A personal loan is an unsecured loan with no end-use restrictions which enables borrowers to use the funds for any purpose without any end-user restriction. Financial institutions offer competitive personal loan interest rates on substantial loan amounts of up to Rs.25 lakh.
Personal loans are most beneficial to individuals who have met with a financial emergency. You can find your loan disbursed in a window of 24 to 48 hours against minimal documentation requirements and you need to meet just some specific eligibility criteria.
Borrowers can avail such instant personal loans by visiting the website of a financial institution after completing an easy application process.
Keeping these following tips in mind can help you get the best loan rate –
Maintain a high credit score
A credit score is a 3-digit number ranging from 300 to 900 that denotes your creditworthiness. If you possess a good credit score of 750 or above, financial institutions are more likely to offer comparatively lower interest rates on your personal loan.
Have a decent loan repayment history
Having a decent loan repayment history indicates that you are capable of paying your loan EMIs on time. Thus, you can negotiate with your financial institution for a lower interest rate on your personal loan.
If you have a substantial income from a reputed company, financial institutions may offer lower interest on your personal loan considering your income stability.
Online loan apps also offer the facility of availing a personal loan at your convenience. Considering these above tips, you can avail relatively lower personal loan interest rates.
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