If you are planning to apply for a personal loan and if you reside in Trichy, then follow these 5 tips to get a personal loan at a low-interest-rate.
You may require a personal loan for many needs or to fulfil an aspiration!
Yes, be it for funding your child’s education, taking a personal loan for travel and more; you may avail a personal loan.
How? If you follow some basic tips before you apply for personal loan in Trichy, you can land a better deal on interest rate for a personal loan.
Five smart tips to follow to grab low interest rate on personal loans
- Make full use of the seasonal offers
To tap the needs of the borrowers during the festive periods, banks and NBFCs offer a low interest rate personal loan which you can consider applying.
Thus, it is a good idea to apply for a personal loan when there is a festive season, and you see offers galore everywhere.
But, make sure to check all the terms and conditions before making a decision.
- Use your CIBIL score as a bargaining tool
Have you been paying all your outstanding bills on time and also making credit card EMIs on time? When you have done all these for years, you are bound to have a good CIBIL score.
It is the right time to reap the rewards of having a good credit score.
Use your healthy credit score to your advantage. Bargain with your lender for a low interest rate, and since you already have a strong repaying history, they can approve it.
A good credit score is 700+ out of 900.
A good repayment track record can prove handy
What’s the advantage of paying all your loans on time and by the due date? Other than saving you from paying hefty fees as penalties, it also pays you back!
Yes, when you have a nice track record of the repayment, you can rest be assured that you will land a good deal on your personal loan interest rate.
Thus, always ensure to pay your outstanding bills on time. Also, do not let credit card payments unattended because credit cards attract heavy interest-rate as the penalty.
- Opt for the line of credit facility of NBFCs
Many leading NBFCs provide a facility known as the line of credit under a personal loan.
Under the line of credit facility, you only need to pay interest component of the total amount as EMIs.
You can always pay the principal amount once the loan tenor ends which helps you control your expenses quickly.
Check with your creditor if they provide the line of credit personal loan facility.
- Check the interest calculation and other charges of the lenders
Do not go overboard and get carried away when you get a low interest rate on offer without understanding the entire repayment cycle.
There may be some hidden charges which you will have pay for some ‘processing fees’ and may increase your total borrowing amount.
Also, as the time passes, your interest rate may go up in the name of some hidden terms and conditions.
You can take the help of the personal loan EMI calculator provided online for free by many leading creditors.
Enter your basic details about your personal and professional profile and know how much interest you will have to pay on a personal loan in Trichy.
The Bottom Line
Always know that availing a personal loan is easy, but getting it on a low interest rate is not that easy.
Yes, lenders will approve your personal loan even if you have a low credit score but at an excessive interest-rate which you may not afford.
Thus, other than maintaining a good CIBIL score to get a personal loan on low interest rate, you should also incorporate the discussed points to make your online personal loan super affordable.
Want personal loan to approve super quick?
You can now get a personal loan in Trichy approved online instantly!
Yes, leading lenders are also disbursing the money in your bank account in less than 24 hours if you match the eligibility and furnish all documents online.
