The advent of credit cards and personal loans has eased out the worries of the middle class to face any urgent cash crunches with elan.
Are you a salaried individual with a Credit Score of 750+, consistent employment and repayment history? Lending institutions can award you a personal loan.
If you have the required personal loans eligibility, you can get a personal loan of up to Rs.25 lakh from reputed lenders to cover your multiple needs.
However, a personal loan is an unsecured loan, and due to this, there may be higher personal loan interest rates. It means that you may need to repay a higher personal loan EMI. Hence, it’s better to know about some smart tips to help you get a personal loan approval at a lower interest rate. Read on and know more!
Here’s how you can get lower personal loan interest rates
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Have a robust CIBIL Score
Lenders see your Credit Score as the first parameter to check your creditworthiness. Hence, having a better CIBIL Score not only helps you get a personal loan approval but at a lower rate of interest. Anything reading 750 or more is an excellent Credit Score. You can maintain a strong CIBIL Score by paying your existing loan EMIs and credit card outstanding on time.
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Maintain an incredible repayment history
Just like a good Credit Score, it is also mandatory to have a clean and robust repayment history to avail personal loan interest rates at a lower rate. If you have always paid your credits on time, you can negotiate with your lender for lower personal loan interest rates.
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Apply for a personal loan with your salaried account bank
Sometimes, you can also avail a discounted deal on personal loan interest rates by applying for one with a bank you are associated for long. It can either be your savings bank or salaried bank. They may offer you better interest rates to retain you as their customer.
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Shop around for the best deals
Many third-party websites list all leading personal loan offers at a single platform. You can simply go through such offers and compare all and select one that best suits your needs and repayment capacity. Going through such deals at a third-party website also means saving a lot of time and efforts.
Personal loan eligibility at a glance
Some standard personal loan eligibility criteria that you will need to prove while applying for a personal loan with a lender are such as:
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Your age should be between 23-55 years
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You should be a working professional with a private, public or MNC company
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You should be a resident of India
Now that you are aware of the tips to grab personal loan interest rates at a lower rate, you can now apply for it online and get quick approval and disbursal.
NBFCs offers pre-approved deals on personal loans, home loans, business loans and other financial products. Such deals help you go through the loan formalities hassle-free and faster.
