before you make an application.
6. Check the interest calculation method
Different lenders have different methods for calculating the interest on your loan amount. Mere a low-interest rate does not mean a lower amount of interest. You should check the technique of interest calculation to determine the amount of interest you have to pay for the loan amount.
Now that you know some simple ways to get better interest rates, you can apply for a personal loan with a low-interest rate.
Bajaj Finserv presents pre-approved loan offers on instant personal loans, home loans, and many more. Such deals help you ease off the loan formalities and make it less time-consuming.
All that you have to do is share your basic details such as your name and mobile number to check out your pre-approved loan deals right away.
Apply for Personal Loan here.
Check the interest rate of ICICI Bank
Check the interest rate of HDFC Bank
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Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.