Are you a salaried individual who is feeling a bit tough to manage some big-ticket expenses on your salary? You can always go for an instant personal loan facility if you have a robust Credit Score, repayment and employment history. If your personal loan eligibility is good, you can get the best personal loan interest rate.
Most people don’t apply for a personal loan as they fear the higher interest rate involved with it. However, you can always follow some tips to apply for the low personal loan interest rate. Read on and know more!
Easy Ways to Get The Best Personal Loan Interest Rate
- Compare all offers before opting for one
A little research can help you go a long way in your quest for the ideal personal loan. To get started, you can simply land on a third-party website and start comparing all personal loan offers at a single platform. This way, you can opt for the best personal loan offers as per your needs, income level and repayment capacity.
- Maintain a strong CIBIL Score
The first thing that lenders see at the time of processing your personal loan application is your Credit Score. It is because it is what shows your creditworthiness or how good or bad you have handled credits in the past. Anything above and over 700-750 is considered a good score. The higher is your CIBIL Score; the better will be for you to get an approval for a lower interest rate on the personal loan. Also, based on the CIBIL Score, a lender offers you a loan tenor and the loan amount. Thus, you should ensure to maintain a strong Credit Score by repaying your current loan EMIs and credit card outstanding on time.
- Go for NBFCs instead of banks
When it comes to approving and awarding a personal loan, nationalized banks are strict in giving it at a higher rate if you apply for a smaller amount. They may offer an attractive rate of interest only when you apply for a higher loan amount. This way, you may have to cough up a higher cost even for getting approval for a lower amount. It is not in the case of non-banking finance companies (NBFCs) as they have relaxed eligibility and other parameters while processing the loan application. You can also opt for personal loans and apply online facility with privatized banks as even they offer the loan at relaxed terms.
- Your employment history
Most of the lenders check the employment history of an applicant before offering them a higher or reasonable interest rate. If you are working for a reputed company, then a lender may take no time in approving a loan request at a lower rate. It is because they want to see that you are stable in your career and won’t face issues in repaying the loan EMIs on time. As a result, you get a lower personal loan interest rate. Another thing that they see is consistency in your employment history. If you have been working for a company for long, even this can be counted as a parameter to offer you a reduced interest rate. Being consistent in employment is a sign that you can easily repay your loan without defaults.
Some of the easy ways you can grab the best personal loan interest rates are now discussed. You can assess your situation beforehand and apply for a personal loan online.
Bajaj Finserv presents pre-approved offers on personal loans, home loans, loan against property, business loans, credit cards, and other financial offerings. Such deals will help prospective customers to go through the loan formalities easily and fast.
