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Ways To Get A Personal Loan At Best Interest Rates

By availing Personal loan, you can fulfill your dreams, sending your children abroad for higher studies, making your dreams into reality, unexpected expenditures, and going for the vacation with family members at best interest rate without any collateral.

Before applying for the personal loan just shop around with online loan portals, do you get any special offers on personal loan now for your profile rather than without doing any homework on the personal loan.

Personal loan at best interest rates:

A personal loan can be a helping point when you need the emergency money. Personal loan best option compared to credit card interest rates where interest rate per annum is 36% t o 45%. Many people have started to avail personal loan for closing credit card dues.

In personal loan interest rate varies from 12% to 22% per annum and it varies from one bank to another bank based the customer profile.

Lenders always have a look at your credit score, credit report, and past credit history to decide your eligibility for the personal loan at what interest rate.  When you maintain a decent credit score, not even a single default on in the past credits will make your chance for getting your personal loan approved at the good interest rate.

In lenders point of view your profile looks good and the risk they tend to take is lower side than those who have lower credit score customers.

Get to know your credit report at least twice a year

on By checking your credit score, you get to know your eligibility for future credit in the banks and nonbanking financial institutions.  You get to know your current position, if there is any error, your profile mapped to another person on your credit report, you can resort to rectify those errors which in turn increases your credit score.  Banks and financial institution evaluate borrower’s creditworthiness and capacity to repay before approving the loan.

Score Range Status
780 to 900 Excellent
720 to 780 Good
500 to 720 Poor


When the customers get to know their credit scores regularly, they understand the importance of credit score in accessing loans and spoiling their potential to future credit hence they tend to make payment for dues on time.

Always have a tab on credit score:

First, you need to check your credit score for applying for personal loan. In case you have low credit score, focus on improving your credit scores like paying off past dues and credit card bills. Once you made the payments the banks will update your information to the credit reporting agency CIBIL.

When CIBIL make an update on your CIBIL report, you will have the higher credit score and you may start applying for personal loans.

Apply loan for your need:

You should apply for personal loan amount only you need not more than that as it is coming with higher interest. Just because of you have higher credit limit you should not go for applying big amount and need to prepare if you fail to repay the loan dues.

Interest rate varies based on customer profile:

For getting lower interest rate, your profile has to meet the criteria laid by the lenders.

You need to do the research on personal loan criteria, terms and special offers on the other banks.  You should discuss with a bank with which you have long term relationship and the bank might sanction you the personal loan at good interest rates.

In case if you are working in a reputed MNC company, public sector company then chances are high for getting the personal loan at good rates because of  the company background.

Lenders look at the salary you are drawing to conclude on your repayment capacity to the great extent. Sometimes finding suitable guarantor will fulfill your loan eligibility and it will improve your credit score. If your monthly minimum monthly salary requirement is Rs.30, 000 and you are getting salary as Rs.20, 000, here you can add your spouse salary to meet the loan eligibility and improve the credit ratings.

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Priya Rai is a loan consultant.