According to a recent RBI report, personal loans recorded a significant growth of 12.1% during August 2021. Moreover, another report has suggested that the maximum number of loan applications were from Delhi. This city is well-known for its real-estate market, IT/ITES industries and attractive tourist places.
Applicants seeking an instant personal loan in Delhi can resort to personal loans to address varied financial requirements. Nevertheless, individuals must know certain aspects to obtain an instant personal loan in Delhi at affordable rates.
Tips to avail of personal loans in Delhi at a low-interest rate
Regardless of your city of residence, one can apply for cheap personal loans to mitigate financial emergencies. Since this credit facility does not have any end-use restriction, one can use the funds for personal and professional purposes. Moreover, it has become a popular choice amongst prospective borrowers seeking loan amounts of up to Rs. 25 lakh without a collateral requirement.
However, to obtain any credit facility, it is crucial to compare the interest rates offered by lenders to ensure hassle-free loan repayment throughout the tenor. Therefore, besides choosing an ideal financial institution, individuals need to remember the following aspects to acquire affordable interest rates:
- Maintain a decent CIBIL score
Usually, financial institutions prioritise borrowers possessing a good repayment history, which undoubtedly reduces the chances of loan default. A credit score of 750 and more will allow applicants to negotiate with lenders for attractive interest rates and flexible loan terms. Since the CIBIL score reflects a borrower’s creditworthiness and past repayment history, individuals need to maintain it by lowering the credit utilisation ratio, avoiding multiple loan applications, repaying dues on time, etc.
If individuals fail to maintain any of the above aspects, they must know how to get a personal loan when they have a bad CIBIL score.
Compare interest rates
It is an essential aspect to avail of an affordable instant personal loan in delhi. If individuals invest substantial time in research, it will allow them to save money and obtain the most affordable credit. A decision on personal loans can be conducted conveniently by comparing their features and benefits, especially regarding interest rates.
Besides, individuals can use an EMI calculator online to ensure an uninterrupted repayment throughout the tenor to determine the EMI amount and the overall interest outgo. Knowing these figures beforehand will allow borrowers to structure their repayment accordingly.
This EMI or loan interest calculator is available on most financial lenders’ websites. This online financial tool is very convenient as individuals only need to enter the preferred loan amount, applicable interest rate and the chosen tenor. By inputting these determinants, one can find the exact EMI amount and payable interest for the entire tenor.
Reveal professional credentials
As already mentioned, personal loans are obtained to meet varied financial obligations. Therefore, borrowers seek reasonable interest rates to make the EMIs affordable for the entire loan tenor. If an applicant draws an impressive salary and is employed in a reputed organisation, they can avail of competitive interest rates against the credit facility.
Many reputed personal loan companies and financial institutions extend loan amounts of up to 25 lakh. Therefore, individuals with a stable job profile and income can negotiate with the lender for attractive rates against the loan amounts.
Individuals must also know the easy approval tips for a personal loan and work accordingly to ensure quick loan approval and hassle-free disbursal.
How to apply for an instant personal loan?
Along with many important things to know before taking a personal loan, individuals must also understand the easy steps of an online personal loan application-
Step 1- Visit your lender’s official website and click on Apply online to open the application form
Step 2- Input a few details and verify the OTP sent to your registered mobile number
Step 3- Submit KYC and income details
Step 4- Choose your preferred loan amount and submit the application.
One of the lender’s representatives will connect you for further loan proceedings.
To ensure a simplified and accelerated loaning procedure, individuals can also avail of pre-approved offers extended by leading financial institutions like Bajaj Finserv on a wide range of financing options, such as business loans, personal loans, and credit cards. Customers can check their pre-approved offers online by mentioning their names and contact information. Therefore, individuals can ensure an instant personal loan in delhi at an affordable rate by keeping these factors in mind. However, to secure exclusive deals and offers on loans, individuals must thoroughly research and compare the rates offered by lenders in the financial market.
Read Also: Avail a Personal Loan in Delhi For Better Financial Stability
