5 Smart Tips to Avail a Personal Loan at a Low Interest Rate - Loan Trivia

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Monday, 19 April 2021

5 Smart Tips to Avail a Personal Loan at a Low Interest Rate

 



Personal loans are among the costliest types of financial facilities, along with credit cards. It is because it is generally given on the basis of one’s creditworthiness and without any collateral. 

Hence, many potent applicants believe that availing low interest personal loan and paying reduced EMIs may not be possible. But, availing an online personal loan at a lower rate is possible if you are able to follow a few handy tips. Read on!

  1. Maintain a higher credit score

From applying for the personal loan without income proof to conventional types, lenders see your credit score as the first thing to gauge your eligibility. If your credit score is 750 or more, you can get the approval for the personal loan at a lower rate. A higher CIBIL score showcases to lenders that you have paid past EMIs and other bills on time. This way, even lenders are concerned that you can repay the personal loan EMIs on time. Hence, they may award you with loan approval at a reduced rate. 

  1. Make the most of your employer’s reputation 

If you are working with a known organisation and taking home a high salary, it can help you get a low interest personal loan. Your employer’s reputation is one of the vital parts of the personal loan verification process. Since lenders may assume that you get your salary on time, they may approve the low interest personal loan.

  1. Go for seasonal deals 

Many leading creditors in India come with seasonal deals to loan customers like a reduced rate of interest and no processing charges. You should look for such a deal and avail the low interest personal loan. You may also be eligible for a pre-approved loan offer that you can check on a lender’s platform for free. Yes, even this can let you enjoy a low interest personal loan. 

  1. Apply with a known lender

When you apply for the personal loan with a lender already aware of your financial profile, you may negotiate for the low interest personal loan. If you are an existing loan customer, you can also enjoy special discounts on loan rates and more. This way, you may get to save on your interest payments for the upcoming loan. 


  1. Ensure to compare all available loan offers online

When it comes to availing the low interest personal loan, you can also start comparing all existing loan offers online. You can do that on a third-party website at free of cost. This way, you may select a deal that best matches your needs and the repayment capacity. You can also use the personal loan EMI calculator available on a lender’s website for free. The online tool can help you know about the exact EMI amount payable per month. It also showcases precise interest charges and the total loan cost. You can increase or decrease the loan amount on the calculator. You can do that to arrive at the correct interest charges that you can pay as per your budget. 

By following these discussed tips, you can surely arrive at the low interest personal loan and save bigger. 

Bajaj Finserv presents pre-approved offers on loan for women, personal loans, home loans, and more. It can make the loan processing simpler, faster and hassle-free. 

You can share your details like the name and mobile number to check your pre-approved loan offers today.     




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