3 Smart Ways to Avail a Low Interest Rate Personal Loans
Life is full of financial uncertainties, and we are always working hard to make sure that we do not have to face any financial hardships in life. Who doesn’t like to spend the money as they want, without ever worrying about the money left in the bank account?
We try really hard to avoid any financial uncertainties that may affect our lives, but we may have to face financial uncertainties sometime in our lives. This might be due to some unexpected expenses that might have come up suddenly or due to the desire to fulfill our long-standing wishes. If such a situation comes up in your life and you are not sure how you can manage your finances to take care of the expenses at hand, then the best option for you is to Avail a Low Interest Rate Personal Loan in India.
About Low Interest Personal Loans
Low Interest Rate Personal Loans are one of the most popular financial products of the present times due to the various benefits they offer to the borrower. Personal Loans in India are offered by numerous financial institutions at extremely competitive rates. Personal Loans are an unsecured form of lending wherein you need not offer collateral to the lender in lieu of the money. Moreover, you are at your liberty to use the funds for any purpose as desired. You need not furnish any details to the lender regarding the intended use of the money.
The repayment tenure for a Personal Loan can go up to 60 months,and the amount that can be availed can go up to
50 Lakhs. Due to the various benefits offered by Personal Loans, they are ideal to meet any urgent financial expenses without wiping out your entire savings. As the repayment can be made in the form of EMIs (Equated Monthly Instalments), there is no unnecessary pressure on your finances.
Moreover, most lenders allow you to foreclose the loan without paying any penalties as and when your financial situation improves. Personal Loans are available for salaried, self-employed and sole proprietors only.
Before you apply for a Personal Loan, make sure that you compare the various loan products available in the market and then select one which meets your requirements the best. There are specialised online finance marketplaces where you can compare different Personal Loan products and apply for the one which meets your requirements the best.
The entire process starting from application till disbursal of loan can be completed within a few hours if applied using the online channels like MyMoneyMantra. The quick availability of money ensures that you can meet your expenses in an efficient manner.
Smart Ways to Avail Low Interest Rate Personal Loans
Availing a low interest Personal Loan is nothing short of art, which you must master if you want to save money on interest repayments. Following are three smart ways to help you avail low interest rate personal loans without any hassles:
Maintain a Good Credit Score
Having a good credit score is essential to be eligible for a low interest rate Personal Loan.Most lenders will not even process your application if your credit score is not according to their threshold. Therefore, you must maintain a credit score of more than 700; this would not only enhance your eligibility for a loan, it would also ensure that you get the lowest interest rates from the lenders. Having a high credit score indicates fiscal discipline and reduces the risk of default significantly. Thus, the lenders have less risk of losing their money and will be willing to offer you highly competitive interest rates.
Ensure Stable Income
Whenever you are trying to apply for a Personal Loan, you have to convince the lenders regarding your professional stability. This infuses in them the confidence that you have stable finances and will be able to repay the EMIs on time. They are thus able to offer you lower interest rates. You must be working at your current job for at least two years to be eligible for a Personal Loan. If you keep on job-hopping, it’s a red flag for the lenders.
Having Personal Assets
Even though there is no need to pledge any asset to avail a Personal Loan but having a house or any other fixed capital asset in your name significantly reduces the risk of the lender,and they know that your chances of defaulting or running away are minimal. That is why they are willing to offer a Personal Loan at a low interest rate due to lower risk of the loan going bad.
Personal Loan offers an excellent option to help you tide over tough times. Therefore, you must follow the tips mentioned above to ensure that you are able to avail the facility at lower interest rates.
Also Read: 7 Things You Must Do if You’re Retiring Soon
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