How to Avail Lowest Interest Rates on Instant Personal Loan?

Financial exigencies are something that always exists, the reasons could be different, but yes, they do come in our life. Although many of us plan or keep our savings for such situations, but for others it could be difficult because of the increasing costs of living. In such situations, they need to borrow money from friends or families, which becomes difficult at times as everybody is sailing in the same boat and can't extend any help.

In such a scenario, instant loans from banks or NBFIs come as a savior. Personal loans are beneficial as they are unsecured in nature, means you don't have to submit any collateral against them and also doesn't have to specify the reason for it. This makes them an excellent option to clear your financial distress. But interest rates on personal loans are also high i.e. ranging from 10% to 20%. But not to worry as there are ways by which you can avail lower interest rates on personal loans and they are:

Job Type & Stability: If you are a salaried employee and working in the current organization for at least 2 years, then it can act as a positive identifier or factor when you apply for the personal instant loans. This ensures the lender that you have a stable job and regular source of income; hence you will pay EMIs on a regular basis.

Employer Reputation: Many banks or financial institutions do check the reputation of the organization where you would be working as they want to ensure the company's foothold in the market, i.e. whether they are strong and competitive market players which ensure the growth of their employees too.

Credit or CIBIL Score: It is one of the important factors checked by each bank or financial institution to check the borrower’s credit history and repayment capability. This ensures them you don't turn out to be a defaulter. A good CIBIL score will help you in early approval and lowest interest rates.

Personal Loan Comparison App: You will find many lenders who offer online instant personal loans, but it would be difficult for you to go to each site and check your applicability. Rather go for Instant Personal Loan Comparison App or an aggregator website which list down all the available options along with loan comparisons, which makes it easy for you to select the best suitable.

Above points can help you to negotiate for better and lowest interest rates, so always check them before applying for Personal Loans.