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Best tips to get a low-interest rate on your personal loan

by rajan kumar

The presence of lucrative benefits and product features like quick disbursal of funds, no restriction on end-usage, minimum documentation and no collateral requirement make personal loans a preferred credit option for urgent finance. However, this ease of availing of funds often leads borrowers do not to pay adequate attention to some of the crucial aspects to factor in before availing of a personal loan. Given that interest rates are amongst the most crucial factors anchoring the decisions regarding choice of loan and lender, let us discuss factors that affect your Dhani personal loan:

Maintain employment stability

Income sources of personal loan applicants are also considered by many lenders while determining their eligibility for a loan as well as setting their loan’s interest rates. Mostly salaried employees owing to their stability in income, are highly preferred by lenders for personal loans. Moreover, lenders also tend to charge lower interest rates to salaried individuals than self-employed ones in most cases due to the relatively more stable income of the former group. When you choose to take the decision to opt for Dhani Personal loan Apply, remember to enquire with them regarding any such eligibility condition and possible ways to avail lower rate on loan.

Among salaried applicants applying for Dhani personal loan or with other lenders, government and PSU employees may be relatively favoured owing to their higher income and job certainty. They are followed by those employees in reputed and large private sector companies as such organizations are considered more stable with higher potential to withstand economic downturns as compared to other private sector companies. Amongst self-employed, the chances are that doctors and chartered accountants may be looked upon favourably by lenders as they are considered the least risky professions.

Grab offers during seasonal and festive deals

Another crucial step in the process of Dhani Personal loan Apply is making the smart move of borrowing on cost-effective terms by waiting for lenders to launch seasonal loan offers, in case you are not in need of urgent funds. These offers are usually available during holiday or festive seasons when demand is expected to witness an uptick. For instance, you may get a loan at not only a lower interest rate but also get waived or reduced processing fees and other favourable terms during such periods, given that the sole motive of such offers is to attract borrowers to avail of loans.

Do not ignore existing relationships with lenders.

Many lenders like Dhani personal loan offer pre-approved personal loans at preferential rates to their existing as well as potential new customers. Existing customer relationships may be in the form of current, savings or fixed/recurring deposit accounts or in the form of credit card or other loan options. Thus, those wanting to opt for a personal loan should begin their search by contacting the bank or NBFCs with whom they share an existing banking or lending relationship as they may fetch you with pre-approved loan offers at better terms and conditions than other lenders.  On the other hand, those having a good credit profile can be offered such loans by other lenders as well.

Ensure you have a good credit score

The credit score of the personal loan application is one of the major factors considered by lenders. Those applicants with a credit score of 750 and above are looked upon as creditworthy and hold a higher chance of getting their personal loan approved at a lower rate of interest. As those individuals with credit scores below 750 are usually considered to be lacking in credit discipline, lenders may either deny loan approval or allow it at a higher interest rate to make up for their higher risk of credit default.

As the requirement for Dhani personal loan can arrive anytime, checking your credit score just before submission of the loan application may not be useful. Thus, ensure to develop the habit of reviewing your credit report at regular intervals and take required measures to maintain or improve it.

Checking credit reports periodically will motivate such consumers to take necessary actions to improve their credit behaviour and, thus, their credit score. A periodical review will also help the consumers to figure out incorrect information or errors, if any, in their credit reports, which can further be reported to lenders and credit bureaus for correction. A rectified credit report will automatically enhance your credit score and boost your personal loan eligibility.

Compare as many lenders as possible before finalizing

With the option to go for Dhani Personal Loan Apply online, it has become easier to inquire about different loan offers and eligibility conditions. Now you can visit the websites of the banks and financial institutions and get complete information about their offers. This can assist in carrying out a comparison amongst lenders and hence, accordingly choose the most suitable one as per your requirements and offered a deal. 

In a highly competitive and growing lending industry with lots of lenders, including banks, NBFCs and fintech making efforts and leaving no stone unturned to lure consumers, especially towards personal loans, comparing as many lenders as possible hold the key to grab the lowest Personal loan interest rate and the best deal.

Summing it up

As the risk appetite of numerous lenders and their credit evaluation processes can vary widely, your personal eligibility and the interest rates charged would also vary widely across lenders. Hence, make sure to check with numerous possible lenders regarding your eligibility before going for a Dhani Personal loan Apply. Comparing would assist in getting to know various personal loan options available as per your credit score, monthly income, employer and job profile, etc. 

Why take Dhani Personal Loan?

Dhani personal loans are uniquely aimed to provide quick fund access to those in financial need and offer a smooth and hassle lending experience to consumers. Amongst a host of reasons and benefits of going ahead with Dhani Personal loan Apply, prime ones are-
  • 0% Interest loan
  • Only principal payback after 90 days
  • No EMIs
  • No Interest
  • No processing fee & other charges

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