2 min read
25 May 2021

Ways to get personal loan at low interest rates?

Low-interest personal loans are the best way to tackle your urgent financial needs. From financing your child’s wedding to booking a holiday with your partner, you can bankroll all your needs with a personal loan. But, getting a loan at the most competitive rate is essential. This will help you make repayments with ease. So, finding the best rate is an absolute must.

Here are a few ways to get a personal loan at a competitive interest rate:

1. Maintain a good credit score

Your credit score shows your creditworthiness based on how you have managed credit in the past. A score of 685 or higher makes you a good candidate for a personal loan. As a rule, the higher your score, the better it is for you. Lenders decide repayment terms, loan amount and interest rate based on your credit score. A higher score gives you an upper hand when it comes to negotiating terms.

2. Compare lenders to get the best offer

A little research will go a long way in your search for easy personal loans. Compare personal loan lenders in the market to find the loan with the best interest rate and features. This will take some time but will ensure that you make the right choice. Opt for a personal loan from Bajaj Finserv, one of the country’s leading NBFCs. Check your eligibility and apply for a personal loan online. You can get instant approval and disbursal of the personal loan amount to your account as soon as 24 hours*.

3. Look for seasonal offers

Lenders notify customers about special offers through SMS and email. Keep a watch for these offers to make your loan more affordable. These offers allow you to get limited-period discounts on the interest rate. More often than not, these discounts are available when you apply online during festive periods.

4. Qualify based on your professional credentials

If you draw a high salary and work for a reputed public or private sector company, it makes you a stable candidate in the lender’s eye. So, use this to your advantage to negotiate a lower interest rate. Your company’s good reputation can help you get a lower interest rate since the lender gets assured that you will have the financial means to make timely payments.

With these tips in mind, finding the best rate on a personal loan is not difficult. Make the most of your high credit score and employment status to get a low-interest rate personal loan.

Which is the best personal loan at a low-interest rate?

Personal loan interest rates can vary based on several criteria, including the borrower's age, credit history, monthly income, the lender's risk, and the borrower's overall financial situation, among others. The higher your credit score, the greater the possibility that you will qualify for a reduced interest rate. Bajaj Finance offers personal loans with interest rates beginning at 11% p.a. You can also check your pre-approved Insta Personal Loan offer to get a loan at a competitive interest rate.

Read more: 5 mistakes to avoid while applying for a personal loan

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Frequently Asked Questions

What is a good interest rate on a personal loan?

The interest rate on a personal loan depends on the person who takes out the loan. Variables including your age, credit score, monthly income, relationship with the lender, and others might have an impact on personal loan interest rates. Bajaj Finserv offers personal loans with competitive interest rates starting at 11% p.a.

What is the easiest way to get a personal loan?

The easiest way to get a personal loan may depend on your credit score, income, and other factors. If you match the basic qualifying requirements listed below, you may be eligible for a Bajaj Finserv Personal Loan of up to Rs. 40 lakh:

  • Nationality: India
  • Age: 21 years to 80 years*
  • Employed with: Public, private, or MNC
  • CIBIL score: 685 or higher
  • Monthly salary: Starting Rs. 25,001, based on the city you live in

*You should be 80 years* or younger, at the end of the loan tenure.