Few Tips to Get the Best Personal Loan Interest Rates in India
Personal loans have become one of the most preferred financial products to tackle urgent monetary requirements. Currently, it stands as one of the most availed forms of credit in India, with approximately Rs.2.34 trillion disbursed as personal loans between FY 2017–2019.
Another reason for the substantial growth in the demand for personal loans is the varied customer-centric features and benefits offered by financial institutions on them. With the best personal loan, borrowers can enjoy instant approval, substantial loan amount, and an affordable rate of interest to help lower the overall cost of repayment.
Interest rate of a personal loan is determined based on several aspects, including an applicant’s creditworthiness and credit history. One can also follow several methods to avail a lower rate of interest on their personal loan.
Tips to get the best personal loan interest rates
- Maintaining a healthy CIBIL score — Applicants with a credit rating of 750 or higher are likely to enjoy a lower interest rate, as they pose less risk to a financial institution when it comes to repayments.
- Applying as existing customers — Many financial institutions offer exciting offers to existing customers, which not only simplifies the process of availing a loan but also reduces the overall cost of the credit. Existing customers can enjoy competitive interest rates as well as pre-approved offers on financial products like the Bajaj Finserv Pre Approved Personal Loan which ensure a hassle-free application and minimal documentation process.
- Performing thorough market research — A thorough market comparison is also necessary to learn the most affordable interest rates and the best personal loan or lender offering the same. Applicants should also learn about the associated fees (like processing fee, statement charges, etc.) applicable for that particular loan, which will help understand the overall cost of loan.
Following the above mentioned steps will help an individual get the best interest rates against a personal loan in India.
Reference: BEST PERSONAL LOAN INTEREST RATES IN INDIA
