Looking for Insights on Getting a Personal Loan

[VGisHere]

I’m planning to take a personal loan of around ₹15-20L in about a year and want to ensure I get the lowest possible interest rate. Since I don’t have any previous loans, I’m looking for best practices to improve my eligibility before applying.


I’ve heard that taking small loans for shorter durations can help in securing better interest rates later. I’m considering taking a ₹1.5L loan for 3 months, followed by a ₹3L loan for 6 months, before applying for the bigger loan (which I plan to take for 3-5 years).


Would this strategy help in getting better rates, or are there better ways to build a strong profile for a personal loan? Any advice or experiences would be greatly appreciated!

PS: Current CIBIL is 775

 

[helloworld]

1. No need to take small loans unnecessarily because ur cibil is already good and strong 775.
2. If u want to improve further use credit card regularly (small spends and pay on time) till u get personal loan.
3. Consider income to credit limits, for better interest rate avoid accepting high credit limits till u get the desired personal loan (not applicable if ur income is capable to handle 15-20L alone).
4. taking small loans can make u credit hungry especially in unsecured quota, which might reduce ur cibil score at needed moment (avoid it).

If ur annual income is 40L and u want to take 20L loan, no one checked your current credit cards, and their limits, unsecured loans etc. ur eligible to get the same in easy way.

If ur annual income is 10L and u want to take 20L loan, then some of these checks happen and everything add-up to increase interest rate on that loan.

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So, avoid small loans use credit card till u take loan (and pay on-time always).

tips:

- try to get no part-payment fee loans
- try to get reduced processing or documentation charges loan
- try to bargain best interest rate

also, check this

https://www.technofino.in/community/members/helloworld.3393/#profile-post-746