TOP 5 TRICKS TO SCORE A LOW-INTEREST PERSONAL LOAN
Published By Gurpreet Singh | 26 Apr, 2025
Personal loans can help financially, but may carry high interest rates. Discover some effective strategies to secure lower interest rates and save more in the long run.
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Here are some tricks to score a low-interest personal loan:
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Maintain a High Credit Score
A strong credit score is key. Lenders favour borrowers with excellent credit histories. Aim for a score above 750 for the best interest rates.
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Compare Multiple Lenders
Never settle for the first offer. Use online comparison platforms to check rates from different banks and NBFCs. A little research goes a long way.
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Opt for a Shorter Tenure
The shorter the loan term, the lower the interest rate. Even though your EMIs may be higher, you’ll pay less interest overall.
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Apply with a Co-applicant
Boost your eligibility with a co-borrower. If your co-applicant has a solid credit score, lenders are more likely to offer better terms.
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Look for Pre-approved Offers
Check with your bank for pre-approved personal loan deals. These often come with lower interest rates and faster approvals.
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