The personal loan interest rate is usually on the higher side compared to other loans such as home loans, auto loans and more. It is because a personal loan is considered an unsecured loan for which you don’t need to submit any collateral and security. 

Thus, if you are looking to apply for a personal loan in Delhi then you should do your best to get the lowest rate of interest. And to do that, you can consider going for some easy to follow tips. Read on and explore more on this now!

Personal loan in Delhi – Ways to get a lower rate of interest 

1. Maintain a credit score of 750 and more 

Lenders see your CIBIL score as the first parameter while processing your loan application. If you have maintained your credit score of 750 and more, then you can easily negotiate your lender for a lower personal loan interest rate. A higher credit score is a guarantee and gives assurance to your lender that you will repay on time. You can improve your CIBIL score by paying off your loan EMIs and credit card outstanding on time. 

2. Ensure to maintain a good repayment history 

If you are looking to apply for a personal loan in Delhi shortly, then you can try to pay your credit card bill in full and clear all debts every month. If you have ongoing loan accounts, then ensure you pay the EMIs on time, every time. It will help you in getting a better deal when you apply for a personal loan in Delhi. It is because when your repayment history is strong, you will be in a better position to negotiate on personal loan interest rates. 

3. Compare personal loan interest rates for better offers

Based on your personal loan eligibility and needs, you can consider visiting a third party website and look for multiple loan offers at one platform. This way, you will be able to pick up the best deals matching your needs and repayment capacity. 

4. Credibility of your employer counts

If you are employed with a known employer, then it may give assurance to your prospective lender that you are the best fit for the loan approval. It is because lenders know that a reputed company gives Salaries on time and you will be able to repay the loan EMIs on time. You can even negotiate for a lower rate of interest if you are working for a globally renowned brand. 

5. Look for festive offers 

Festivals are the time when a lender may want to increase its subscription base and hence, may offer the loan at a lower rate. You should look out for such offers in your email box, SMS box as well on the website of your lender. However, you should also check out the personal loan eligibility criteria of such lenders before applying. 

The best ways you can enjoy a lower personal loan interest rate in Delhi are now discussed. You can assess your situation and then apply with a lender accordingly. You can apply on a lender’s website and save your time and efforts. 

Bajaj Finserv comes with pre-approved deals on personal loans, home loans, EMI finance and more. The purpose of such deals is to ease off your loan procedures and make it fast. All that you have to do is share your basic details such as your name and mobile number to discover your customized pre-approved loan offers today only.