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6 Tips to Get a Lower Interest Rate on a Personal Loan

· credit score,personal loan,Low Interest Rate

Many people don’t want to be concerned about personal loan interest rates and don’t apply for it despite having the eligibility.

If you are also the one, then you can easily manage your personal loan. How? You can follow 6 quick tips that can help you get lower personal loan interest rates. Read on!

Simplicity is the ultimate sophistication. - Leonardo da Vinci

1. Clean repayment history

If you pay your existing loan EMIs and credit card outstanding on time, then you can get a lower interest rate on personal loans.

2. Use your professional credentials

If you work for a reputable company and draw a higher salary, then you can negotiate for lower personal loan interest rates with your lender.

3. Apply with a known lender

You can apply with a lender you have your salaried and other accounts with and negotiate for a lower rate. The lender may sanction your request as it won’t like to lose an old customer.

4. Go for seasonal offers

You should apply for a personal loan during festival times in India so that you can enjoy a lower rate of interest and have to manage reduced EMIs.

5. Shop around

You should also ensure to shop around and compare all offers available in your city on a third-party website and pick the one matching your needs and repayment capacity.

By following these easy to follow tips, you can avail of the lower personal loan interest rates in your city.

6. A higher cibil score

The first thing that will help you get a lower rate of interest on your personal loan is maintaining a higher credit score. Yes, if you have maintained a strong credit score in the range of 750 and more, then the lender can approve your application at a lower rate.

Having a robust cibil score shows that you can manage the loan repayment and hence; you can be rewarded with lower personal loan interest rates.

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