Do you want to cover your urgent needs of cash? You can apply for an instant personal loan of up to Rs.25 lakh from the leading banks and other lenders in India.
A personal loan is an unsecured loan that is offered as per your creditworthiness such as repayment and income record along with CIBIL score. As a result, the personal loan interest rates are a bit on the higher side as you don’t keep collateral to get it.
If you have the required eligibility, then you can manage multiple expenses with hassle-free loan approval and disbursement.
High personal loan interest rates are one of the major reasons for people to not apply for it owing to the payment of higher EMIs. However, by following some tips, you can easily manage a low interest personal loan and pay lower EMIs. In addition, you can use a personal loan interest calculator to get an estimate of EMIs you can pay periodically.
A quick look at personal loan eligibility criteria
- You need to be aged between 23-68 years
- You must be a citizen of India
- You should be a working individual for an MNC, private or public limited company
You can also use the online tool such as personal loan eligibility calculator to determine your loan eligibility. It can help you know an exact loan amount that you will be able to get as per your income and repayment capacity.
Tips to get best personal loan interest rates in India
If you are not applying for a personal loan due to a higher rate of interest, then you can opt for the best deals by following some tips such as:
- Check your CIBIL Score
Anyone who has maintained a robust credit score with a score of 700-750 or more out of 900 is sure to enjoy lower personal loan interest rates. The best way to ensure a higher credit score is by paying existing debts and credit card bills on time. When a lender sees that you have a strong credit score, it may reward you with a lower rate. Hence, before applying for a personal loan, it is better to check out your CIBIL Score. If it’s not great, you can take time by paying loan and credit card EMIs on time and applying again after improving it.
- Clear your existing debt
When you already have some debts on your head, a lender may risk the loan payment on time and may not approve the personal loan application. Even if they do, it may be approved at a higher personal loan interest rate. Therefore, the best thing would be to first clear your existing debt to get loan approval at a lower rate.
- Shop around for best deals in town
Another trick that you can implement is by shopping around for the best personal loan deals in your city by comparing all such offers on a third-party website. You can simply land on a third-party website to compare all available personal loan deals. This way, you can select an offer that matches your needs and repayment capacity the best.
Managing the cost of a personal loan is now very easy as you can follow discussed tips and cover your needs without thinking about stretching your budget.
Bajaj Finserv offers pre-approved offers on personal loans, home loans, business loans, and more. It can simplify your loan formalities to make it less time-consuming. You can share your basic details such as your name and mobile number to check out your pre-approved loan deals right away.