Are you applying for a personal loan? If yes, then you may have an idea that it is one of the most sought-after financial products. It is mostly because it is an unsecured loan product and does not need you to submit collateral to get the approval.
But many people also avoid applying for it despite having the eligibility. It is because of the personal loan interest rates, which is charged on the higher side because of being unsecured.
Nothing to worry, we have got some quick tips to help you know how to get a low interest personal loan. Read on!
1. Maintain a healthy credit score
Your cibil score is the mirror of your creditworthiness. It is what your lender will check to decide the approval and personal loan interest rates. If you maintain it at around 750 or more, then you can get the approval at lower personal loan interest rates. By repaying your ongoing loan EMIs and credit card bills on time, you can make your cibil score strong.
2. Keep a clean repayment history
Your repayment history includes your active loan EMI payments and credit card outstanding and other bills. If you pay it on time, then it will lead to a strong credit score. And a cibil score means showcasing your lender that you can repay the ensuing loan EMIs on time. Hence, the lender may reward you with lower personal loan interest rates.
3. Always shop around for better personal loan interest rates
Did you know that you can get much lower personal loan interest rates than what you may actually get?
Yes, it is possible when you compare all available loan offers. You can shop around on a third-party website and choose the best available rate of interest. This way, you can pay reduced EMIs and manage the outlays better.
Start implementing these easy-to-incorporate tips and help yourself get reduced personal loan interest rates.
Additional Read: Know How To Get Low Interest Rate Personal Loan
