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- Prove your creditworthiness: A good credit score will improve your bargaining power. Banks would go the extra mile to have you as a customer if you have a clean credit history. Therefore you may get a discounted rate. To ensure that you have a good credit score, make sure you have an impeccable repayment history.
- Compare Cost: As is indicated above, personal loan interest rate is not the only cost that you will incur. So let that not be the only factor considered before taking a loan. Compare the total costs across financial institutions. That will help you to pick the best of the lot.
- Leverage your relationships: In order to retain existing customers, banks extend privileges which may be in the form of waiving off fees or some charges or providing you a discount on the personal loan interest rate. So approach the bank what you have a relationship with.
- Look for discounts: Some banks also announce festive season discounts. If you happen to need a loan during a festive season, you can take advantage of the discount.
Published on May 21, 2010 · Filed under: Personal Loan Tips; Tagged as: credit history, credit worthiness, personal loan charges, personal loan discounts, personal loan interest rate
How to get best personal loan interest rate
May 21st, 2010 by rupeetalk.com
2 Responses to “How to get best personal loan interest rate”
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Sandhya Hari said on June 22nd, 2010 at 7:20 am
Sir,
Can I know the eligibilty for getting personal loan
My monthly salary is Rs.6000/-
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shwetabh said on June 22nd, 2010 at 9:04 am
You can check it through our eligibility calculator.
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