3 Ways to Get The Lowest Interest Rate On Your Personal Loans
by Mashum Mollah Loans & Credit Published on: 23 July 2019 Last Updated on: 17 March 2020
When scouting for a personal loan, your main objective may be finding the lowest interest rate possible. This not only reduces your EMIs but also lowers your total credit cost. So, whether you want to fund your personal goals or meet business needs, searching for a lower interest rate on a personal loan will help you save a significant amount of money. Though lenders have their own mechanism to calculate the interest rate on your personal loan, you can tip the scales in your favor in the following ways.
Compare Various Lenders And Their Offerings
Conducting online research is one of the best ways to secure a low interest personal loans. By evaluating loans online, you can go through the features and benefits of various personal loans and choose the one that suits your needs best.
For instance, Bajaj Finserv Flexi Loan interest rates are cost-effective and hence the loan lowers your financial burden. Moreover, owing to the Baja Flexi Loan capability you can access money in parts, according to your requirements. You can withdraw and repay multiple times, and end up paying the interest amount only on your spending from the loan. Further, you can access a high-value Personal Loan and get up to Rs.25 lakh to meet financial needs. The Bajaj Flexi Plan is very beneficial as it allows customers to pay back EMIs, which are interest-only. This means you can pay through the tenor, calculate, and repay the principal, after your tenor ends.
This way you can enjoy EMI savings of up to 45%. Finally, simple eligibility terms and minimal documentation accelerate approval and make this an instant personal loan.
Maintain a Good Credit Score and History
Lenders estimate your creditworthiness on the basis of your credit score and repayment history. A high credit score of 750 and above suggests that you are a responsible borrower and can manage credit well. Further, a good credit history shows that you have repaid all your past debts on time. This puts you in a better position to negotiate lower personal loan interest rates.
Conversely, a credit score lower than 750 makes you a risky applicant from the lender’s point of view. To protect themselves from the risk, lenders resort to charging you a higher interest rate. So, always maintain a good credit score and honor your debts in order to get low-interest personal loans.
Apply With a Co-Applicant
If you have a low credit score and bad repayment history, you can secure a lower interest rate by applying for a Bajaj Finserv personal loan with a co-applicant. Doing this will divide the repayment responsibility between you and your co-applicant, thereby mitigating risk from the lender’s point of view. But for this option to work, ensure that you pick a co-applicant who has a good credit score and sufficient income.
Avail a Loan During Seasonal Offers
Finally, if you’re looking for a loan that is going to be a personal loan for non-emergency purposes, wait for lenders to extend seasonal offers via SMS and email. Usually, lenders offer subsidized interest rates during festive periods and in the New Year. Look out for these offers in order to secure low-interest personal loans.
Follow these tips to get a lower interest rate on a personal loan and meet your funding needs economically. To get instant access to funds through Bajaj Finserv, be sure to check for offers that are already available on your account. All you have to do this submit basic details like your name and contact number to view a customized deal. Apply using this deal to minimize application time.
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