1. Maintain a good credit score A score closer to 900 is generally considered to be a good score. Having a good credit score increases your ability to secure new credit and it also enables you to get the desired loan amount
2. Maintain a good repayment track record Try to pay your loan EMIs and credit card bills in full and on time. This helps you maintain a good history of repayment which in turn will help you negotiate better rates of interest on personal loan
3.Compare interest rates offered by different lenders If you meet the personal loan eligibility criteria of multiple banks, it is always a good idea to visit an online financial marketplace and compare the different offers.
4. Look out for Special offer When applying for a personal loan, always look out for special offers such as those offered during festive times.
5. Good existing relationship with the bank Having a good existing relationship with a bank/lender may help you secure a personal loan at a discounted rate of interest along with better terms of service.
6. Check the method of interest calculation It is always advisable to check the method used by a particular lender to calculate the interest payable on personal loans.
7. Have a good history of employment Having a long and stable history of employment can not only enhance your personal loan eligibility but also help you get lower rate of interest on your personal loan.
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