Personal loan is the first choice when we need urgent money. Fast approval and easy access is the key factor for its huge demand. Now, when we urgently need money, we compromise at higher interest rate, processing charges and higher EMI amount. However, it is wise to check the market for best deal on personal loan. Here, we have listed how to ” Apply For Personal Loan At Lower Interest Rate ” in a short period of time.
Assess your personal loan requirement
Before you rush to the bank or any private money lender, assess your personal loan requirement. Like, How much money you need, what time will it take to repay the complete loan, how much monthly EMI amount you can pay etc. Now when you have got the answer of all above questions, visit online for the options based on your loan requirement.
Contact the customer care of 2-3 lenders
We at Loan Guru advise you to fill the online contact forms of 2-3 lenders. This way you get an insight of what are the market options. You can shortlist the best options and offers among them which suits your need. Never take any decision in haste. After all you have to repay the loan with interest, so make a wise decision.
Compare the interest rate
Compare the rate of interest offered to you in loan proposal. Normally the lenders start with higher rate of interest. It may range from 16% to 24% per annul. Here is the most important point to note. Your negotiation skill will bring it down to below 15% per annual. However it depends on various factors. Like, your CIBIL Score, Other Loan running, Income Strength, Nature of Job or Business etc. Remember always that until you get the loan sanctioned in account in your account, you can negotiate for a better deal.
Submit your documents and get approval
Now when things are under favorable conditions as per your requirement, Go ahead. Ask your loan representative to provide a list of documents. Prepare a set of all documents required and submit it. The approval takes an average of 2-3 days. Now it will be sanctioned and disbursed in your designated account.