Chennai is one of the most populated cities in South India. It has a large multi-ethnic crowd belonging to the middle-income group. It is the middle-income group that needs extra money to manage some urgent needs and aspirations.
Here comes a personal loan into the picture. A personal loan in Chennai is becoming a necessity for people to meet their financial needs and emergencies.
If you want to avail a personal loan in Chennai at a low interest rate, you need to fulfil the personal loan eligibility criteria. It is easier for people with a high salary to get a personal loan.
If you are an individual with a low salary, you can still get a personal loan in Chennai; however, it may require some additional effort.
Read on to know the tricks which can help you avail a personal loan in Chennai at a lower interest rate.
- Maintain a consistent employment history
Employment stability is a big factor in getting a Low salary personal loan at a lower interest rate. Lenders relate your consistent employment history to your loan repayment capacity. If you have a stable employment record, there are more chances of getting a personal loan at a lower interest rate.
- Improve your credit score
A high credit score is beneficial for availing a personal loan at a low interest rate. A good credit score assures the lender that you will repay the loan in time. You should always check your credit score before applying for a personal loan. You can enhance your credit score by paying your credit card bills and existing loan instalments timely. A good credit score always works in favour of a lower interest rate personal loan.
- Improve your negotiation skills
Good negotiation skills often prove to be helpful. If you have excellent negotiating skills, you can bargain with the lender for a lower interest rate on loan. Thus, you should try to improve your negotiating skills before applying for a personal loan.
- Go for a shorter loan tenor
The loan tenor that you choose can also help you in getting the loan at a lower rate of interest. Banks and financial institutions offer short term loans at a lower rate. It is because of the risk factor involved in a long term loan. If you are applying for a personal loan in Chennai, you can go for a short tenor loan at a lower interest rate.
- Compare deals online
The best way to get a suitable low-interest rate personal loan in Chennai is to compare deals online. Each lender has different terms and conditions. The interest rates and repayment features also vary from one lender to another. You can research online on the website of different lenders to know about their personal loan offers. It becomes easier to make a comparison once you are done researching. Not only you can compare the features through online portals, but you can also apply online for a personal loan in Chennai via lenders’ sites.
Now that you know the tips for availing a lower interest rate personal loan, you can use them when you apply for a Low salary personal loan in Chennai.
But, you should also keep in mind that the mere lower interest rate is not always beneficial. It is important that you ensure yourself about the credibility of the lender and the total cost of the loan before accepting an offer.
Bajaj Finserv presents pre-approved loan offers on personal loans, EMI finance, credit cards, home loans, business loans and many more. Such deals help you ease off the loan formalities and make it less time-consuming.
All that you have to do is share your basic details such as your name and mobile number to check out your pre-approved loan offers.