Many people don’t apply for a personal loan despite having the loan eligibility. It is primarily because of the higher rate of interest that comes with it.
But you don’t need to worry. You can still manage to opt for a low interest personal loan by following a few tips in 2020. Read on for more!
1.Maintain a higher cibil score
Apersonal loan is an unsecured loan facility. It is given on your creditworthiness. If you have a robust credit score, then you can get a low interest personal loan. You can do that by paying your EMIs and credit card debt on time and keep your cibil score at 750+.
2. Compare all available loan offers
You should always compare all available personal loan offers in your city. This way, you will be able to choose the best as per your repayment capacity. You can do that by landing on a third-party website free of cost.
3. Use your employment status
If you are working with a known employer, then you can use it to ask for a low interest personal loan. Lenders may oblige to give you that as it may see that you will find no issues in paying timely EMIs. It is owing to your strong employment record.
4. Opt for a shorter tenor
Opting for a shorter tenor may mean paying bigger EMIs, but you can easily avoid higher interest charges. A longer tenor may mean paying small EMIs, but your interest outgo will increase.
5. Apply with a known lender
A known lender may be aware of your repayment history and may offer you a low interest personal loan. It may also do that to retain you and not lose to a new lender.
You can now implement any of these discussed aspects if you wish to manage the low interest personal loan. You can begin by comparing all available offers online now.
You can also know about Personal Loan App
Additional Read: Know How To Avail Low Interest Personal Loan
