Few tips to choose better interest rates for your personal loan 

A personal loan is one of the best financial products that will help an individual meet his or her financial requirement for a short duration of time. It is the most popular form of an unsecured loan, which is sanctioned by the lenders after reviewing your income source, credit history, and repayment option. This loan is utilized for multipurpose use such as meet wedding expenses, home renovation, meet college funds, plan a short trip, pay quick medical bills, etc. There are leading banks and non-banking finance companies that offer a loan with competitive interest rates and flexible tenure to repay the money at affordable EMIs.

Before applying for the loan, you can compare quotes of top 35+ banks and non-banking finance companies on the aggregator sites online. By comparing you can lower your personal loan interest rates, pick affordable EMIs and flexible loan tenure. It's important that you don't burn a big hole in your pockets while repaying the loan amount. Right from a cozy corner of your homes or offices you can compare quotes, and pick the deal of your choice. Neither you have to visit banks or NBFCs nor wait for the office hours to compare quotes. It’s online and it’s 24 X 7. All you need is a smartphone, laptop and sturdy internet connection at your place. 

Some factors that will impact your personal loan interest rates are CIBIL score, income source, company reputation, negotiating skills, fixed monthly obligation.

Here are a few tips to choose better personal loan interest rates:

Maintain a good repayment record

A good track record timely proving repayment of your prior debt will convince the lender that you're a responsible borrower. If your current record is free of any defaults, you have a better chance of negotiating with the lenders for low personal loan interest rate deals.

Check if your company has any tie-ups

Many corporate giants will have tie-ups with top lending banks and NBFCs. They might come up with some promotional offer or discount on your campus. The financial institutes also offer a discount on personal loan interest rates in india during festive seasons to attract customers. So, it is wise to clench such discounts and stay on the winning side! Check with your company if you have any tie-ups with a particular bank or NBFC.

Promotional offers

Many times, banks and NBFCs come up with promotional or seasonal offers to lure potential customers. You can approach the lenders once you compare quotes online and see if they're willing to offer you low-interest rate deal as a part of their promotional activity. Good credit history and strong income source will be the fundamentals to get qualified for the offer.

Maintain a good CIBIL score

Every bank or financial institute will evaluate your credit score and only then determine the Apnapaisa personal loan interest rates. Experts say a good score of around 750-800 will give you negotiating power with the lenders. They will welcome such kind of responsible borrowers.

Pre-Approved Loans

A pre-approved loan is something which you should grab on. Lenders are willing to offer lower personal loan interest rates to such potential candidates who have a good repayment history and strong income portfolio.