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Tips For Getting a Personal Loan At Competitive Personal Loan Interest Rate

By Finserv MARKETS - Apr 23,2020
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Getting a Personal Loan At Competitive Personal Loan Interest Rate

A personal loan can be of great help in fulfilling immediate financial needs. Since personal loans are multipurpose unsecured loans, they are quite popular amongst individuals belonging to the middle-class segment of the society. Borrowers do not have to pledge any collateral while availing the loan amount and this, in turn, keeps their valuable assets safe in case they happen to default on the loan due to certain circumstances. Some of the most common reasons why personal loans are availed are debt consolidation, funding children’s higher education, managing wedding expenses, travel expenses or in case of medical emergencies. Since personal loans can be availed instantly with leading financial institutions, they have become one of the most sought after credit instruments in case of financial exigencies. Once you avail a personal loan, it should be your prime responsibility to repay the loan on time. Availing a personal loan at a competitive interest rate can be helpful in lowering your repayment burden. Let us have a look at some tips that can help you avail a personal loan at competitive interest rate:

Ensure that you have a good credit score

In order to improve your credit score, you must clear all your outstanding dues, minimize your credit utilization ratio, and have the right credit mix. Financial institutions check your credit score before approving your loan application. Therefore, a high credit score would mean that you have a good repayment capacity. Lenders will consider you a low-risk applicant if you apply for a personal loan with a good credit score. Hence, you must try to maintain a good credit score before applying for a personal loan. A credit score of 750 or above can help you avail a personal loan at the most competitive interest rate. Moreover, you can also avail a higher loan amount with such a credit score.

Maintain a good repayment record

If you have paid your previous loans, credit card bills on time and have a good repayment history, lenders will consider you a financially disciplined borrower. Therefore, having a good long term repayment record can help you avail a personal loan at a competitive interest rate.

Build a relationship with a lender

If you are an existing and old customer of the lender, you can get a personal loan at a more competitive interest rate. Therefore, it is always advisable to build a healthy relationship with your lender. Another significant benefit of availing a personal loan with a familiar financial institution is that the lender is well-aware of your credit behavior, and hence the lender would be less hesitant while approving the loan application. Being responsible with your finances can always help you avail a personal loan at an attractive interest rate.

Having a credible employer

If you are working with a reputed organization, it can prove to be extremely helpful in availing a personal loan at a competitive interest rate. This is because lenders may consider you a low-risk borrower with a stable job if you work with a reputed firm.

Apply for a Personal Loan

Avail seasonal offers

Most financial institutions come up with lucrative offers during festive seasons. They offer loans at a competitive interest rate to match up with their competitors. You can consider making the most of such seasonal offers to avail a personal loan at an attractive interest rate.

Now that you have a better understanding of various tips that can help you avail a personal loan at a competitive interest rate, ensure that you make the most of it to avail the loan that best suits your needs. You must compare various financial institutions and their personal loan offers before making the final decision. This will not only allow you to avail a personal loan at an attractive rate but also with other features such as flexible repayment options, unlimited withdrawals, long tenure, etc.

Before availing a personal loan, it is advisable that you calculate your personal loan EMI by using an online personal loan EMI calculator. This will give you a fair idea about your monthly instalment, and help you plan your budget wisely to make timely repayment of your personal loan. You can easily avail a personal loan available at Finserv MARKETS through a hassle-free online application process. You can easily apply for a loan amount of up to Rs. 25 Lakhs for a tenure ranging from 12-60 months. Minimal documentation, simple online application process, quick approval and instant disbursal of the loan amount are some of the major advantages of availing a Bajaj Finserv Personal Loan. Whether you reside in Mumbai, Delhi, Chennai or Bangalore, availing a personal loan at Finserv MARKETS is a quick and simple process. For residents of Bangalore, a personal loan in Bangalore is one of the finest ways to meet their immediate fund requirement.

Make sure that you check your personal loan eligibility criteria set by the lender before applying for a personal loan. This will help you reduce the chances of rejection of your loan application.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.” 

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522