Residents of Tier I cities such as Kolkata are opting for personal loans to finance several purposes accepting the future financial obligations to meet current financial needs. This debt instrument can be leveraged to finance travel plans, home renovations, medical expenses, and other end-uses.
Applicants can benefit from personal loan in Kolkata extending attractive rates of interest and minimum documentation for loan approval.
Individuals can also resort to a few ways to get personal loans at better interest rates in the competitive housing credit market.
Tips to get better interest rates on personal loans in Kolkata
Lenders often take into account several factors that affect personal loan interest rates. Personal loan applicants residing in Kolkata can consider the following steps to avail better interest rates –
- Credit rating and score
Financial institutions extend personal loans to individuals based on their creditworthiness as decided by credit rating agencies. Applicants with CIBIL scores exceeding 750 benefit from exclusive features such as flexible interest rates, tenors, and repayment schedules.
Higher credit ratings offer individuals the scope to negotiate with lenders for better rates of interest and desirable tenors. Individuals can check CIBIL score online to have an idea regarding their position in the negotiation process for interest rates.
- Consistent source of income
Salaried individuals with consistent sources of income avail special benefits from lenders in terms of personal loans. Financial institutions grant these loans based on the repayment capability of an applicant. Individuals with steady monthly incomes from reputed employers can leverage their incomes to benefit from better rates of interests from confident lenders.
Applicants have to provide proof of income and employment through IT Form 16 and bank statements of the salary account for the last 3 months from application date.
Professionals with a consistent employment track record can also avail better interest rates for personal loans in Kolkata.
- Debt-to-income ratio
Kolkata residents with a debt-to-income below 50% can avail personal loans at better rates of interest offered by various lenders. Lenders consider an individual’s cost of living as well as their existing financial obligations before approving a loan.
Individuals with a high fixed obligation to income ratio (FOIR) can find it challenging to benefit from affordable rates of interests on personal loans. Applicants should thus actively complete the repayment procedure on existing loans within the stipulated tenor to get instant personal loans.
- Additional source of income
Lenders offer personal loan amounts at better interest rates to individuals possessing an additional source of income from side businesses and rental properties. This increases the overall monthly income of an individual, thus making him/her capable of timely loan repayment.
This feature also decreases the FOIR further by increasing the monthly income. Individuals in Kolkata with secondary sources of income can thus benefit from more affordable interest rates on the home loan amount.
- Compare between lenders
Several lenders in the housing credit market offer different rate of interest on personal loan in Kolkata. Applicants should research thoroughly and compare between the interests to avail personal loans with the most attractive interest features.
Effective comparison for better interest rates will provide applicants with the necessary information by which they can plan their repayment schedule accordingly.
Residents of Kolkata can choose from various NBFCs for attractive interests. For instance, Bajaj Finserv offers personal loans up to Rs.25 lakh to individuals with disbursals within 24 hours. This company also provides pre-approved offers on personal loans, home loans, business loans, and on numerous other financial products for a hassle-free and time-saving application experience. You just have to provide your basic details to check your pre-approved offer.
Personal loans in Kolkata, thus, enable residents to finance various purposes that are typical to ever-growing metropolitan cities. Individuals with a consistent employment history and an additional source of income can avail such loans at affordable interest rates.
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