New Delhi, Business Desk. If a person is eligible for a loan, then these days he gets a loan easily. However, availing such facility at low interest rates is a completely different thing. For this, you not only need to do some smart financial moves, but also need to be aware of new interest rates.
Financial experts say that with loan seekers being smarter, these days want a loan at a lower interest rate. Free credit facilities are also available for those who are running for free, such as pay services and credit cards later. In case of these services, you get free credit for limited days.
For example, with ICICI Bank PayLater, you can get 45 days of zero interest digital credit. You can pay your bills, shop online and pay any merchant instantly on UPI ID. There are some other services available in the market such as ePayLater, Amazon Pay later, and LazyPay, which offer limited interest credit in a few days or cheaper credit in some cases. However, experts warn to use the No Cost EMI feature, as it is basically a marketing trick.
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You can get a personal loan easily but, you may have to pay double the interest rate of the home loan. Gold, property, fixed deposits are the best means to get a secured loan. Also, it is always better to apply to banks (whether public or private) instead of NBFCs.
If you are unable to take advantage of a secured loan and want to take an unsecured loan instead, then in that case you can get a loan at low rates in some smart way.
Lenders consider many things before giving a loan. First and foremost of all of them is credit. A valid credit score falls between 300 and 900, and scores above 750 are considered superior.
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