4 Tips to Get Lower Personal Loan Interest Rates

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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

  1. 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.

  1. 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.

  1. 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.

  1. 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:

  • Your age should be between 23-55 years

  • You should be a working professional with a private, public or MNC company

  • 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.

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