Opt for a floating rate of interest
Also known as the variable interest rate, floating interest rates vary with the fluctuations in the market. It gives you the benefit of getting a low-interest rate if the market rate goes down at any point in your loan tenure.
Most people are tempted to go for fixed interest rates as they like to stay safe from the unpredictable fluctuations in the market. The fixed rates are kept at higher levels than the floating rates at the beginning and remain unchanged throughout the loan tenure. On the other hand, the floating interest rates are offered a bit lower at the beginning, only to be adjusted with the prevailing market rates later on.
A study of the market would reveal that it is more feasible to opt for the floating personal loan interest rate. It will help you to get the best interest rates from Bajaj Finserv. If you go for a short-term personal loan from them, you are more likely to repay it before the interest rate becomes too high later on.
Check for tenure-based discounts
Please have a check on whether Bajaj Finserv personal loan is offering a tenure-based discount. At times, some lenders offer lower interest rates for some specific personal loan tenures. Keep an eye on such offers and try to grab them, if such a scheme deems suitable to you.
Check your credit score periodically and look for ways to improve it
Before you apply for a Bajaj Finserv personal loan, you must check your credit score. Credit bureaus such as CIBIL and Experian usually provide personalized credit reports inside 24 hours. A higher credit score will project you to be more creditworthy to Bajaj Finserv. On the other hand, with a bad credit score, your loan application will be in danger of getting rejected. Also, you may be levied higher interest rates as compared to borrowers with better credit scores. Some ways to improve credit score are listed below-
- Check your credit reports for accuracy
- Avoid the tendency to buy new credit cards
- Leave open unused credit accounts
- Pay off dues on time
- Do not apply for credit accounts too often
- Opt for seasonal offers
Lenders such as Bajaj Finserv periodically announce special personal loan offers and intimate potential customers through emails, SMS, and advertisements. You should keep an eye for such offers where affordable personal loan schemes are available with a low-interest rate and amazing gifts. These schemes allow you to have limited period discounts on personal loan interest rates and thus, make the loan more affordable for you.
Bajaj Finserv also offers loan schemes with low-interest rates Personal Loan during festivals such as Durga Puja and Diwali. Always keep an eye for such seasonal offers.