5 Foolproof Ways to Get the Best Personal Loan
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5 Foolproof Ways to Get the Best Personal Loan

  • Highlights

  • Compare offerings from different lenders

  • Improve your credit score

  • Pay all your bills on time

  • Don’t make multiple loan applications within a short time span

Getting a personal loan (or any loan for that matter) from a lender at the lowest possible rate of interest is surely the primary consideration. But it may not be always easy to get the best deals; this is because being an unsecured loan (not granted against any collateral), it often carries a high interest rate. Here are five ways that can get you a personal loan at the most favorable terms and conditions.

1. Compare offerings from different lenders

Comparing is an essential aspect of a borrowing exercise. Hence, it’s essential for you to compare offerings from multiple lenders before sealing the deal. Today, personal loans are not only disbursed by banks, but also by non-banking finance companies (NBFCs). Lending norms of NBFCs are a little relaxed compared to banks. There are various loan aggregator websites from where you can compare loan offerings from multiple lenders.

2. Try and improve your credit score

The better your credit score, brighter the chances of you being offered a good deal on a personal loan. Keep in mind that such loans are inherently subject to a comparatively higher rate of interest. If you are an active credit card user, make sure that the amount you expend is not on the higher side, and most importantly, you are settling outstanding amount well within the due date.

Make it a habit to check your credit report once in a while. This is because any mistake in the report could reflect poorly on your credit score; something that will dictate the terms when it comes to the lender considering you for a personal loan or deciding on the rate of interest.

3. Don’t apply for multiple loans within a short span of time

It is better not to apply for multiple loans, that too within a short span of time; because the message that sends out to prospective lenders is that you could be somebody who survives on credit. The key is to wait and let some time pass before you apply for loan the second time, should the first application be rejected.

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4. Read the fine print

While getting a personal loan, the bottom line is as simple as it could get: don’t avoid reading the fine print. This will tell you about the various charges such as processing fee, late payment fee, etc., associated with the loan. Also, consider a lender that is ready to look in to your financial obligations and factor in the unique risk profile, offering you flexible repayment options.

5. Pay bills on time

This is probably the most surefire way of securing yourself a good deal on a personal loan. If you spend responsibly and don’t let the monthly credit statement roll over every time, you will be doing your credit score a world of good. This is because regular payments tell the lender that you are a financially viable prospect who manages credit responsibly.

You can also check out all the pre-approved offers on personal, home and business loans from Bajaj Finserv that will help you avail finance in the shortest possible time. Share your basic details to know about your pre-approved offer.

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