Before approving a personal loan, lenders assess a variety of variables, including the loan applicant's credit score, monthly income, work profile, and employer profile.Lenders are now taking these aspects into account when calculating personal loan interest rates as the use of risk-based pricing grows.
Following these guidelines will assist you in obtaining a personal loan at a cheaper interest rate.
Maintain a decent credit score: People with a credit score of 750 or higher have a better chance of getting a loan.Such customers are thought to be more financially responsible, posing a lower credit risk to lenders.Lenders may also provide loan applicants with a higher credit score favourable interest rates.
"Follow healthy credit practises such as repaying your EMIs and credit card bills by due date, restricting credit utilisation ratio within 30%, monitoring loan accounts guaranteed or co-signed by you, avoiding multiple loans or credit card applications within a short period of time, and maintaining a healthy credit mix to build and maintain a strong credit score," said Gaurav Aggarwal, senior director, Paisabazaar.com.
"Follow healthy credit practises such as repaying your EMIs and credit card bills by due date, restricting credit utilisation ratio within 30%, monitoring loan accounts guaranteed or co-signed by you, avoiding multiple loans or credit card applications within a short period of time, and maintaining a healthy credit mix to build and maintain a strong credit score," said Gaurav Aggarwal, senior director, Paisabazaar.com.
Each credit bureau will provide you with one free credit report each year. Online financial marketplaces can also provide you with free credit reports.
Maintain a positive banking relationship: When applying for a personal loan, you should contact banks and non-banking financial organisations (NBFCs) with which you already have a relationship.
Among the various lenders that offer personal loans, several choose to offer them to existing customers at lower interest rates.Current, savings, salary, or fixed/recurring deposit accounts, as well as existing loans or credit cards, are examples of such banking partnerships.
Conclusion
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