Offers
Rates
V-KYC
Debit Card Related
Credit Card Related
SA Welcome Kit 
Manage Mandate(s)
Get Mini Statement
categories
Bloggers
Blog collection
Press Release
How to get a higher personal loan at low EMI?
Posted on Tuesday, April 25th, 2023 | By Indusind Bank
A personal loan is a popular financial product that can be used for a variety of purposes, from paying for unexpected expenses to funding a vacation or home renovation project. One of the key factors to consider when taking out an instant personal loan is the interest rate, as this will determine how much you will have to pay back over the course of the loan term. If you are looking to get a higher personal loan at a low EMI, there are a few key strategies that you can use to increase your chances of success.
- Improve your credit score
Your credit score is one of the most important factors that lenders consider when deciding whether or not to approve your personal loan application. A higher credit score indicates that you are a low-risk borrower, which means that lenders are more likely to offer you a lower interest rate. If you have a poor credit score, take steps to improve it before applying for a personal loan. This might include paying off outstanding debts, reducing your credit utilization ratio, and making all your loan and credit card payments on time.
- Find the best deal
Different lenders offer different interest rates and loan terms, so it is important to shop around and compare offers from multiple lenders before choosing an instant personal loan. Start by researching lenders online and reading reviews from other borrowers to get an idea of which lenders are reputable and offer competitive rates. Once you have a list of potential lenders, reach out to each one and ask for a quote based on your personal financial situation. Compare the interest rates, loan terms, and fees associated with each offer to determine which one is the best fit for your needs.
- Choose a longer loan term
When you take out a personal loan, you will be required to repay the borrowed amount plus interest over a set period of time. The length of the loan term can vary depending on the lender and your financial situation. If you choose a longer loan term, your monthly EMI payments will be lower, which can make it easier to manage your cash flow. However, keep in mind that a longer loan term also means that you will end up paying more in interest over the course of the loan.
- Negotiate with the lender
Don’t be afraid to negotiate with the lender to try to get a better deal on your personal loan. If you have a good credit score and a strong financial history, you may be able to negotiate a lower interest rate or better loan terms. Be prepared to provide evidence of your financial stability, such as recent pay stubs or bank statements, to support your case.
In conclusion, getting a higher personal loan at a low EMI requires careful research, planning, and negotiation. Start by improving your credit score, shopping around for the best deal, choosing a longer loan term and negotiating with the lender. By taking these steps, you can increase your chances of getting an instant personal loan that meets your needs and fits within your budget. It’s important to keep in mind that borrowing responsibly means only obtaining a loan that you can manage to pay back.
If you’re looking for an instant personal loan at best-in-class rates, then do check out IndusInd Bank Personal Loan that is mindfully designed to fit into the varied needs of individuals as per their lifestyles. With IndusInd Bank Personal loan, you get to enjoy instant approval, quick disbursal, and flexible repayment tenure options. That’s not all, its application process is 100% paperless with minimal or low processing fee*.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
