Tips to Reduce Your Personal Loan Interest Rate Legally
Reducing your personal loan interest rate legally is possible with the right approach. Start by maintaining a high credit score through timely repayments and low credit card usage, as lenders reward strong credit profiles with better rates. Compare offers from multiple banks and NBFCs instead of accepting the first option. Choosing a shorter loan tenure, negotiating with your existing bank, and avoiding multiple loan applications can also help lower your interest rate. Applying with a stable income profile and clear repayment capacity further improves your chances of securing a more affordable personal loan.