Unlike some financial products, the interest rate of personal loans changes from one borrower to another. The personal loan has a fluctuating rate of interest. It depends on the eligibility criteria of the borrower.
Some of these factors include:
1. Credit score
A good credit score of 750 or more can fetch you a lower interest rate.
2. Monthly income
A lender would prefer to provide a loan to someone who can repay the loan on time. A person with a higher income would be able to do that more easily. Even if the person is taking the top up personal loan, they would also be able to pay back the amount.
Individuals working with good organizations are more stable and responsible when paying the equated monthly instalment. Hence the nature of the employment also impacts the interest rate of the loan amount.
4. Relationship with the lending institution
Maintaining a good relationship with the lending institution can offer various benefits and privileges. One can also get free approved offers on the top up loan. Also, existing customers with a good repayment record would be eligible for offers on loan refinancing.
You can choose Bajaj Finserv to get a personal loan. If you ever plan to apply for the loan, you need to check your eligibility criteria and start filling up the application form. After the approval of the quick loan, you can expect the amount to get credited within a short time.