5 Tips to Get the Best Interest Rates on Personal Loans with Bajaj Finserv

Personal loans can be an instant and easy way to meet your financial needs. With digitalization, taking out a personal loan online is possible in a few minutes. However, you must ensure that you plan your personal loan correctly. This will not only help you get the best deals, but also help you have a seamless refund experience. You can use a personal loan EMI calculator to assess the loan amount and term that suits your budget. However, it is personal loan interest rates that determine your repayment feasibility, as they affect the total interest you pay and influence your EMIs.

One of the things you can do to get the lowest personal loan interest rates is to compare the rates offered by different lenders. A higher interest rate leads to a higher repayment amount and vice versa. Bajaj Finserv is an NBFC offering instant loan to salaried applicants with competitive interest rates through a 100% paperless digital application. Bajaj Finserv Personal Loan also offers a range of benefits such as fast disbursement, no fee on partial prepayment, no usage restrictions and repayment tenure of up to 5 years.

To find out how to get the best interest rates on personal loans from Bajaj Finserv, read on.

Have a good reimbursement record

When you pay your IMEs or other dues in full and on time, it helps establish a good repayment record. This assures the lender of your reliability and helps you negotiate better terms such as more competitive personal loan interest rates. To ensure the timely repayment of your loan, the EMI calculator is indispensable. With this digital tool, you can calculate your estimated monthly payments and plan your finances accordingly.

Ensure a good credit rating

A good credit rating is one of the key factors that can help you get the best deal, whether it’s your desired loan amount or a reasonable interest rate. If you have a high credit score, you are more likely to get low personal loan interest rates. In effect, this indicates that you are a responsible borrower and guarantees the lender a timely repayment. A credit score of 750 and above is considered a good CIBIL score.

Meet all eligibility criteria

Approval of your personal loan depends on whether or not you meet the eligibility requirements. The eligibility requirements for a personal loan from Bajaj Finserv are as follows:

Age between 27 and 61 years old Indian nationality and resident A CIBIL score of 750 or above Employment in a multinational, private or public company Monthly income of Rs. 22,000 rupees. 35,000, depending on your area of ​​residence

Keep in mind that the eligibility criteria for an offline or online personal loan depends on your income as it helps determine your ability to repay. That’s why meeting and exceeding eligibility criteria in the income or credit score segments can help you secure low personal loan interest rates.

Working towards a stable employment history

Having a stable and prolonged work history can also increase your chances of getting approved for a loan and getting low interest rates on personal loans. This is because it boasts a stable income and a progressing career, both of which guarantee your reliability during repayment.

If you are employed by a reputable company, you can additionally negotiate lower personal loan interest rates.

Maintain a healthy debt-to-income ratio

Your debt ratio is based on the amount you have borrowed compared to your monthly income. If you have a high monthly income but most of it is spent on loan repayments, this can negatively affect the personal loan interest rates offered to you. Indeed, a high ratio indicates a potential inability to pay your dues. A healthy debt ratio to obtain the best personal loan interest rate is usually less than 35%.

Incorporate these tips to ensure you get the best interest rates on Bajaj Finserv personal loans. They will not only help you get a good deal right now, but also in the future. With nominal interest rates and a long tenure of 5 years, you can have a stress-free repayment experience with Bajaj Finserv instant loan for salaried applicants. To get fast approval, check your pre-approved offer or apply online now.

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Bernadine J. Perkins