Apr 2, 2020
Lower the interest rates in a personal loan, better it is to take care of one’s financial needs. Personal loans have helped people for decades to meet unexpected expenses from medical emergencies to unforeseen debt consolidation requirements. However, in today’s date, the role of personal loans have broadened by miles. People take personal loans for holidays, weddings, education, and many other planned expenses too. This change has occurred due to a drop in personal loan interest rates and ease of availing them.
The best way to get a personal loan is through careful planning of expenditure, monthly obligations and income. On the other hand, if you are able to get a personal loan at a low-interest rate, you can ensure smoothness in your cash flow without disrupting your lifestyle.
Our dreams are becoming bigger by the day and the capability of fulfilling them gives us immense joy. Personal loans have a very large role to play in helping millions of people realise their aspirations - no matter how big or small - at the right time.
A credit score reflects one’s creditworthiness. This depends on how one has managed credit in the past. A score above 700 or 750 makes one a worthy candidate for a personal loan. As a thumb rule, the higher the score, the better it is for one’s personal loan interest rate. Repayment terms, final loan amounts and interest rates to be applied are decided by lenders. However, the loan amount and the interest rate depend on one’s credit score. Personal loan interest rates can be slightly negotiable. And the biggest upper hand one has is by highlighting a high credit score.
This is one of the best ways to get a personal loan. Investing time in proper research will directly lead to saving money and helping one in acquiring the ideal personal loan. Comparison of personal loan lenders can be done easily. All you need to do is to find the loan with the best interest rate and compare their respective benefits and features. This may take some time but it is only in one’s own best interest in ensuring that one is making the right decision. One can check eligibility, EMI amount, loan amount by comparing the loans by different lenders. Personal loan EMI calculators are available online so that one can extract the amounts after filling up one’s details. This gives a clear picture of the monthly payments.
Must Read: How To Calculate Personal Loan EMI
Lenders tell customers about all special deals and offer through various sources like SMS, phone calls and emails. One needs to keep a watch for all kinds of offers to make your personal loan even more affordable. Such offers are limited and short-lived and they have to be grabbed when they are valid in order to lower the interest rate. Many times there are offers during festive periods.
One’s profile has a lot to do with the decisioning on one’s loan application. If one’s profile is stable, then the interest rate is lower. Especially, if one draws a substantial salary and works for a highly reputed company, it could lead to an offer with a lower interest rate. For instance, at Fullerton India, doctor loans are provided upto Rs. 30 lakhs. Another factor can be the number of years of work experience. If one has a work experience of a decade and above, it can be further useful in reducing the rate.
In conclusion, in order to get the best interest rate on a personal loan, it would be a very good idea to
Must Read: How to Check CIBIL Score For Personal Loan?