The best way to save your money is to opt for a low-rate loan. Here are proven six ways using which you will be able to obtain the loan at a lower interest rate.
1. Meet the eligibility criteria of the lender Eligibility is one of the most important factors that help you to get approved for a personal loan easily. If you meet the desired eligibility criteria set by the lender, the chances of your loan approval would be much higher. Therefore, before applying for a loan, you need to check your eligibility first and then apply. Here are the basic personal loan eligibility criteria to get an online loan:
2. Maintain a good repayment history You should have a good repayment history to get unsecured loan at a lower rate. To maintain that, try to pay your credit card bills and loan EMIs always on time. If your repayment history is good you have a better chance to negotiate for the interest rate with the lender. 3. You should have a good credit score Credit rating is one of the most important factors that influence your ability to get a loan at a low rate. Before sanctioning you a loan, your lender will evaluate your credit score to gauge your creditworthiness. You should have a credit score above 750, it will more likely to increase your loan approval chances and will also help you to get the loan at a low-interest rate. You can maintain such kind of a score by keeping your credit utilization ratio within the 30 per cent limit, reviewing your credit reports regularly and by maintaining a mix of both secured and unsecured loans. 4. Maintain a good relationship with your lender The kind of relationship you maintain also holds importance when you apply for any credit. If you are a loyal customer and you have maintained a good relationship with them, your lender is more likely to offer you a loan at a relatively cheaper interest rate and better service terms due to your pre-existing relationship. 5. Compare offers from multiple lenders Before applying for an unsecured loan, you should always try to cross-check and compare the rate of interest offered by the various lenders online. In-depth research will help you to get a loan at a low rate of interest along with the best features. 6. Apply for the loan during the festive season The banks and NBFCs launch attractive schemes during the festive season, try to apply for the loan at that time to save your money. So, if you are planning to apply for a personal loan to tackle your immediate financial expenses, keeping the above-mentioned ways in your mind will help you to get the best personal loan interest rate easily.
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