Factors that Impact Your Personal Loan Interest Rate
The easiest way to fulfilling your life goals instantly is by opting for personal loans. However, personal loan interest rates will always remain an important factor while availing any financial service. When you apply for loans, the personal loan lenders charge interest rates in return for their payment.
Depending upon the factors, these interest rates keep fluctuating. Moreover, it widely differs from one company to another. Before applying for a personal loan online, go through the factors mentioned below to understand what determines the rate of interest. Take a look:
The income of an individual significantly affects personal loan interest rates. A high-salaried individual is at a safer bet while availing personal loans online. The chances of repaying loans are higher in the case of people with high salaries. Indiabulls Dhani provides personal loans at attractive interest rates starting from 11.9%. Ideally, these interests are offered up to Rs. 15 Lakhs, which can help you meet your financial goals.
2. Repayment History
Your repayment history plays a crucial role in determining your rate of interest. Typically, it serves as a validation of your past financial records of loans and credit cards. When you make payments on your previous loan, additional points are added up on your current score. Therefore, make it a point to have a clean slate in the case of repayments. A good credit score ensures a reduction in the interest rates, which eventually allows you to save more money.
3. Reputed Organization
A credible institution ensures a good deal on personal loans. When you work for a reputed company, you are more considerate towards the EMI payments within time. A buyer can utilize the personal loan EMI calculator to obtain the estimated EMI amount.
Calculate Personal Loan EMI
4. Employment Nature
The nature of your employment also determines personal loan interest rates. There’s a massive difference between the interest rates of a salaried employee and a self-employed entrepreneur.
5. Customer Relationship
Another vital factor that affects your interest rates is your relationship with the personal loans lender. If you’ve been a loyal customer with a good repayment record, your loan provider might grant you extra perks and offers. Your healthy relation with the provider will determine the rate of interest. Customers with an existing account or credit card receive special schemes and offers. Hence, see to it that you maintain a cordial relationship with the personal loan provider to receive lower interest rates.
Apply For Instant Personal Loan Online
To sum up, consider the rates of interest before availing a personal loan service. Availing a personal loan from Indiabulls Dhani is an effortless process. If you wish to stay away from the hefty formalities, you must apply for personal loans online. Our personal loans are exclusively crafted for the betterment of our customers to ease their financial concerns.
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