Obtaining a personal loan in India has turned into a few clicks as many lenders have switched to offering a fully digital experience. Today, you can not only apply for a personal loan online, but also get approval and penalty payment without the need for a physical visit to the lender. However, besides quick financing, it is also important to know how to get a low interest personal loan. This way, you can lower the cost of borrowing and enjoy a more comfortable repayment experience.
To help you get started, here are 4 ways to get a low interest personal loan.
Maintain a job in a reputable organization
Your employment or income history is also a factor that can help you get a better interest rate on your personal loan. When reviewing your application, lenders look at your employment history to determine whether or not you can maintain a stable income and thus repay the loan. Lenders also verify your employer’s credentials to better ensure the stability of your primary source of income. Any cause for concern in these checks can put you at risk in lending and the risk results in a higher interest rate on the loan.
Take advantage of seasonal offers
A smart way to borrow on profitable terms is to wait for lenders to put out seasonal loan offers. These are usually available during holiday periods or in the summer and can be of great benefit to you. For example, you can get a loan at a rate much lower than the standard rate offered for the rest of the year, which ultimately results in lower interest as you pay it back.
Apply for a loan from a lender with whom you have already dealt
One of the easiest ways to get a personal loan at a lower interest rate is to apply for it from a lender you have a relationship with. Lenders are more likely to consider negotiations conducted by existing clients because they have more financial information to work with. In addition, many lenders also offer existing customers exclusive offers and rates as a reward for their patronage.
Make sure you have a good CIBIL score
Your CIBIL score is important in determining your eligibility for a personal loan and it can also help you get a better deal on the interest rate. For example, a CIBIL score of 750 or higher indicates that you are a creditworthy and responsible borrower and that the risk of lending to you is minimal. As a result, lenders will be open to negotiations, which can lead to favorable terms. In addition, a high CIBIL score indicates that your CIBIL report will also reflect a good repayment history and a healthy combination of credit, both of which are testament to your ability to diligently manage debt in various forms.
Using these tips will definitely help you get a personal loan in India at a lower interest rate. Another way to get profitable loan terms is to choose your lender wisely and only after doing your own research. This way, you can identify lenders with the most competitive interest rates and get access to other features and benefits as well. In this regard, the Bajaj Finserv personal loan is an interesting offer to consider because you can access a large loan amount at an attractive interest rate.
When you choose this loan, you can get up to Rs.25 lakh and repay it over flexible term of up to 60 months. Plus, you can opt for the Flexi facility on your personal loan and borrow against your credit limit anytime, multiple times, without re-applying. Here you only pay interest on the amount you borrow and lower your monthly IMEs by up to 45%. So apply for Bajaj Finserv personal loan online to get financing at competitive interest rate and also get instant approval within 5 minutes.
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