When applying for a Personal Loan through our fastest instant loan app, one of the most important things you must be concerned about is the interest rate. Usually, applicants with a regular income, stable job, and consistent credit history grab the best loan plans with the lowest interest rates at Personal Loan apps. The difference of even a small percentage may significantly impact the EMIs and the total loan cost. So, here are a few tips to get a Personal Loan at a low-interest rate:
- Use an eligibility calculator at the Hero FinCorp loan app and apply for an adequate loan amount according to your requirement and repayment capacity.
- Choose a suitable repayment tenure to keep the EMIs manageable within your monthly budget.
- Maintain a high credit score by paying all your due amounts on time, diversifying your credit portfolio, retaining old accounts, and keeping the debt-to-income ratio down.
- Avoid applying for multiple loans simultaneously.
- Pay off your existing loans or credit card bills to reduce the debt-to-income ratio and increase disposable income.
- Request an increase in your credit limit to reduce your credit utilization rate.