Low-interest personal loans are the best way to tackle your urgent financial needs. From financing your child’s wedding to booking a holiday with your partner, you can bankroll all your needs with a personal loan. But, getting a loan at the most competitive rate is essential. This will help you make repayments with ease. So, finding the best rate is an absolute must.
Here is the MLCQ formula that will help you find the best rate on a personal loan:
1. Maintain a good credit score
Your credit score shows your creditworthiness based on how you have managed credit in the past. A score of over 700 or 750 makes you a good candidate for a personal loan. As a rule, the higher you score, the better it is for you. Lenders decide repayment terms, loan amount and the interest rate based on your credit score. A higher score gives you an upper hand when it comes to negotiating terms.
2. Compare lenders to get the best offer
A little research will go a long way in your search for easy personal loans. Compare personal loans lenders in the market to find the loan with the best interest rate and features. This will take some time but will ensure that you make the right choice. Opt for a personal loan from Bajaj Finserv, one of the country’s leading NBFCs. Check your eligibility and apply for a personal loan online. You can get instant approval and disbursal of the personal loan amount to your account in as soon as 24 hours.
3. Look for seasonal offers
Lenders notify customers about special offers through SMS and email. Keep a watch for these offers to make your loan more affordable. These offers allow you to get limited-period discounts on the interest rate. More often than not, these discounts are available when you apply online during festive periods.
Additional read: 5 mistakes to avoid while applying for a personal loan
4. Qualify based on your professional credentials
If you draw a high salary and work for a reputed public or private sector company, it makes you a stable candidate in the lender’s eye. So, use this to your advantage to negotiate a lower interest rate. Your company’s good reputation can help you get a lower interest rate since the lender gets assured that you will have the financial means to make timely payments.
With these tips in mind, finding the best rate on a personal loan isn’t difficult. Make the most of your high credit score and employment status to get a low-interest rate personal loan.
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