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4 Tips to Get Low Personal Loan Interest Rates in India

Already made your mind to take out a Personal Loan? Yes, you may require funding many needs such as a wedding celebration, medical emergency, home remodelling and more.

Whatever your reason is, you should also make all efforts to ensure to grab low Personal Loan interest rates.

Even though the interest rates on a Personal Loan are high, there are still some tricks that may help you bargain with your lender to get a good deal.

One of the major aspects that will help you avail better Personal Loan interest rates in India is your creditworthiness. Yes, if you have maintained a healthy CIBIL score, you can redeem it to get a low Personal Loan rate of interest.

Let’s lay down four vital tips that will aid you to seize low Personal Loan interest rates in India.

Tip 1: Use Your Creditworthiness

Lenders see your CIBIL score as a benchmark to assess your past financial track record. If a bad credit score can lead to a loan rejection, a high score should help you avail better Personal Loan interest rates.

Is it possible? Yes, you can use your creditworthiness to bargain for low Personal Loan rate of interest.

Why? Maintaining a high credit score is a guarantee that you will repay your intended loan easily and you are fit for a loan term of low-interest-rate.

Contact your lender today to know more!

Tip 2: By Maintaining a Clean Repayment History

Even a single past instance of bouncing on an EMI date could lead to a dent in your credit score. That’s why the importance of maintaining a sound repayment history is so essential especially when it comes to bargaining for a Personal Loan interest rate.

Make sure to pay off your credit card outstanding. If you cannot repay the entire amount, at least ensure to pay the ‘Minimum Amount Due.’ It will help you - banks or non-banking finance companies (NBFCs) will not report your default status to the credit bureaus.

Also, if you have an ongoing loan, it would be customary to mention to make payment for each EMIs on time.  

Tip 3: Check the Calculation Method of the Personal Loan Interest Rates

You should also look into the method that your lender uses to calculate the Personal Loan interest rates. It is essential to ascertain whether there are any hidden extra charges or not which may hollow your savings once the loan rolls out!   

One of the safest methods to come clean on availing better Personal Loan interest rates is by employing the use of Personal Loan EMI calculator.

A Personal Loan EMI calculator not only gives information on the EMIs that you will pay each month based on the tenor that you select, but it also offers insights into the interest-rate as well.

The calculator is free to use and is available at almost all the websites of the leading online creditors.

Tip 4: Make Use of the Festival Deals

When it’s festival time, lenders offer a Personal Loan at a competitive rate because all service providers do the same.

The beneficiary of the festival offers is none other than the borrowers who should leave no stone unturned to avail the best offers as per their affordability.

The Bottom Line

Always know that availing a Personal Loan is not a significant achievement. The biggest feat is grabbing it on a low rate of interest.

As you now know some essential factors that can help you do so, why not assess your credit score among other elements and see if you can get a good deal or not! Good luck! 

4 Tips to Get Low Personal Loan Interest Rates in India 4 Tips to Get Low Personal Loan Interest Rates in India Reviewed by Lokesh kumar on 11:50 AM Rating: 5