The financial temperament of the country is increasingly becoming somber with each passing day. Situations of cash crunch have become a thing of the present as citizens of the nation continue to grapple with high interest rates, surcharges and more.
A personal loan is essentially an unsecured loan which the borrower repays through Equated Monthly Instalments, popularly known as EMIs to the lender (bank). If you are applying for a personal loan, there are certain things that would require your attention to help you make the most of your loan.
You also need to keep in mind that a higher interest rate indicates a higher EMI and vice versa. Individual lenders and banks do not offer same interest rates to every individual. There are multiple factors that affect this decision. The following aspects are bound to affect your interest rates:
●Your CIBIL rating: The Credit Information Bureau (India) Limited score is essentially a 3-digit summary of your entire credit history. When…