Five Ways To Get The Best Personal Loan Deals In 2020

Financial institutions provide personal loans to almost any applicant who manages to meet the basic eligibility criteria. However, lenders reserve the best personal loan for individuals who stand out from the rest in certain aspects. Such offers generally come with lower interest rates, substantial loan quantum and more.

Here are some tips to acquire these special personal loan offers from your chosen lender – 

# Show a high monthly income

Individuals who earn a hefty paycheque are often the ones who can avail the best personal loans. Lenders prefer such borrowers because the chances of these individuals defaulting on repayment are low. Moreover, even substantial EMIs linked with big-ticket personal loans are affordable to borrowers with a considerable monthly income.

# Possess a credit score of 800-850

750 is considered the minimum requirement to avail of personal loans from most Indian lenders. However, if your CIBIL is higher than 800 or even 850, you can expect to receive the best offers from financiers. High scores indicate responsible handling of debt, which is why lenders are more likely to extend attractive offers to you.

# Compare rates for various lenders

If you intend to find the best deals on such a loan, comparing the various options available in the market is integral. Doing so should help you hone in on the financial institution offering the most competitive interest rates and loan principal. 

# Lower loan principal

Big-ticket loans often cause lenders to raise the interest rates related to the same. Thus, to ensure lower personal loan interest rates, keep your credit amount contained to only as much as you require. Doing so can instill a lender’s trust in you, allowing you to avail the best offers. 

# Maintain a cordial relationship with your lender

If you are a long-standing customer of a lending institution, you may be eligible to avail the most attractive deals on loans. Under such circumstances, one can even negotiate the various terms and conditions related to the debt, until he/she acquires favourable rates. 

With these few measures in place, individuals can avail these loans at the most favourable terms and maximize their benefits from it effectively.

Must Read: Smart Ways To Avail Best Personal Loan Deals In 2020