Interest Rates on Personal Loans in India vary from lender to lender. Some lenders charge low rates for employees of reputed corporates or borrowers with good existing relationships. Which means that if you are a salaried person working with a reputed company, you have not defaulted on payments, and you have a good relationship with your lending institution, you are eligible for the lowest rates? This also means you’re charged lower rates for a higher loan amount if you are an employee of a large reputed company.
When you apply for a personal loan, here are a few things you need to do to ensure you repay at lowest the interest rate.
- Check for Special Offers
- Scan and Research Loan Tenures or Loan Periods
- Avoid Multiple Loan Applications
- Look Beyond your Salary Bank