Tips to Get the Best Interest Rates on Personal Loan

1
Tips to get the Best Interest Rates on Personal
Loan
2
How to get Personal Loan Without Collateral?

•  As per a normal Indian consumer, the best way to
  increase the chances of getting a loan from the
  bank is to
• Submitting your jewelry, house, or property as
  collateral
• Or, by having a prosperous relative/ friend as
  your guarantor for the loan.
• Now anyone can get a loan without submitting
  security or collateral from a bank or a financial
  institution.
• Most consumers are not aware of unsecured loans
  such as personal loans that requires no
  collateral and also have low-interest rates.

3
Why Unsecured Personal Loan?

• Personal Loans are an instant solution in an
  emergency cash crunch.
• The fastest disbursed loans and require minimal
  documentation. Hence, they are the best options
  in almost all emergencies.
• If you are looking for a Best Personal Loan,
  Afinoz suggest you to compare offers from
  multiple banks before applying. For this, you can
  get unbiased comparison insights and best in
  class assistance from us.
• One can use our utility tools like the personal
  loan EMI calculator to evaluate your eligibility,
  monthly installments, etc. We will also assist
  you in getting a Personal Loan at the most
  competitive rate of interest.

4
Interest Rates on Best Personal Loans
Banks/NBFC Current Rate of Interest
HDFC Bank 10.99 - 20
ICICI Bank 10.99 - 20
Axis Bank 11.49 - 20
Tata Capital 11.49 - 20
RBL Bank 14 - 20
IndusInd Bank 18 - 20
Kotak Mahindra 18 - 20
Fullerton India 13.5 - 28
Bajaj Finserv 14.5 - 20
IIFL 13 - 22
MUFIN Finance 13 - 22
Incred Finance 11.49 - 24
Rates are subject to periodic change. Personal
loan interest rates  other fees and charges are
subject to regular review and can vary with each
customer. These can differ depending on your
credit worthiness other factors. The final
interest rate will be based on different criteria
including the banks internal policies
applicable rates at the time of approval.
5
5 Tips to remember before applying for Personal
Loan

1. Apply for an amount which favors your pocket Ask
   for the loan amount which fits comfortably with
   your salary. If you are not sure of the maximum
   loan amount you can assess loan amount using
   Afinozs personal loan EMI calculator. Its
   better to be safe than later feeling sorry.

6
5 Tips to remember before applying for Personal
Loan Continued

1. Your Credit History is your financial Report
   Card The credit score is your financial report
   card. It indicates banks or lending institutions
   about your money-management skills. A CIBIL score
   of 750 and above is considered good and will make
   lending institutions give you a Personal Loan
   willingly.

7
5 Tips to remember before applying for Personal
Loan Continued

• If your Credit Score is not good, initiate the
  following steps to fix it
• Find out what is hurting your Credit Score  It
  might be a late EMI payment or a build-up of
  Credit Card bills. A few timely payments can give
  your Credit Score that much-needed boost.
• If your loan applications are being rejected, we
  suggest you stop applying and focus on improving
  your CIBIL Score.
• The maximum limit on your Credit Card might be
  very big, but dont exhaust all of it. Maxing out
  your Credit Card limit or using too little may
  hurt your Credit Score. Maintain a healthy ratio
  of Credit Card usage.

8
5 Tips to remember before applying for Personal
Loan Continued

• Relationships Matter You are likely to get a
  discount or premium application on your Personal
  Loan interest rate if you hold an account with a
  bank of your choice. One reason being they would
  like to retain you as a customer for all their
  offerings. Second, like your bank, they are aware
  of your credit behavior. If you are in their
  group of good and responsible customers, they
  might reward you with an attractive rate of
  interest on a Personal Loan. In addition to being
  an account holder, having a good interpersonal
  relationship with your bank officials could also
  help you grab a good rate of interest.

9
5 Tips to remember before applying for Personal
Loan Continued

• Know Your Brand Value Just the way you would
  prefer a good brand over a local brand, banks
  offer a warm welcome to those customers who work
  for big-banner Company or entity. Working for a
  reputed company speaks volumes about your income
  and job stability. Occasionally, banks lending
  institution offers Personal Loans at discounted
  rates of interest to employees of some well-known
  companies. While applying for a Personal Loan,
  ask the bank about their corporate tie-ups. Your
  company might have made it to the list. Talking
  about the company, your designation and income
  play crucial roles in helping the banks determine
  a rate of interest for you. The better your
  designation and the higher your income, the lower
  is the rate of interest. A fat pay cheque assures
  the bank or lending institution that you are less
  likely to default on your payments.

10
Thank You !!!