How to ensure that you get the best possible rate on a personal loan?
Keep a tab on your credit score: The key to getting the best rate of a personal loan is by maintaining a clean credit history. Your credit history is recorded by the credit rating agency (CIBIL) which in turn gives you a credit score. This is shared with banks. Banks will use this as the key parameter for determining the rate of interest on your loan and whether a loan should be provided to you in the first place or not. Good repayment track record will not only ensure quick approval but also lower rate of interest.
Use your existing relationship with the bank: Banks tend to extend relationship privileges to existing customers in order to retain customer loyalty. So they may waive off or reduce the processing fee, documentation charges and may offer you a better interest rate than that offered to a non banking customers.
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