After the advent of the FinTech industry in India, availing of personal loans to meet immediate financial requirements has become one of the most popular financing options. Still being popular loans and having huge demand, getting a personal loan at a low-interest rate is a difficult task. Whenever anyone applies for a personal loan, the lender considers certain parameters to decide the interest rate. Here are some tips to meet all those parameters to get a low-interest rate personal loan.

Maintain a good credit score

A personal loan is an unsecured loan, the most important criteria of getting a loan approval at the best interest rate is a good credit score. The reason is that a personal loan is not backed by any collateral or asset, based on the applicant’s creditworthiness, the interest rate is offered by the lender. To get the best interest rate, one must be having a credit score of 750, or above.

Avail seasonal offers

 There are many lenders available online who offer customers lower personal loan interest rates with zero or minimal processing fees. When you apply for a personal loan, always look for seasonal offersMany lenders provide a facility for customized pre-approved loan deals. You can also take advantage of these offers to get a low-interest rate on a loan.

Apply with the lender with whom you are having an existing relationship

When you apply for a personal loan or a top-up loan with a known bank or NBFC, you get negotiation power. If you maintain a good relationship with the lender, then surely you will get the best interest rates and service terms on your loan. You can also avail of special discounts on interest rates that lenders provide only to existing customers.

Compare all offers

With the option to apply and avail of a loan online, it has become easier to inquire about different loan offers. Now you can visit the lender’s websites to get complete information about their offers. This can help you in making a comparative analysis and get a better interest rate. You can also use an EMI calculator to check your eligibility for the offers before you make an application.

Employer’s credibility

If you are working with a blue-chip company, then it helps if you are looking to avail of a personal loan.  As per the lender, a reputed firm is more at ease in providing a steady job and you will get a negotiation power in front of the lender concerning personal loan interest rates.

IndiaLends is a one-stop solution for all your financial needs. Here, we try to provide you with the best services that are hassle-free and quick. Be you are looking for new or top-up personal loans we provide you with a comparative analysis of what different banks are offering and assist you in getting the low-interest rate personal loan offers.

DISCLAIMER: The author is solely responsible for the views expressed in this article. The author carries the responsibility for citing and/or licensing of images utilized within the text.