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Pro Tips on How to Get a Personal Loan for All Your Needs at the Lowest Interest Rate in India!
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Nowadays, people avail personal loans for not only emergencies, but also for purposes like weddings, home renovation, travel plans, etc. And why not, availing a personal loan is just a matter of a few clicks today. You can apply for the loan online from the comforts of your home and get the amount disbursed in your bank account in a few hours without even visiting the branch. However, while you enjoy the convenience of easy application, you must also strive to get the lowest interest rate on a personal loan. Getting the lowest interest rates on a personal loan can help reduce the cost of borrowing and save money.
Tips to Get Lowest Interest Rates on a Personal Loan
You must do your research and choose the lender carefully. Choosing a lender for their low-interest rates is a favorable practice. However, you must check other costs like processing fees, foreclosure charges, etc., too. You can avail a personal loan with the lender that you have a past relationship with, as it is easy to negotiate for interest rates with a known lender. As you are an existing customer, they have your financial information and can offer you exclusive deals and rewards.
Your credit score is a crucial eligibility criterion. Having a high credit score is necessary for quick approvals and low-interest rates. Ideally, a credit score of 750 or above is considered an excellent score for availing loans. Having a good credit score indicates that you are a creditworthy and responsible borrower. It also reflects that you have a healthy mix of credit and a good repayment record on your credit report. Maintaining a high credit score will help you negotiate with the lender and get the lowest personal loan interest rates.
As a personal loan is unsecured, lenders consider your income, job profile, and employment status to determine your credibility. Therefore, you must maintain a positive employment record. You must be employed with a reputed employer as it can reflect job and income stability. Lenders can also check the employer’s credentials to ensure that you are getting a stable income. Having no red flags on your employment stability and income source can help you get the lowest interest rates from the lender.
Lenders often announce offers and schemes for personal loans once or twice a year. These offers include cost-effective terms and interest rate cuts for the borrowers. These offers are usually launched during festive seasons or holidays and are for a very short period. You must keep an eye on such offers received through calls, SMS, and advertisements. Availing a personal loan during such an offer period can help you get lower interest rates and save on your interest outgo.
These tips would help you get the lowest interest rates on personal loan. Getting a low interest rate will help you reduce the cost of borrowing significantly. Avail a personal loan at an attractive interest rate with Kotak Mahindra Bank. Make sure to check your eligibility and affordability before applying.
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