The interest rate for a Rs. 2 lakh loan usually varies between 10.50% and 24%, depending on your eligibility. Factors such as your income, credit score, and the duration of the loan will influence the specific interest rate for your loan.
Tips to get a lower interest rate:
- Maintain a Good Credit Score
Your credit score is one of the most crucial factors considered by lenders. Having a higher credit score will fetch you a lower interest rate.
- Choose a Shorter Tenure
Opting for lower EMIs over extended periods might lessen the monthly financial strain, yet the overall repayment amount rises considerably. Selecting a shorter tenure greatly diminishes the interest expense, assuming your monthly budget can accommodate essential financial objectives.
- Compare and Apply:
It’s best to always compare interest rates across lenders at Paisabazaar before making the final choice.
- Maintain a good repayment history:
Lenders trust borrowers with a clean repayment track record. Paying your credit card bills in full and clearing any existing loans will increase your chances of attracting a lower interest rate on your personal loan.
