5 simple ways to avail a Personal Loan in Trichy on lower rate of interest.
#1 Good Repayment Record
If you have made all previous loan repayments on time and have no outstanding or late payments on them it will prove beneficial for you. Lenders will be more willing to offer you high loan amount at affordable rate of interest and even let you discuss these options rather than taking a one-sided decision.
#2 CIBIL Score
If you have a good credit score of 750+ or more, you can use it as a good bargaining tool for your Personal Loan. Lenders will show more interest and confidence in you owing to your consistent payment history, so you can use this opportunity to negotiate lower interest on your Personal Loan.
#3 Make Use of Offers
Financial institutions and NBFCs offer loan at floating interest rates too. These floating rates can be availed during festive seasons, special (anniversary) days of the lender etc. Also, your account may be suitable for discounted rates and preapproved offers based on your consistent payment record which you can benefit from.
#4 Inquire about all Charges
Before you accept the Personal Loan read the offer documents carefully to fully understand additional/ hidden charges. Usually your Relationship Manager will guide you through the process, but you can make use of the loan EMI calculator available on the lenders website. It will give the interest rate and EMI amounts and you can easily opt for the most suitable and affordable one.
#5 opt for Flexi Credit
You can make use of the flexi line of credit in a Personal Loan. It lets you withdraw as per your daily needs from the total loan sanctioned. Interest is charged on these daily withdrawals. This helps you lower your interest rate and help you save up to 45% of your EMI.
Read More: Personal Loan in Trichy – 5 Tips to Get a Low Interest Rate
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