Get the Lowest Personal Loan Interest Rates

Posted on Wednesday, July 27th, 2022 | By IndusInd Bank

Ever since she was promoted, Shazia nurtured the dream of renovating her childhood home. Though eligible to apply for a personal loan online at IndusInd Bank, she was concerned about the interest rate. She decided to share her concerns with an executive instead of asking around and getting misled. After a lengthy discussion, she learned that IndusInd Bank offers personal loans at low-interest rates. However, not everyone can get a low-interest rate on applying for a personal loan. Here are some factors that are considered before offering you a personal loan at a low-interest rate. 

How to Get a Lower Interest Rate on Your Personal Loan

Getting an attractive interest rate can be as straightforward as applying for a personal loan online. Here are some simple hacks to get a low-interest rate on IndusInd Bank’s Easy Credit personal loans.

Build your CIBIL score

An individual’s CIBIL score denotes their credit payment history. Essentially it indicates a person’s creditworthiness to the lender. Having a solid CIBIL score could lead to better loan repayment terms including a lower interest rate!

A Credible Employment History

Job and residential stability play an important role when applying for a personal loan as they act as markers of responsibility. Therefore, beyond drawing a high salary in a reputed company, it is necessary that the applicant has a minimum of 2 years in employment and holds at least 1-year experience in the current organisation. A clean and credible employment history makes one eligible to negotiate better interest rates.

Avoid taking multiple loans

Applying for multiple loans at once or submitting a loan application while already servicing another loan can lead to rejection or fetch higher interest rates. This is because multiple EMIs compromise an individual’s repayment capacity. Hence, be sure to apply for one loan at a time to avail best terms on interest rates.

Choose a shorter repayment period

An extended repayment tenure means that the lender is willing to take more risk, which is sure to come at a price. Hence, a longer repayment period will have a higher interest rate range as the applicant is also expected to ‘buy’ the lender’s waiting period. Considering this, a shorter repayment period could save one from soaring interest rates. 

Be mindful of processing fees

A personal loan’s annual percentage rate includes some additional fees along with its interest rate. A processing fee is also usually deducted before receiving the loan funds. While applying for a personal loan, choose a bank with a low processing fee to avoid paying extra. IndusInd Bank’s processing fee does not exceed more than 3% of the loan amount.

Interest rates offered by IndusInd Bank

The online personal loan offered by IndusInd Bank has some unique features that include – doorstep services, easy documentation, no collateral or guarantors, and attractive interest rates. At IndusInd Bank interest rates as low as 11% p.a. It also offers flexibility in choosing a loan tenure between 1 to 5 years, depending on your financial requirement and repayment capacity. You can apply for an online personal loan in 3 easy steps- fill the form online with your PAN and Aadhar, check out the best offers and complete the video KYC. If you meet the eligibility criteria, the loan will be disbursed in minutes.

Apply for a personal loan with instant approval and the lowest interest rates

A high-interest rate should never be a hurdle in fulfilling one’s dreams. Just like Shazia, you too can take the next step in achieving your aspirations with the Indus Easy Credit Personal Loan. Apply for a personal loan online with minimal documentation and obtain a loan at a low-interest rate!

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.