Golden rules to lower personal loan interest rate

Money is something that is essential to survive and have a healthy living. Although, financial crisis is common and somewhere at some point, we all have experienced it. Those days are long gone when people use to borrow money from ‘Munim’ at higher rate of interest just to get out of the financial crunch. But, today the scenario is different as the FinTech industry is thriving and offering affordable financial solutions to people from all walks of life.

In the present generation, things have changed on a huge note and today, there is no surprise to borrow a loan or credit from bank or financial institution. Types of loans and credits are offered by Bajaj Finance bank to bridge the monetary gap of the needs. Personal loan is one such financial solution that is offered by the bank at affordable interest rate that doesn’t require any collateral.

So, if you are planning to apply for Bajaj Finance Personal Loan to meet immediate monetary needs, such as wedding arrangements, medical expenses, pursuing higher education, and foreign trips, it is advised to keep the following factors in mind, in order to avail the best possible interest rates.

Boost credit score

Well, we all have heard the term ‘Credit score’ or ‘CIBIL Score’, but very few are aware of the fact that this is a significant factor for the loan approval, especially for unsecured personal loan. Therefore, it is crucial to maintain a health credit score. Generally, a score of 750 and above is deemed to be good and excellent. Also, a good credit score helps you negotiate the best interest rates and offers.

Lower credit utilization 

An individual having maximum number of loans is potentially considered as a high risk customer. So, if you are high on credit utilization, first you need to bring it down. This also hints towards maintaining a good debt-income ratio.

Check offers 

Bajaj Finance offers pre-approved loan to its existing customers and even for individuals with good credit history. So, if you are planning to avail the loan, it is suggested to check Bajaj Finance personal loan offers before applying the loan. Also, to be noted that pre-approved loan offers have comparatively lower interest rates. Individuals can check the offers either on the bank’s official website or visit the bank for any further assistance. To know more please visit https://www.applykaroo.com/loans/bajaj-finserv-personal-loan

Prefer shorter tenure

Though opting for longer tenure can lower the monthly EMI burden, but the fact is that longer the tenure, higher the interest, which ultimately increases financial burden in long run. Therefore, it best to choose shorter tenure, which will help you save a huge sum of pennies from paying as interest.