How Can You Get a Better Interest Rate on a Personal Loan?
Lower personal loan interest rates are suitable and come across as a beneficial proposition for any personal loan applicant. Not only does it lower your interest and EMI burden also makes repayment easier and more convenient.
One can get an instant personal loan for a variety of purposes, due to the ease of availing them. But there are several factors into play that can increase interest rates on your personal loan. Therefore, carefully planning and following a few tactics will help you to reduce your financial burden. If you’re one of those seeking to get the best interest on personal loans then this article is for you.
Read on to know how to avail of the lowest interest rates on personal loans:
Effective ways to get an instant personal loan at the best rate of interest
Maintain an above-average to high credit score
A credit score is the mirror of an applicant’s creditworthiness. The credit score fluctuates depending on how you have been managing your credit lately. You can get an instant personal loan at reasonable interest with a credit score between 700 and 750. Basically, the higher your credit score is, the better interest rate you will receive. Besides, a high credit score also allows you to negotiate interest rates with your lender. To boost your score, ensure that you are regular on your repayments. Do not default, delay or indulge in any unhealthy financial behaviour during your repayment term.
Compare offers by different lenders
Personal loan interest rates will vary with different lenders. Invest your time and efforts in properly researching each lender you are considering. Doing so will help you in getting the best deal as well as saving money. The process of comparison is quite simple. First, list out all the best personal loan interest rates available; then compare their features and benefits. You can also check your EMI amount, premium amount, eligibility criteria across different lenders. The availability of free personal loan EMI calculators has made it easier for users to do comparisons and arrive at a conclusion.
Explore deals and offers
Usually, lenders inform their customers about special offers and deals through email, SMS, and phone calls. Make sure to keep an eye on discounts and deals to get the best personal loan interest rates. This type of offer comes with an expiry duration, so do not miss out on it. A high probability of lenders providing such offers is usually around festival season. Hence, being updated will enable you to get an instant personal loan at the best interest rates.
Leverage your professional credentials
The majority of lenders like to consider an applicant’s professional background while approving his/her application. If you have a stable working life and are working at a top MNC or big establishment of repute, your chances of being offered lower interest rates are higher. The reputation of your workplace organization also benefits you, in this scenario. In case you don’t have a job but have dependable and substantial income sources, you need to consult your lender. Once you prove that you are capable of timely repayment, your insurance will offer you the best personal loan interest rates.
Best benefits of personal loans
Once you get an instant personal loan with low interest, here are the advantages you will get with it:
- If you manage to avail of instant personal loans at lower interest rates, your overall interest and EMI burden will also be lower. This will make repayments easier and hassle-free for you.
- You will also get to negotiate the other terms and conditions of your personal loan in a better manner like prepayment charges, processing fees, and more.
- If you have a high credit score, are availing of lower interest rates, and have been consistent with your debt repayments, you can even ask for a brief moratorium over a loan repayment.
Conclusion
Getting low personal loan interest rates is one of the best things for someone with urgent money requirements. Usually, people leverage personal loans for medical and educational emergencies. However, personal loans can be used for broader purposes, for example, loans for weddings, holidays, business expansion, and so on. Follow the above-given steps to get an instant personal loan at reasonable interest rates.
Furthermore, online platforms like EarlySalary are accessible on the web for your convenience. It is a platform that will enable you to claim your unsecured personal loan. You can either visit the official website or download the EarlySalary app. Fulfil the information requirements that the app requires to discover the best offers for you. The platform promises a smooth loan borrowing experience to all of its users.