Did you know that many eligible applicants don’t apply for a personal loan? It is because they fear paying a higher personal loan interest rate.
It is a fact that personal loan interest rate is a bit on the higher side, but you can enjoy a lower rate. How?
If you can follow a few tips, then you will be able to do that. Continue reading for more details!
1. Strong cibil score
Lenders check your cibil score as the first parameter while processing your loan application. A credit score of 750 or more can help you in getting faster approval. What’s more, you can also be rewarded by a lender with a personal loan with low interest owing to having a strong credit score.
3. Consistent employment record
Lenders check if the applicant can repay the loan on time and if he/she has sufficient income source to support it. If you are consistently employed, then you can enjoy a personal loan with low interest.
4. Use the credibility of your employer
If you work for a reputed employer, then you can use its reputation to negotiate with a lender to provide a lower personal loan interest rate.
5. Shop around
Comparing all available personal loan offers on a third-party website can help you in knowing the best deals. This way, you can opt for an offer matching your loan repayment capacity and income the best.
6. Apply with a known lender
Aknown lender may not lose an old customer like you and may sanction the loan at a lower rate. Thus, it is good to apply with a bank if you have your savings/credit card/loan accounts.
Considering the discussed aspects can help you enjoy a lower personal loan interest rate for sure. You can start preparing your candidature by assessing your current status.