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How to get low interest rates on personal loan

Roy (CA) (94 Points)

05 August 2016

Friends,

What is the term of getting a personal loan low interest rate.

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3 Replies

Anamika Verma (58 Points)
Replied 05 August 2016

The renowned public and private sector banks like SBI, PNB, United Bank of India, ICICI Bank and Axis Bank, etc., have their branches all over India. You will also get the branches of NBFCs in most of the places in India. Do a comparative study among all the lenders online, to find which bank or NBFC is giving a loan at the lowest rate of interest and with maximum facilities. A personal loan is an unsecured loan, so the rate of interest remains higher than any other loan. In the course of my research I have found the Now-a-days Bajaj fisnerv porivide 11.49% rate of interest on personal loan for more information about Bajaj finserv persoanl loan interest rate you can visit here: https://www.bajajfinserv.in/finance/personal-loan/salaried-personal-loan-processing-fees-and-interest-rates.aspx

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Naveen (CA_STUDENT) (164 Points)
Replied 07 August 2016

Originally posted by : Anamika Verma
	The renowned public and private sector banks like SBI, PNB, United Bank of India, ICICI Bank and Axis Bank, etc., have their branches all over India. You will also get the branches of NBFCs in most of the places in India. Do a comparative study among all the lenders online, to find which bank or NBFC is giving a loan at the lowest rate of interest and with maximum facilities. A personal loan is an unsecured loan, so the rate of interest remains higher than any other loan. In the course of my research I have found the Now-a-days Bajaj fisnerv porivide 11.49% rate of interest on personal loan for more information about Bajaj finserv persoanl loan interest rate you can visit here: https://www.bajajfinserv.in/finance/personal-loan/salaried-personal-loan-processing-fees-and-interest-rates.aspx

while applying for Interest Loan in Bajaj Finserv, Iam getting as to enter my Official Mail Id.iam giving my correct mail id ..it is sai.uchin @ gmail.com ..Any help regarding this

Emma vegga (13 Points)
Replied 06 June 2024

To secure a low interest rate on a personal loan, follow these strategies, which include considering Kotak Mahindra Bank as a potential lender:

Maintain a Good Credit Score: A higher credit score indicates better creditworthiness. Aim for a score above 750. Regularly check your credit report for any discrepancies and address them promptly.

Opt for a Shorter Loan Tenure: Loans with shorter tenures generally come with lower interest rates. However, ensure that the EMI is affordable for your budget.

Compare Different Lenders: Don't settle for the first offer you receive. Compare interest rates from various banks and financial institutions. Use online comparison tools to make this process easier.

Stable Income and Employment: A stable job and consistent income can improve your chances of getting a lower interest rate. Lenders view such borrowers as less risky.

Negotiate with Your Lender: If you have a long-standing relationship with a bank, like Kotak Mahindra Bank, leverage this to negotiate a better rate. Banks are often willing to offer preferential rates to loyal customers.

Consider Pre-Approved Loans: Banks like Kotak Mahindra Bank offer pre-approved loans to select customers. These loans often come with lower interest rates due to the existing relationship and the bank’s prior knowledge of the customer's creditworthiness.

Opt for a Secured Loan: If possible, offer collateral. Secured loans typically have lower interest rates compared to unsecured loans.

Applying for a Personal Loan with Kotak Mahindra Bank

Kotak Mahindra Bank offers competitive interest rates on personal loans. Here's how you can apply and potentially secure a low rate:

Check Eligibility: Visit Kotak Mahindra Bank's website to check the eligibility criteria. Ensure you meet all the requirements before applying.

Submit Accurate Documentation: Provide all necessary documents, such as identity proof, address proof, income proof, and employment details, accurately. Incomplete or incorrect documentation can delay the process or result in a higher interest rate.

Maintain a Good Relationship with the Bank: If you already have an account with Kotak Mahindra Bank, ensure it’s well-managed. Good banking history can help in getting favorable loan terms.

Apply Online: Kotak Mahindra Bank offers an easy online application process. Applying online can sometimes come with additional discounts or lower interest rates due to reduced processing costs.

By following these steps and considering Kotak Mahindra Bank's offerings, you can increase your chances of securing a personal loan with a low interest rate.