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The interest rate on your IndusInd Bank personal loan is determined by several criteria, including your credit score, monthly income, current employment, and existing debts and liabilities. The technique of calculating your IndusInd Bank Personal Loan interest rate is computerized and fairly fixed.
Though there is little room for negotiating, you might offer some leverage and ask the bank to lower the interest rate. Some of the things that can assist you receive a cheaper interest rate are as follows:
1. Obtaining a secured personal loan - Since personal loans are unsecured, the interest rate is quite high. If you want to produce any form of collateral, such as a bank FD, you may be able to obtain a reduced interest rate.
2. Adding a co-applicant in your application — You might include an earning member of your family as a co-applicant on the personal loan, and their income, when combined with yours, can bring you a lower interest rate. Because there are two incomes, the lender's risk ratio is greatly decreased.
3. Improving your credit score before applying for the loan – Your credit score is a significant factor in determining the amount of your personal loan and the interest rate. A credit score of 700 or above is regarded as excellent for obtaining a personal loan. However, if your credit score is lower, you will be charged a higher interest rate. So you can take some basic efforts to boost your credit score, such as paying off some long-standing debts and credit card bills, lowering your credit utilization ratio on credit cards, avoiding applying for too many credit cards at once, and so on.
Also Read: 5 Important Tips To Improve Your Credit Health
IndusInd Personal Loans are the most popular in the industry since they have one of the lowest interest rates. To acquire the best rates, applicants should pay attention to the qualifying criteria and work to improve their credit score and other aspects.