Ways to get a low-interest rate on a personal loan

1. Ways to get a low-interest rate on a personal loan www.indialends.com

2. The rate of interest on a personal loan is usually higher as compared to other loans options which are secured. Therefore, the best you can do while applying for an unsecured loan is to try and get the loan at the lowest interest rate possible to save your money in the long run. Here are proven six ways using which will help you to obtain the loan at a lower interest rate.

3. Meet the eligibility criteria of the lender Your eligibility is one of the most important factors which helps you to get a personal loan at a low rate of interest. If you meet the required eligibility criteria, chances of loan approval will also be high. So, before you apply for an unsecured loan, you need to check your eligibility of the bank with which you are applying for a loan. Here are the basic eligibility criteria to get an online loan: • Age: Your age should be between 18 to 60 years. • Employment Type: You should be a Salaried employee with a stable job for at least a year. • Salary Slips: You should have the latest three month's salary slips. • Bank Statement: You should have six months’ salary account bank statement. • Credit Score: You should have a good credit score. www.indialends.com

4. 2. Maintain a good repayment history Repayment history is crucial for getting a personal loan at a lower rate. To maintain a good repayment history, 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 Your credit score plays an important role when you apply for an unsecured loan. This is something which your lender will evaluate to know your creditworthiness. A credit score is a three-digit number that ranges between 300 and 900 and any score above 750 is considered a good credit score. A credit score of 750 and above will more likely increase your loan approval chances and will also help you to get a personal 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. www.indialends.com

5. 4. Maintain a good relationship with the bank Your relationship with the bank also holds importance when you apply for a loan online. If you are a loyal customer and you and 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 A little research will go a long way in your search for the ideal personal loan. You can easily 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 best features. www.indialends.com

6. 6. Apply for the loan during the festive season During the festive season, banks and NBFCs launch attractive schemes offering personal loans at lower interest rates to lure their customers. Applying for a personal loan during such times is beneficial as this can help you cut down on your loan expenses. If you are planning to apply for an unsecured loan to tackle your immediate financial expenses, keeping the above-mentioned ways in your mind will help you to get a low rate easily. www.indialends.com

7. Getting a low-interest rate on a personal loan can help you save your money in the long run. Therefore, it becomes important to find a loan with a low-interest rate when you are applying. Fetching the best deal on your loan requires in-depth research. You will be able to get a low-interest rate on your loan easily by comparing different loan offers from various lenders, knowing your eligibility and improving your credit score over time. Visit - All You Need To Know About Personal Loan www.indialends.com

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