How can you easily avail of a personal loan at a low-interest rate?

Exigencies do not come with any advance warning. If they did, individuals would have been better prepared for dealing with them. Any type of financial crisis may crop up at any time. Dealing with financial exigencies can take a significant toll on your mental and physical health. It even can prevent you from thinking or figuring out any specific rational solution.

It may be a healthcare emergency at times if you have forgotten to renew your healthcare insurance. A sudden marriage in the family can be an exigency. A family exigency that needs you as well as your family to travel abroad can be the next reason. For someone else, it can be a matter of just depositing the fees for the course or exam. Personal loans can be your savior in such situations.

Personal loans nowadays have become extremely easy to avail through the instant apps of Indiabulls personal loan or Tata Capital personal loan. These apps are user friendly in nature with prime features making personal loans extremely an attractive online facility available at affordable interest features. The rate of interest (ROI) on a personal loan determines the overall EMI that you must pay each month. Hence, applicants cannot ignore or change the rate of interest as it is a constant parameter while applying for a personal loan.

The only relief for applicants is that they can easily compare the interest rate percentage provided by distinct lenders on their loan applications. This clear comparison endows clarity for shortlisting the personal loan application online, offering a low rate of interest. It makes EMIs affordable and very simple to repay throughout the whole loan repayment tenure.

Preferably, a fixed rate of interest is a considerably safer choice than a floating rate of interest. Usually, instant loan apps like Tata Capital personal loan or Indiabulls personal loan come with a fixed interest rate and prove to be a highly safe option for financial exigencies.

Here are a few of the ways you can avail a low rate of interest on your personal loan online:

∙       Excellent credit score

Maintain a balanced mix of credit and credit utilization ratio (CUR) of under 30 percent. Also, clear all the pending debts if you have any. Ensure to make personal loan enquiries at regular intervals. All of these are simple tips that can assist you to attain a strong credit score and a low rate of interest.

∙       Constant repayment

Whether it is a loan EMI or credit card bill, ensure you are constant with your repayments based on the schedule. It will endow the lender with a sense of confidence in your profile. On your request, you might avail of a low rate of interest on a personal loan, factoring in your past repayment behaviour.

∙       Credit loan offers

Ensure to make the most of the offers on personal loans and credit benefits introduced by the loan during the festive season. It is a great chance to avail a low rate of interest.

∙       Employer’s credibility

Lenders factor in your employment background considerably before providing a personal loan offer. Borrowers with a good work profile in reputed companies or MNCs often get a concession on the rate of interest. However, it entirely is at the discretion of lenders and is not a mandate.

∙       Cordial with lenders

In case you have a fixed lender supporting your professional and personal goals, it is obvious you hold a cordial relationship over a time period. Hence, interest rates negotiation is possible.

∙       Know the kinds of the rate of interest applied on the personal loan online

Rate of interest are of distinct kinds that are charged differently on various kinds of the loan amount that you borrow:

Simple rate of interest

A simple rate of interest is just intended on the principal component of the borrowed amount. It is usually applied on a short-term loan.

The compound rate of interest

The compound rate of interest gets added to your principal loan proceeds. Further, the rate of interest is applied to the principal amount.

Fixed-rate of interest

Fixed-rate of interest stays constant and does not change on the debt or loan. It is an unchanging rate of interest that stays stable throughout the loan repayment tenure.

Variable-rate of interest

Variable-rate of interest is a kind of interest rate which is floating and continues fluctuating as per the market value. The type of interest rate you select becomes extremely crucial for balancing your financial plans and budget. So, borrow the money wisely that you can easily repay with a rate of interest charged.

Apart from this, comparing the rate of interest, even consider the loan eligibility criteria and terms and conditions of the loan in advance to remove the disapproval or cancellation chances. Ensure to get clarity on any hidden charges or restrictions from the side of the lender to expedite the loan approval procedure.

Bottom line

As lenders’ risk tolerance levels and their credit risk assessment process can differ widely, your personal loan eligibility along with the offered interest rates can also vary widely across lenders. Thus, make sure to enquire regularly with various lenders regarding your personal loan eligibility. One of the crucial ways of doing this is approaching the online lending marketplaces, which can help fetch distinct personal loan offers depending upon your income, employer’s profile, credit score etc. Also, it could remove the negative impact on your credit score, which otherwise was possible if you approached numerous lenders at the same time for a personal loan. Credit report requests by the online lending markets when providing various personal loan offers are considered soft inquiries, which have no impact at all on your credit score in any way. Apart from mitigating your financial exigencies, you can also refinance a high-interest credit or choose to consolidate your multiple loans with a low-interest personal loan. You can fill up the form for a personal loan easily by approaching the lender’s website. However, ensure to keep the required documents like identity proof, address proof, income documents etc., handy for a hassle-free experience. 

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