7 Ways To Get The Best Personal Loan Rates

Posted on Friday, July 28th, 2023 | By IndusInd Bank

In the ever-evolving financial landscape, a personal loan can be a lifeline in times of need. Whether for an emergency, a dream vacation, or a home renovation project, a personal loan can provide the funds you require quickly. But the commonly asked question is, how can you get the best rates? Here are 7 insightful strategies to help you unlock the lowest personal loan rates in 2023.

Take the time to window shop

Just like when you’re shopping for anything else, don’t just settle for the first loan offer you see. Compare different options before making your decision.

Use IndusInd Bank’s Personal Loan EMI Calculator as an easy tool to calculate your monthly loan EMIs. This handy tool helps you calculate your monthly payouts, clearly outlining how different loan terms will affect your monthly instalments.

Follow the roadmap of eligibility

Every lender has different requirements for their loans. Make sure to find a lender whose eligibility requirements you understand and can meet. It makes the approval process hassle-free and prevents you from facing rejections if you don’t meet the eligibility criteria set by the lender you choose.

Focus on credit score

In the world of loans, having a high credit score is important. It signifies to lenders that you are a reliable and responsible borrower who can be trusted to repay loans diligently.

The key number to aim for is 750 or higher. If you maintain a credit score of 750 and above, you will be eligible to avail low interest rate personal loans and can enjoy favourable borrowing terms.

You need to perform a few financial feats to earn this number.

• Make sure to pay your bills on time without fail. This shows lenders that you are responsible and dependable when it comes to meeting your financial obligations.
  
• It is important to manage your debt wisely. Avoid taking on excessive amounts of debt and try to keep your credit card balances low. Lenders appreciate borrowers who demonstrate good debt management practices, as it reflects your ability to handle financial responsibilities effectively.

Be open and disclose your assets

When applying for a personal loan, don’t be shy about showcasing all the valuable income sources you have – whether it’s rental earnings, dividends, or freelance payments. By presenting them openly to lenders, you portray yourself as a financially prosperous individual who can easily repay debts. This makes lenders more likely to offer you the best interest rates.

Take advantage of offers

Be patient and wait for special occasions, such as festival bonanzas, when lenders often offer reduced interest rates. It’s like a feast where they cut their interest rates or reduce processing fees to attract borrowers. If you’re already a loyal customer, you might even receive pre-approved loan offers during these times.

Just keep an eye out because these offers come and go like the changing seasons.

Flaunt your stable job

Having a stable job greatly boosts your chances of scoring a personal loan at favourable terms. Lenders view individuals with secure employment, particularly at reputable companies, as trustworthy borrowers. This can help you secure competitive interest rates.

However, if you frequently switch jobs, it may raise concerns among lenders, making them hesitant to offer you the best rates.

Balance your debt-to-income ratio

On one side of the scale, place your debts, and on the other, your income. Try to strike a balance between the two.

A healthy balance demonstrates to lenders that you manage your financial obligations well and can handle a personal loan responsibly, leading to better interest rates. Achieving a ratio of 30-40% seems impressive to lenders and makes you a favourable borrower.

The advantage of IndusInd Bank Personal Loans

IndusInd Bank is your reliable ally in the pursuit of the ideal personal loan. With IndusInd Bank’s Personal Loan, you can navigate the complex financial landscape with ease and achieve your financial objectives.

• Completely digital process: IndusInd Bank offers an entirely digital process, transforming your loan journey into a smooth, hassle-free experience. Every step can be completed online, meaning you can secure your loan without even leaving your home.
  
• Competitive interest rates: With IndusInd Bank, you can get personal loan at interest rates starting from 10.49% p.a. This makes the bank’s personal loans one of the most competitive offerings in the market.
  
• Flexible tenures and loan amounts: With tenures ranging from 12 to 48 months and loan amounts from ₹30,000 to ₹5 lakhs, you have the flexibility to choose a loan term that suits your repayment capabilities and a loan amount that meets your needs. It’s like having a tailor-made financial solution just for you.

Whether you’re a salaried employee, a self-employed individual, or a self-employed professional, IndusInd Bank has got you covered. Their personal loans cater to a broad range of profiles, ensuring everyone can access the financial aid they need.

The bottom line

Securing a personal loan doesn’t need to be complex. With IndusInd Bank, it is a straight path leading to your financial success.

Follow the aforementioned tips to quickly secure a personal loan at the most competitive interest rates and use the funds for whatever it is you desire. So why wait? Start your journey with IndusInd Bank Personal Loan today and step into a brighter, financially secure future!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.