5 Tips to Get a Low Interest Personal Loan

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5 Tips to Get a Low Interest Personal Loan
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• Personal loans are one of the most
  sought-after loan types, as they are fast to
  avail and require minimum documentation. A
  personal loan can be beneficial when you have a
  financial emergency or any other pressing
  financial need. However, before applying for any
  personal loan, it is essential to compare the
  interest rates with various lenders. If you
  cannot repay loans with high interest rates,
  getting low-cost personal loans can be the best
  way forward. That said, obtaining low interest
  loans is easier said than done. To help you get
  low-interest personal loans, we present a list of
  five tips to follow. Read on.

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1.Maintain a Good Credit Score

• When you apply for a personal loan, the
  first thing a lender does is check your credit
  score. Maintaining a good credit score increases
  your chances of securing lower interest rates on
  your personal loan. To maintain a good credit
  score, you need to keep a clean credit history
  and pay your loan installments on time. Also,
  please do not apply to multiple lenders
  simultaneously, as it also affects your credit
  score negatively.

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2.Do Not Default On Your Loan Installments

• Defaulting on your loan installments can be
  a recipe for disaster as it ruins your credit
  history. Therefore, it is vital to maintain a
  good track record in terms of loan repayment.
  Suppose your repayment record is suitable to
  avail of other loans. In that case, you will have
  a better chance to avail a low-interest personal
  loan without any hassles.

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3.Reapply for a Loan With Your Previous Lender

• If you have a good relationship with your
  previous lender and have repaid your loan on
  time, then reapply for a personal loan to the
  same lender. They will offer you lower interest
  rates as the lender is aware of your credit
  behaviour and will want to retain you as a
  customer. That being said, you may not always be
  able to reapply with your previous lender. In
  such cases, we suggest that you look for a new
  trustworthy lender.

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4.Look for Seasonal Loan Offers

• Banks and lenders offer lucrative loan
  offers at certain times to stay competitive with
  other lenders. Usually, you will find such
  attractive schemes during the festive season,
  which will only be available for a limited time.
  So, availing of a personal loan at such times can
  help you get better interest rates.

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5.Learn about Interest Calculation

• Low interest rates are not always good for
  you. You need to understand the complete method
  of loan calculation to choose whats best for
  you. There are flat-rate and reducing rate
  methods for calculating interest. While your
  interest rate stays constant for the entire
  tenure with a flat rate, the reducing rate method
  implies paying interest towards the outstanding
  balance only. Generally, flat rates are lower
  when compared to reducing rates.  

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Wrap Up

• The points mentioned above can help you get
  better interest rates when you apply for a
  personal loan. However, the whole process of
  applying for and getting a personal loan
  sanctioned by traditional lending institutions is
  generally a big ordeal. So, if you are looking
  for a simple, hassle-free option to obtain
  low-interest loans, download, install and
  register with a reputable personal loan app.
  Then, you can avail of low-interest rate loans,
  get approval instantly, and have the funds
  disbursed into your account in under 15 minutes
  only.

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