Are you looking to apply for a personal loan at a lower rate? You are not the only one looking to do that.
Many people don’t apply for an instant loan because it involves a higher rate of interest. It is because it is an unsecured loan.
But with a robust CIBIL score, it is possible to enjoy the best personal loan interest rates.
Read on and know the best way to get personal loans at a lower rate!
- Use your credit score
If your CIBIL score is higher, you don’t have to worry about a higher loan rate. It is because you can make the most of the credit score. If it is 750 or more, you can get the loan approval at a lower rate. It is because it denotes that you can manage timely repayments as you have done in the past. You can maintain a higher CIBIL score by paying off your loan and other outstanding on time.
- Don’t hop jobs
Many Salaried individuals keep changing their jobs often. It is to enjoy a hike in their payment structures. Lenders don’t trust such candidates creditworthy as they may not make timely repayments if approved. Hence, if you want to avail of the best personal loan interest rates, then you ought to have a stable employment record. Therefore, if you wish to enjoy the best personal loan interest rates, you should not switch jobs. In turn, your stable employment record may help you negotiate for a lower interest rate.
- Use your past relationship with your lender
If you have a past relationship with your lender, then you can use it to your advantage. Since lenders are aware of your past repayments and other records, they may approve your request at a lower rate of interest. In turn, it may help you pay lower EMIs and save big.
- Compare all available loan offers
Another way to enjoy the best personal loan interest rates is to compare all available loan offers. It is possible to do that on a third-party website. This way, you can compare all available deals on a third-party website and pick one matching your needs and budget. Even if you are able to save a bit on interest charges, it may help you ease off managing your outlays better.
- Use your employer’s credibility
If you work for a known company, it may work in your favour to avail of the best personal loan interest rates. Yes, you can use your employer’s credibility to negotiate for a lower rate of interest. Why? It is because when you are employed with a reputed company, lenders are sure that you will receive your pay cheques on time.
You are now aware of the ways you can avail of the best personal loan interest rates. This way, it may be possible to settle for a lower rate and save big on repayments.
Applying for a top up personal loan with a known lender may help you get approval for a significant amount. It may also let you enjoy instant approvals with faster disbursements. You may also make repayments over a flexible repayment tenor of up to 5 years.
Bajaj Finserv presents you with pre-approved offers on personal loans, home loans, business loans and more. It is to simplify the processing of the loan.
You can explore your pre-approved loan offers today by sharing your basic details such as your name and mobile number.