Already made your mind to take out a Personal Loan? Yes, you may require funding many needs such as a wedding celebration, medical emergency, home remodeling and more.
Whatever
your reason is, you should also make all efforts to ensure to grab
low Personal Loan interest rates.
Even
though the interest rates on a Personal Loan are high, there are
still some tricks that may help you bargain with your lender to get a
good deal.
One
of the major aspects that will help you avail better Personal Loan interest rates
in India is your creditworthiness. Yes, if you have maintained a
healthy CIBIL score, you can redeem it to get a low Personal Loan
rate of interest.
Let’s
lay down four vital tips that will aid you to seize low Personal Loan
interest rates in India.
Tip 1: Use Your Creditworthiness
Lenders
see your CIBIL score as a benchmark to assess your past financial
track record. If a bad credit score can lead to a loan rejection, a high score should help you avail better Personal Loan interest rates.
Is
it possible? Yes, you can use your creditworthiness to bargain for a low Personal Loan rate of interest.
Why?
Maintaining a high credit score is a guarantee that you will repay
your intended loan easily and you are fit for a loan term of
low-interest-rate.
Contact
your lender today to know more!
Must Read: How to Get the Best Personal Loan Deal
Tip
2: By Maintaining a Clean Repayment History
Even
a single past instance of bouncing on an EMI date could lead to a
dent in your credit score. That’s why the importance of maintaining
a sound repayment history is so essential especially when it comes to
bargaining for a Personal Loan interest rate.
Make
sure to pay off your credit card outstanding. If you cannot repay the
entire amount, at least ensure to pay the ‘Minimum Amount Due.’
It will help you - banks or non-banking finance companies (NBFCs)
will not report your default status to the credit bureaus.
Also,
if you have an ongoing loan, it would be customary to mention to make
payment for each EMIs on time.
Tip 3: Check the Calculation Method of the Personal Loan Interest Rates
You
should also look into the method that your lender uses to calculate
the Personal Loan interest rates. It is essential to ascertain
whether there are any hidden extra charges or not which may hollow
your savings once the loan rolls out!
One
of the safest methods to come clean on availing better Personal Loan
interest rates is by employing the use of Personal Loan EMI calculator.
A
Personal Loan EMI calculator not only gives information on the EMIs
that you will pay each month based on the tenor that you select, but
it also offers insights into the interest-rate as well.
The
calculator is free to use and is available at almost all the websites
of the leading online creditors.
Must Read: How To Get a Good Deal on Personal Loan Interest Rate?
Tip 4: Make Use of the Festival Deals
When
it’s festival time, lenders offer a Personal Loan at a competitive
rate because all service providers do the same.
The
beneficiary of the festival offers is none other than the borrowers
who should leave no stone unturned to avail the best offers as per
their affordability.
The Bottom Line
Always
know that availing
a Personal Loan
is not a significant achievement. The biggest feat is grabbing it on
a low rate of interest.
As
you now know some essential factors that can help you do so, why not
assess your credit score among other elements and see if you can get
a good deal or not! Good luck!
Must Read: Factors That Affect Personal Loan Interest Rates
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