How To Manage Get The Best Personal Loan Interest Rate Deal?

Posted by arjun on March 19th, 2019

No matter how much you plan well, at some point you will face a financial crunch. You are short off finance and you need quick money to address your concerns such as pay medical bills, fund your sibling's higher education, cover up wedding expenses, etc. Traditional lenders are ready to trap you with exorbitant interest rates and need to pledge collateral to avail one. Thus, a personal loan would seem to be the best choice in such a catch 22 situation. Reputed public and private banks, non-banking housing finance companies have started offering personal loans with interest rates as low as 10.99% and mere processing fee on it.

Loan Aggregator sites are a wonderful platform to compare personal loan interest rates quote of top-notch banks, non-banking finance companies at one place. Usually, the interest rate lies between 11% to 15% and it depends on what the lenders offer you based on the interest rate calculation method and eligibility criteria.

The Apnaloan personal loan interest rates basically depend on your income details, existing debt repayment and credit score. Additionally, you should be aware of how personal loan interest rates are calculated using calculators. This will help you identify if any lender is trying to dupe you at any point of time in the loan availing process. Whether you're salaried individual or self-employed having a strong inflow of income will impact your repayment capability.

This will further increase your chances of getting the loan approved. It will also help you negotiate with the lenders for low personal loan interest rate deals. In addition to this, factors like the company where you work such as if it's listed or not, your work position, the relationship you develop with the lenders and credit history can help you negotiate for better deals. Also, applicants can use loan calculators to know the ideal interest rate they would prefer based on the income source and risk appetite.

Comparing personal loan interest rates is easy online as you can do it right from the cozy corners of your home or offices. There are aggregator websites that keep live personal loan offers of leading banks and NBFCs helping you compare instantly with just a few clicks online.

The personal loan interest rates calculators let you compute EMI taking into account the rate of interest, principal amount and loan tenure. Getting a clear picture of installment you would have to pay will help you cut down the unwanted expenses, do little adjustments in your routine to prepare for your repayments in the best possible way. It also gives the insight into the interest rate you would pay over the course of a debt. The calculators are available on aggregators sites, website and there are no fees to use them. You can compute anytime and anywhere using your laptops, computer or smartphones while on the go.

A credit score of 750+ plays a decisive role in getting the best personal loan interest rates deal. It's better to improve your score at least three to six months prior to applying for a personal loan.  A strong credit history displays your responsibility towards repaying the debt on time. It places more trust amongst lenders on your behalf.