Availing a personal loan is always a useful proposition. It can help you fund an education, a wedding, or even just a family vacation to an exotic location. They are the perfect instrument for fulfilling any and all of your dreams and aspirations.
If you are planning to avail a personal loan, it is always important to assess the best personal loan interest rates available in the market. Different lenders may offer different personal loan interest rates and thus, looking around before you make the ultimate decision to opt for a loan is extremely beneficial. Personal loans of up to Rs. 25 Lakhs, available on Finserv MARKETS, offer interest rates starting from as little as 10%, which makes it a very competitive offer.
Despite the standard personal loan interest rates offered by lenders, there are several ways you can reduce the interest rate that applies on your loan. Read on below to learn how you can reduce your personal loan interest rate.
Monitor your credit score
Your credit score is one of the most important facets by which your personal loan interest rate is decided. Your credit score denotes your financial stability and ability to repay any loan you take. Thus, having a high credit score lets you avail a lower rate of interest. Make sure to monitor your credit score at all times and ensure that it never falls too low.
Compare different lenders
Make sure to take the time to assess the different lenders in the market. Different lenders may offer different loan amounts and repayment periods, and their benefits could differ too. Looking through the different lenders available will help you assess which lender is most suitable for your requirements. Personal loans, available on Finserv MARKETS, offer a long repayment tenure ranging from 1 to 5 years, and are ideal for those looking for a flexible repayment tenure.
Browse for discounts and offers
Many lenders offer a range of discounts and offers during different times of the year. Some of these may be aimed toward offering seasonal discounts on personal loan interest rates, or offer other benefits. Keep an eye peeled out for such offers as and when they come, as you can be assured of getting a lower interest rate at these opportune times.
Use professional credentials
The company you work with goes a long way in ensuring your creditworthiness and ability to repay your personal loans. Make sure to use it judiciously and try to avail the lowest interest rates on your personal loan.
Don’t make too many loan applications
Making too many loan applications dents your credit score, and can count against you when you make your personal application. This is why it’s important to browse through all the options available to you before you apply for the loan that best suits your requirements.
Opting for a personal loan can be extremely helpful for a myriad of reasons, and it is always useful to get one with a low interest rate. Applying for a personal loan, through Finserv MARKETS, will enable you to avail a range of benefits, including low interest rates, flexible repayment tenures, as well as the ability to avail an unsecured loan.