Are you looking out to apply for a personal loan, but not doing that as you fear that you may also need to bear higher personal loan interest rates? 

If yes, then you are not alone as many loan seekers don’t apply for it fearing higher personal loan interest rates. However, you should know that there are ways that can help improve your chances of getting a personal loan at a lower rate. You can know about each of them by going through this quick article. Read on!

  • Always Maintain a Higher CIBIL Score 

The Credit Score of a loan seeker is the first parameter that a lender analyzes before approving or rejecting a loan request. Your CIBIL Score shows your creditworthiness on how you have been able to manage credit in the past. If you have a CIBIL Score of 700-750, then it makes you an eligible candidate for personal loan approval. The higher the CIBIL Score; the better will be the chance to get a lower personal loan interest rate. 

  • Compare Multiple Loans Offers to Pick Up the Best One

Another key tip to avail of a lower personal loan interest rates is indulging in little research for looking out an idea offer. You can compare personal loan lenders in the market to search for the loan with the best possible features and interest rates. It may take some time but will ensure that you make the right choice and pay lower EMIs later. To compare diverse personal loan offers, you can land on a third-party website and check out the deals from all lenders. Based on your needs and repayment capacity, you can then subscribe to a plan with a lower personal loan interest rate. 

  • Check Out Seasonal Offers 

Many leading banks and non-banking finance companies (NBFCs) notify customers about special offers via emails and SMS. You can keep a close watch on such offers to ensure that you manage an affordable personal loan. Such offers let you access limited-time concession on personal loan interest rate. A majority of these offers are available when you apply online, especially during festive periods. 

  • Avail Lower Rates On The Basis of Your Professional Credentials 

If you are drawing a high salary and work for a well-known private or a public sector company, then you are an able candidate in the eyes of a creditor. Thus, you should also ensure to use this to your advantage to bargain a lower interest rate. The good reputation of your organization can always assist you in finding a lower rate of interest. It is because the lender is assured that you will have the financial capacity to make on-time payments. 

  • Know About Hidden Costs Including Processing Fees 

A personal loan with a lower rate of interest is ideal, but it is only reasonable when it does not come with a range of hidden costs. It is because some lenders may offer a lower rate of interest, but it comes with hefty processing fees. As a result, opting for such offers do not make sense as you will be required to pay some way or other. 

With tips as discussed in mind, finding the best personal loan interest rates is not that difficult. You can make the most of your strong CIBIL Score and employment status to enjoy lower personal loan interest rate. Now you can check CIBIL score online. 

Bajaj Finserv comes with pre-approved offers on home loans, personal loans, business loans and more. It can ease off your loan procedures to make everything less time-consuming. 

You can check out your pre-approved loan offers after submitting your basic details such as your name and contact number. 

Author

Pardeep is an experienced financial analyst, researcher & writer. I have done MBA in Finance. I have worked extensively in the finance sector along with many organizations. I spend most of my time on the Internet reading finance related stuff and love to share my expertise with readers.

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