Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 How to get better Interest rates on Personal Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    0 One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    2.25% (min. ₹1499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.70% - 11.70% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    14% - 33% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11% - 16.49% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.75% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    Availing better Interest Rates on Personal Loans

    Personal loans are like hot selling pancakes in the financial world. The most sough-after loans are personal loans as they are the fastest to be disbursed with minimum documentation. Personal loans can come in handy in emergencies as well as for all kinds of personal purposes. Before applying for a personal loan, you must however compare all the rates of personal loans offered by different banks. While most banks maintain more or less the same interest rates on personal loans, you can always avail some special discount or rebate on the rates as it depends on the applicant’s profile.

    Tips to Get Better Interest Rates on Personal Loans:

    Working on your personal loan application by following certain tips, you can avail better interest rates, they are:

    • Use your Credit Score:

      Banks decide approval of personal loans based on your credit score. A good credit score gives you a better chance of availing lower interest rates on personal loans. Your credit score can be maintained by making payments on time and continuing to keep a clean credit history.

      Banks prefer individuals with a credit score of over 700, therefore it is a good idea to maintain your credit score from 700 to 900.

    • Maintain a Good Repayment Track Record:

      A long term track record is also as important in getting a lower interest rate for personal loans, as credit score. If your repayment record for another loan is good, you will be at a better position for negotiating on interest rates.

    • Avail Seasonal Offers:

      Banks offer lucrative interest rates at certain times to match up to the competitive corporate rates being offered by other banks. These attractive schemes are launched usually at festive season and lasts for a limited period only. Taking up a personal loan during such times is very beneficial and could help you cut down on your loan expenses.

    • Understand Interest Calculation Method:

      Do not choose a personal loan scheme purely based on its low interest rates. You must also understand the complete loan calculation while availing a personal loan. Although some banks or lenders may offer personal loans with low interest rates, sometimes the calculation do not include the gradual repayment of principal and interest amount.

      Sometimes you may avail a flat rate that could cost you more than a diminishing interest. A diminishing loan rate implies payment of interest towards the outstanding balance only, however a flat rate requires you to pay interest towards the loan amount throughout the entire loan tenure.

    • Build a Relationship:

      Sometimes you can avail a discounted interest rate on personal loans, based on your relationship with a bank. If you are an existing and old customer of the bank, the bank offers you better interest rates to retain you as their customer. Another advantage in taking a personal loan from a familiar bank is that the lender is aware of your credit behaviour, which works as a reassurance while providing a loan.

      Responsible customers have the privilege to avail an attractive interest rate than what is provided to other customers.

    • Value of your Brand:

      Banks are more open to customers working for reputed companies as it speaks a lot about the job stability and regularity of income. Some banks also have corporate tie-ups that entitle you discounted interest rates on personal loans.

    Apart from following these tips, you can try and make a conscious effort in keeping your credit score high by taking the following steps:

    • Take complete responsibility of making payments on time and clearing your debts.
    • A bad CIBIL score could lead to rejection of your credit card application or loan. In that case, working on improving your credit score should be your main area of improvement.
    • Taking back-to-back loans does not display a good credit behaviour.
    • Avoid maxing out your credit card and maintain a healthy balance of credit card usage.

    Getting a personal loan at a lower interest rate is as crucial as getting a good scheme from a good bank. By being aware of your credit behaviour and managing your finances in a well-planned manner can give you that much needed support on time. Even a small slip-up on the financial front can have a poor impact on your personal loan application.

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