Discover Tips, Tricks, and Steps to Obtain Low-Interest Personal Loans!

Oct 20, 2023

A personal loan can be a handy option when you have unpredicted medical bills, home repairs, or a wedding to pay for. A personal loan can be a suitable way to borrow instant funds with quick disbursal, a 100% digital process, and minimal documentation.

A personal loan is an unsecured loan that doesn’t require any collateral. Personal loans also come with set interest rates and flexible repayment terms, which makes them a stable option for borrowers, although their affordability is determined by their interest rate.

In this article, we will focus on top tips and tricks, and steps to obtain a low interest loan!

Tips to Get Low Interest Personal Loans:

Often we see personal loans coming with fixed interest rates. But there are some easy steps to get low interest personal loans:

Maintain a Good Credit Score:

One of the best ways to obtain a Low interest loan is to maintain an excellent credit score. Your credit score is the easiest way for lenders to check your creditworthiness. Having a higher credit score, your lenders may consider you as a low-risk borrower as compared to others. Particularly for personal loans, it is always advised to have a credit score of 700 or more. So for a low interest personal loan, we’ll suggest maintaining an excellent credit score before applying.

Have a Stable Source of Income:

Having a stable and secure source of income always improves your creditworthiness. Furthermore, having been employed for a minimum of one year increases the confidence in lenders regarding your ability to meet payment deadlines. These factors collectively lower your risk profile, making it more probable for lenders to provide you with a competitive interest rate for a personal loan. Conversely, if you have a history of frequently changing jobs, it may weaken your application as it could indicate lower work security.

Do not apply for multiple loans at once:

Avoid applying for multiple loans at once. Applying for a personal loan is considered as a hard inquiry. If you are applying for multiple loans at once then there can be a chance that it will affect your credit score, and it will affect the loan approval as well.

Ensure you meet the lender’s eligibility requirements:

It is an essential step to fulfill all the eligibility criteria of the lender before opting for a low interest personal loan. Check the eligibility criteria thoroughly and compare the terms of different lenders. Choosing a lender with clear and simple eligibility criteria for a personal loan is crucial. If you encounter complex requirements, obtaining the loan may become more challenging, and you might have to accept a lower loan amount than required or a higher interest rate that exceeds your affordability.

Show all Sources of Income:

It is essential to include all your income while applying for a low interest personal loan. Income from investments, dividends, and other income also plays an important loan to get a personal loan. By showcasing your capacity to repay the loan, you enhance your credibility as a borrower in the eyes of the lender. These factors collectively enable you to secure favorable interest rates on a personal loan.

Compare Different Lenders & Terms: Before applying for a personal loan, we suggest checking all the available lenders and their terms. The interest rates and other requirements may vary for every platform. It is always good to check the rate of interest, different loan tenures, and other required information from multiple partners to have a better idea before applying for a low interest personal loan.

Different types of Low Interest Loans:

As there are multiple types of loans are available in the market, we’ll highlight some of the loans that has zero interest or low rate of interest:

Education Loan at 0% Interest:

Students and professionals who need to fund their education expenses can benefit from an education loan. Education loans usually come with an interest rate, but there are several organizations and government organizations from whom you can apply for an interest free loan which is an education loan at 0% interest.

0% Interest two wheeler loan:

Typically, two-wheeler loans offer high interest rates. However, with VIVA Money’s line of credit feature, you have the opportunity to transform the loan into an interest-free option. In VIVA Money, if you repay the borrowed amount within the grace period, you are exempted from paying any interest or additional fees, effectively creating a 0% interest two wheeler loan.

Interest Free Loans at VIVA Money App:

Applying for interest free loans in India through VIVA Money app is as easy as placing an online order from any Ecommerce platform. You can have access to quick funds in less than 15 minutes.

Low Interest Personal Loan Application Process:

To apply for a Personal Loan, you can check some of the low interest personal loan apps, in this blog we’ll see how you can apply for a low interest personal loan through VIVA Money App.

To start the application process, visit https://vivamoney.in/ or download the VIVA Money App from Google Play Store or iOS App Store and follow the process:

Sign up or Login through your mobile number via OTP
Choose your desired Loan Amount & Tenure and click on the ‘Apply’ button
With a 100% Digital Process complete your Video-KYC
After the VIdeo-KYC is done, the approval will take 15-30 minutes to get the application approved.

In conclusion, obtaining a low-interest personal loan can be a practical and accessible solution for unforeseen expenses or financial needs. By following essential tips and tricks, such as maintaining a good credit score, showcasing a stable source of income, and comparing different lenders and terms, borrowers can increase their chances of securing favorable interest rates. Additionally, exploring specialized loan options like 0% interest education loans and two-wheeler loans can provide further opportunities for affordable borrowing.

For a seamless application process, you can leverage user-friendly platforms like the VIVA Money App Low Interest Personal Loan App, offering a 100% digital and hassle-free experience. By adhering to these steps and staying informed about available loan options, individuals can navigate the lending landscape more effectively and access low-interest personal loans to meet their financial objectives.