How to Get the Best Personal Loan Interest Rates in Delhi/NCR?
Do you need to make an urgent investment for your child’s education?
Do you have a sudden exigency at home?
A personal loan is meant to support you during such unpredicted financial crunches at any point in your life, without putting too much strain on your existing finances. Don’t look back when you want to meet any short-term financial needs such as home renovation, buying consumer durables, going on a vacation, pay credit card debt and so on. The best personal loans often come with advantages like lower personal loan interest rates, higher loan amounts, zero collaterals, flexible tenure options, flexible EMI plans and so on. This is the reason why personal loans are fast becoming one of the most sought-after options to counter a sudden financial crunch.
The Delhi/NCR region is fast becoming an important economic hub in India with an ever-increasing concentration of big industries/MNCs, educational institutions, commercial hubs etc. Most of the premier banks/NBFCs offer attractive personal loan interest rates to the central and the state government and private sector employees in this region.
However, it’s not always easy to get the best personal loan interest rates as huge variations are observed in personal loan interest rates, offered by different banks and financial institutions. A bank/NBFC in Delhi/NCR would approve a personal loan for you only after considering a number of factors like your credit history, your current employer, existing loans you are availing, the tenure of your existing relationship with the bank/NBFC etc. These factors will also determine the quantum of the loan and the SBI personal loan interest rates you are due to get. Depending on your profile or your bargaining power, some banks in Delhi/NCR may also provide you additional benefits such as lower personal loan interest rates, zero foreclosure charges and many more.
Here are some ways through which you can enhance your chances of getting the best personal loan interest rates in the Delhi/NCR region.
1#. Improve your credit score
It is a very important determinant for the banks to approve the SBI personal loan interest rates for you. From the credit score (CIBIL/ EXPERIAN score), the lender in Delhi/NCR region would evaluate your creditworthiness. It’s always advisable to keep on updating your credit score every now and then. If you have a bad credit score, your personal loan application may get rejected. Even if your loan application gets approved somehow, you may be asked to pay high personal loan interest rates and may be offered unfavorable terms and conditions on your loan. On the other hand, a higher credit score will project you to be more creditworthy to lenders to consider you for lower SBI personal loan interest rates.
2#. Tenure in the city and employment stability
Some lenders in the Delhi/NCR region would want that you should have stayed for at least one year in the city to be eligible for the personal loan interest rates. Some lenders in Delhi/NCR also tend to reject a loan application if the borrower has not been a salaried employee for at least 2 years or has been self-employed for less than 5 years. However, these are purely discretionary in nature and the best SBI personal loan interest rates will depend more on your employer/annual earnings.
Your current employer will also give an account of your credibility to the lender in Delhi/NCR. If your employer is known to have a promising growth or is one of those reputed and high turnover organizations, you stand a better chance of getting the best personal loan interest rates.
3#. Compare offers from different lenders
A bit of research will certainly help you a lot in availing of the best personal loan interest rates in Delhi/NCR. Do not always stick to your personal banker and weigh in offers from other lenders as well. Attractive personal loan schemes such as SBI personal loan interest rates are available that come with without any hidden charges and with suitable loan tenures. Therefore, you should use comparative insights to make the perfect choice of loan product for yourself.
These days, you can always do your research online and even can get the best personal loan interest rates without visiting any bank/financial institution. Many fintechs such as Afinoz.com offer loans at much better personal loan interest rates than their traditional counterparts. You can visit any such online platforms to avail a quick comparison of attractive personal loan offers with the best personal loan interest rates. This will help you a great degree while making an informed decision.
4#. Look for seasonal offers
Like lenders in other parts of India, lenders in Delhi/NCR also announce special offers to woo potential customers and inform them through emails/SMS. You should look for such periodic offers where attractive personal loan schemes are announced with low personal loan interest rates. These schemes offer you limited period discounts on SBI personal loan interest rates and thus, make them more affordable to you.
Certain banks/NBFCs also offer personal loan schemes with lower personal loan interest rates during Durga Puja and Diwali as these festivals are ‘big-draws’ Delhi/NCR region and lenders often launch schemes to ‘poach’ potential customers from their competitors.
5#. Your bargaining power is the ‘key’
In a way, it's similar to purchasing any ordinary product from a market. If you need a loan with the best personal loan interest rates, you need to discuss and bargain with the bank executives in Delhi/NCR region. Use your bargaining power and present your case to the officials in a credible manner. Hopefully, the thought of losing a credible customer like you to the competitors may prompt the bank to reduce the SBI personal loan interest rates for you.
The best personal loan providers in Delhi/NCR region disburse loans through the efficient online platform of Afinoz.com. It has made quite a name as the best online financial marketplace in India, which has revolutionized the financial services sector with its selected range of products. It has digitalized the entire financial processes involving the best personal loan interest rates, without any need for you to visit the financial institutions in Delhi/NCR or to go through heaps of paperwork.
Most financial aggregators available in Delhi/NCR mostly work with a minimal set of banks/NBFCs and may not be able to provide you the best deal. At Afinoz, we have established tie-ups with almost all personal loan providers and hence can bring forward the best personal loan with respect to your needs and eligibility. Through our platform, you can apply to multiple lenders with just one click and can have access to your digital financial records any time you want.