Smart tips that help you get the best personal loan interest rates

Updated on: Apr 04, 2022

Personal loans are unsecured, easy to get and give you access to money in as little as 24 hours*. However, personal loan interest rates levied by the lender define how affordable the loan will be for you. To understand the effect of personal loan interest rates on your EMIs, use the loan EMI calculator. There are various personal loan deals from different lenders you can choose in the market, so doing a little research can go a long way. 

Keep in mind that lenders consider certain factors before approving an online personal loan. Knowing them can help you get the best personal loans online that come with value-added features and a nominal interest rate. Read on to know what they are so you can avail the lowest interest rate personal loan.

Meet all the eligibility terms of your chosen lender

It is important to choose a lender with easy-to-meet eligibility criteria for a personal loan. Complex eligibility parameters can make approval of your personal loan application harder to secure. But, simple eligibility criteria will help your funds quicker due to the speedy verification and approval process. So, check various lenders’ terms before you apply. This also ensures you don’t waste time applying for loans you are not eligible for. The basic eligibility criteria for an online personal loan generally relate to your age, income, and credit score. By meeting or exceeding the credit score or income terms, you can get more competitive personal loan interest rates.

Compare personal loan interest rates of different lenders

Getting an affordable interest rate is important, as even a small percentage of difference in the interest can have a big impact on the total cost of your loan. There are different personal loan interest rates charged by different lenders, so you must focus on what is most suitable for you based on your finances. To get the lowest interest rate personal loan, compare loans in the market and apply with a lender who charges the most suitable rate.

Show all sources of income and employment stability

While applying for a loan, it is important to mention all your income, not just from salary but also from a freelancing gig, investments or dividends, and rental or other income. This assures the lender of your ability to repay the loan. This helps increase your credibility as a borrower while showing your financial stability. All this helps you secure nominal personal loan interest rates.

Maintain a high credit score to negotiate for the lowest personal loan interest rates

One of the best ways to get a good interest rate on a personal loan online is with your credit score. Your credit or CIBIL score should be 750 or higher to ensure that you get the best personal loan interest rates. You can improve your credit score by paying off previous debts or dues, being timely with credit repayment, having experience with all types of credit, and keeping your credit utilisation ratio and debt-to-income ratio low.

Check seasonal deals and pre-approved offers 

Various lenders have seasonal deals at which time you can avail the benefits such as more competitive personal loan interest rates. You can also check your pre-approved offer. These are offered to you if you have borrowed from or interacted with a lender in the past. Such an offer is based on your credit history and profile and makes application faster and easier and gets you nominal personal loan interest rates.

Keeping these tips in mind will help you get the best personal loan interest rates possible. For an affordable experience, check out the Bajaj Finserv Personal Loan. Get easy approval for a sanction up to Rs. 25 lakh, and enjoy an attractive interest rate. The loan comes with no hidden charges, and you can get your online personal loan approval in minutes. If you need funds urgently, you can rely on this loan which allows you to access the money in your bank account in just 24 hours* after approval. Use the loan EMI calculator to plan your repayment with ease beforehand. To begin the process now, check your pre-approved offer and apply online. 

*T&C apply

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Published on April 04, 2022
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