The moment you apply for Standard Chartered personal loan, the first and foremost concern is to know the rates better. Yes, being an unsecured loan, it usually comes at higher interest rates as compared to others. And, these rates are always a concern for many as they increase the overall loan burden of an applicant.
If we talk more about this credit facility, it comes handy to meet your varied needs instantly, hence is usually preferred by a lot of borrowers. But one thing that you cannot neglect is the rate at which this loan is available. So, in order to enjoy the lowest rates, it is advisable that you should read the article below. Yes, in this, we are going to share some useful tips that allow you to enjoy an attractive interest rate for a hassle-free journey.
Improve Your Credit Score
A good numeric summary is definitely a center of attraction for many lenders. Majority of the lenders prefer offering the credit at lowest rates to those who have a good score. Talking more about the same, it would not be wrong to say that usually a credit score of 700 or above out of 900 is considered to be good enough in grabbing the best deal. As far as availing the best deal is concerned, many lenders easily get impressed by looking at the same score hence an applicant can also negotiate for the lowest personal loan interest rates to enjoy the pocket-friendly EMIs and Interest.
Concentrate on Lowering Your Debt-to-Income Ratio
If you are someone who is having a credit card, it would be advisable that you should keep your credit utilization ratio low. Spend within your income and try to keep your expenses low so as to minimize your debt-to-income ratio. Concentrating on the same would allow you to enjoy a hassle-free journey ahead where you can live a debt-free life. Many people without focusing on the same, spend unnecessarily on their monthly expenses which in result increases their debt. And, all these activities reflect in your report on which lenders keep an eye on. So, if you maintain a good balance of your debt-to-income ratio, it would create a positive impact on your profile that can further give you an opportunity to enjoy the attractive rate for a personal loan .
A Good Income is the Best Option
An applicant with a good source of income can get the better rates. Now you must be wondering why so? A good income shows an individual can also repay the loan easily without any default. Yes,the higher the income, the more convenient it is for an applicant to manage the monthly installments. The loan repayment burden reduces if a borrower has a good income, and which of course makes creates a positive impression in the eyes of the lender. As a result, an applicant at the time of availing this unsecured credit facility can ask for competitive Standard Chartered personal loan interest rates.