Many factors such as your net monthly income, your employer, and the loan amount you have applied are considered while applying for a personal loan. Personal loan rates are higher than any other loan. Therefore, you should consider the below-given points to get a lower interest rate on a personal loan:
- Good CIBIL score
You need to maintain a good CIBIL score to get a low interest rate on a loan. If your CIBIL score is above 750, there are high chances of you getting a better deal. To maintain your CIBIL you need to start checking it regularly and maintain a healthy credit mix.
- Have A Good Repayment History
To bag a good deal you need to pay your credit card bills every month. It creates a good impression on the lenders and you get a better chance to negotiate your interest rate.
- Check For Seasonal Offers
You can visit an online aggregator website and check the offer on personal loans if any lending institution is providing. Based on your requirement you can apply accordingly and if your documents are approved the lending institution will contact you directly.
- Use Interest Calculation Method
All the banks and other non-banking financial institutions have a personal loan calculator on their website that you can help to figure out the monthly EMI payments. It will not surprise you with any extra financial burden and you will be prepared for that expense.
Major lending institutions like Bajaj Finserv provide their selected customers with a pre-approved loan offer. You can get the loan amount credited to your account within seconds. To check this offer you can fill in the contact details.
