Guide to Getting a Personal Loan at a Lower Interest Rate in Delhi
Delhi is among the top commercial hubs of the country that is developing at a rapid speed. The cost of living in this city is also increasing at a fast pace as well.
Consequently, a large number of individuals incline towards personal loans to fulfil their various requirements. However, as a means to lower their existing financial crunch, most applicants look for ways to lower their personal loan interest rates.
For instance, the following are among the most effective ways of lowering personal loan interest rates effectively –
- By increasing the CIBIL score
Having a good CIBIL score of above 750 often proves effective in lowering interest rates on their loan amount.
Consequently, applicants must try to increase their existing CIBIL score successfully. For instance, one of the best ways to achieve the same is by paying off the credit card bills on time. Further, maintaining a low credit utilisation ratio also proves effective.
Must Read: Few Tips to Get the Best Personal Loan Interest Rates in India
2. Having a regular source of income
Applicants with a regular source of income with a healthy FOIR are considered to be more creditworthy. They have a fair chance of securing a lower rate of interest than others. Similarly, applicants who are employed at reputed companies in Delhi are more likely to secure a feasible rate of interest.
3. Clearing dues on time
One of the most effective ways of lowering personal loan interest rates is by maintaining a fair credit history. This encompasses timely payment of debt and a record with no hint of default.
Consequently, intending borrowers should attempt to improve their credit history to enhance their eligibility. They can start by paying their credit card dues on time and move on to repaying smaller debts.
4. Comparing prevailing interest rates
Additionally, another way to secure a lower rate of interest on personal loan is by comparing the prevailing rates. Individuals can make a list of the leading NBFCs and compare the interest rates levied by them. By doing so, they would be able to pick an affordable option that suits them.
Conclusively, individuals with a stable job in Delhi and healthy CIBIL score are more likely to lower their personal interest rates. It will help them save more and repay their debt on time.
Must Read: Getting a Personal Loan at a Lower Interest Rate in Delhi
