How to get a personal loan with a low-interest rate

Bajaj Finserv

A personal loan can be a useful financial instrument to address a variety of financial needs, including debt consolidation, paying for unforeseen bills, or funding higher education. Your cost of borrowing is determined by the interest rate on your personal loan. Therefore, finding a loan with a low personal loan interest rate can drastically save your overall borrowing costs.

A personal loan with a low-interest rate can have a big influence on making loan payments more manageable.  Hence, it is essential to evaluate all your options before choosing one. This will make it easier for you to make payments without facing a financial crunch. Therefore, if you want to receive a personal loan, here is how to do it.

Before signing a loan agreement, it is crucial to examine the interest rates and terms and conditions offered by several NBFCs and banks to make sure you are getting the best deal possible on a personal loan. Doing a little research will help you find the best personal loan. Although this will take some time, it will guarantee that you make an informed decision. Bajaj Finance, one of the top NBFCs in the nation, offers personal loans of up to Rs. 40 lakh with a host of different features. The personal loan amount can be disbursed to your account as soon as 24 hours* after approval.

It is crucial to choose a lender with clear eligibility requirements for a personal loan. Complying with stringent requirements can make it more difficult to acquire a loan, and you might end up having to settle for a smaller loan amount or a personal loan interest rate that is higher than you can bear. However, simple eligibility criteria and a quick verification procedure might help get a quick disbursal of funds. Therefore, it is important to compare the terms offered by several lenders before applying.

Lenders can quickly determine whether you are creditworthy by looking at your credit score. A lender may view you as a low-risk borrower and reduce your personal loan interest rate if you have a high credit score. A credit score of at least 685 is recommended. To raise your credit score and be eligible for the lowest personal loan interest rate, you may preserve a track record of timely repayments and a low debt-to-income ratio.

Another effective strategy for showing your financial stability is to have a stable career with a renowned company. Additionally, having a job for at least a year gives lenders confidence that you will be able to complete your payments on time. All of these factors lower your risk profile, which increases the likelihood that lenders will provide you with a personal loan at a competitive interest rate. If you have moved employment frequently, it will be harder for you to get a job because your job stability may be less.

When requesting a loan, it is crucial to disclose all of your income, including dividends, rental income, and income from investments. This increases your creditworthiness as a borrower and confirms to the lender that you are capable of repaying the loan. You can get personal loans with affordable interest rates thanks to all of these features.

Personal loan interest rates may differ depending on factors like the borrower's age, credit history, monthly income, the lender's risk, and the borrower's general financial situation, among other factors. Your chances of being eligible for a lower interest rate increase with your credit score. Bajaj Finance offers personal loans with low-interest rates and loan amounts up to Rs. 40 lakh.

You can also opt for their Flexi Hybrid Loan facility which allows you to pay interest-only EMIs during the initial tenure, making loan repayment even more affordable. Visit the Bajaj Finserv website and apply for a personal loan today.