After the continuous cut in the repo rate by the Reserve Bank of India and its monetary committee, personal loans are available at affordable interest rates. Such revisions have led to a surge in personal loan popularity. Prospective borrowers can calculate personal loan EMIs before applying for the loan using ready-to-use EMI calculators. Borrowers can take advantage of the widespread availability of a low interest personal loan in the following way: Meet All Eligibility Parameters While eligibility criteria may differ from lender to lender, here are standard parameters you need to meet to get a personal loan at a low interest rate: 1. Credit score To impress a lender, a prospective borrower has to maintain a high credit score as it indicates your disciplined behavior towards your debt payments. CIBIL score lies between 300-900. The credit score at 900 is the highest. Generally, 750+ is considered a good credit score and preferred by most lenders to approve a loan application. The higher the score, the higher the chances to get loan approval. With a high credit score, you can negotiate on loan offers with a lender. You can ask your lender for a lower interest rate on your loan. A flexible repayment facility is also provided to high credit scores. 2. Minimum income Lenders are providing you a loan without any collateral. Therefore, you need to meet their minimum income criteria. They grant a personal loan to high-salaried or well-established self-employed individuals. An individual with a stable income can ask for a low-interest personal loan if the lender is satisfied with his/her repayment capability. 3. Negotiating with previous lenders You can choose your previous lender to get a personal loan. And if you have maintained a good relationship with the lender, you can negotiate to get a low-interest personal loan as loyalty builds trust with time. Your old financier can think of providing a loan at a low rate, provided the client repayment record is spotless. Thus, a high credit score enables borrowers to make EMIs more affordable with low-interest personal loans. Individuals looking for a personal loan can also grab pre-approved offers available for them. Bajaj Finserv offers pre-approved loans to their selected clients. Check your pre-approved offers for personal loans, credit cards, home loans simply using your basic personal details. Must Read: Know Everything About A Low-Interest Personal Loan
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |