March 30, 2023

Banks and non-banking financial companies (NBFCs) provide unsecured loans to individuals to manage urgent expenses. These credit options are called Personal Loans. A Personal Loan can help you pay for medical bills, home renovations, family emergencies, and other expenditures. Borrowers can leverage attractive offers to get favourable loan terms. For example, if you apply for an HDFC Personal Loan, you can make the most of the special benefits and discounts offered by this bank. Let’s explore how to take advantage of offers while applying for a Personal Loan.

Applying for a Personal Loan: Top Ways to Get a Better Deal

Weighing your options carefully can help you make a better decision while getting a loan. These expert tips are excellent for streamlining your options and securing attractive loan terms.

Look For Corporate Offers:

Top banks in India provide special corporate offers for salaried professionals. You can browse the available schemes according to your income level. For example, you can check out Axis Bank Personal Loans Online for salaried applicants. Typically, borrowers who earn more than 35K per month get attractive interest rates. People having an income of 75K or more get additional benefits under the HDFC Golden Edge scheme. If you borrow more than ₹10 lacs, you can get lower interest rates. You can browse various loan schemes to find attractive offers that suit your needs.

Leverage Your Existing Banking Relationships:

Banks usually offer attractive interest rates to existing customers. If you have a salary account with a bank, applying for a personal loan from the same bank will help you get better offers. For example, if you have an HDFC Bank salary account, you may get a discount of 0.10%-0.25% on your interest rate. The final loan terms depend on your actual income and other parameters but on average, account holders get better deals than non-account-holders. People with salary accounts with their lending banks also get discounts on loan processing fees.

Strategically Plan Your Loan Amount:

If you borrow a large sum above 10 Lacs or 20 Lacs, you may get better interest rates. While you should not borrow more than what you need, comparing the rates can help you plan your loan application better. If you think you may need more money soon, you should account for that in your current loan application to get the best deal.

How to Decide Which Personal Loan Scheme to Choose?

The above points can help you shortlist the loan products that suit your needs. But how do you make the right choice and finalise the best deal? Consulting an experienced advisor can help you immensely at this stage. A knowledgeable loan advisor can help you compare various loans by considering factors like:

Interest rates and the effective annual percentage rates (APR).

Repayment tenure, pre-closure, and part payment terms.

Balance transfer facilities.

You can contact Your Loan Advisors to learn more about the available options. This team can help you compare the various loans. They can guide you as you Apply For an ICICI Bank Personal Loan or a loan from any other bank. Contact the team today for more information!

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