{"id":12871,"date":"2023-08-29T03:07:01","date_gmt":"2023-08-29T03:07:01","guid":{"rendered":"\/blog\/?p=12871"},"modified":"2024-02-07T15:40:26","modified_gmt":"2024-02-07T10:10:26","slug":"have-the-personal-loan-interest-rates-gone-down-this-festive-season","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/have-the-personal-loan-interest-rates-gone-down-this-festive-season\/","title":{"rendered":"Have the Personal Loan Interest Rates Gone Down This Festive Season?"},"content":{"rendered":"\n<p>Like every year,\nthe festive season is the time for lucrative offers, discounts and deals to\nboost sales. Not just retailers, but lending institutions also go all out to\noffer attractive interest rates and benefits so that the borrowers can easily\nget loans to purchase cars, homes, and festival-specific items. <\/p>\n\n\n\n<p>However, this\nyear, the financial institutions are going the extra mile to slash interest\nrates and make loans across all categories more attractive to tackle the\neconomic slowdown caused by COVID-19. The Indian GDP is expected to shrink by a\nwhopping 9.5% this year. Thus, lenders are coming up with attractive offers to\nkick start the economy this festive season. <\/p>\n\n\n\n<p>Notably, many of the private and governmental financial institutions have announced a complete waiver of the loan processing fee. Further, <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/rates-and-charges.html\">personal loan interest rates<\/a> have also been reduced to lure customers and get the real estate and automobile markets back in motion this festive season. <\/p>\n\n\n\n<p style=\"color:red\"><strong>Additional Read: <\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/why-should-you-opt-for-a-personal-loan-this-festive-season\/\">Why Should your Opt for a Personal Loan this Festive season?<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Can You Avail the Best Personal Loan Offers This Festive Season? <\/strong><\/h2>\n\n\n\n<p>Read further to\nknow about the factors affecting interest rates and how you can become eligible\nfor lower interest rates.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Credit score <\/h3>\n\n\n\n<p>The credit or\nCIBIL score is a 3-digit number ranging from 300 to 900. It represents your\nborrowing history and acts as a performance sheet depicting a record of your\npast payments. Usually, lenders look for a score of at least 750 while giving\nout loans. A higher credit score facilitates lower interest rates, as it shows\nthat you make payments on time without defaulting. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Job stability and employer reputation<\/h3>\n\n\n\n<p>The nature of your employment and job stability is one of the deciding factors of personal loan interest rates. The lenders are more likely to consider those applicants who have been employed in their current organisation for at least 6 months. Further, the enterprise\u2019s reputation can also make a difference as this depicts that you will be able to pay the EMI on time. <\/p>\n\n\n\n<p style=\"color:red\"><strong>Additional Read: <\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/how-to-smartly-manage-personal-loan-emis-in-2020\/\">How to smartly manage Personal Loan EMIs in 2020<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Income level<\/h3>\n\n\n\n<p>Higher the\nincome level, lower the interest rate. This is because people with a high\nincome are considered more reliable by lenders as they are in a position to\nafford the repayment. People with a higher income are less likely to default on\nthe monthly payments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Apply for a Personal Loan Online<\/strong><\/h2>\n\n\n\n<p>With the coronavirus still causing disruptions, people are choosing to stay safe indoors. But that does not have to stop you from getting personal finance. Tata Capital\u2019s easy <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/eligibility-calculator.html\">personal loan eligibility<\/a> criteria and online application process have made the process seamless. This festive season, purchase the house of your dreams, go on a vacation or finance your Diwali shopping with Tata Capital\u2019s easy-to-repay personal finance. <\/p>\n\n\n\n<p style=\"color:red\"><strong>Additional Read:<\/strong> <a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/how-to-apply-for-a-personal-loan-in-5-simple-steps\/\">How to apply for a personal loan in 5 simple steps?<\/a><\/p>\n\n\n\n<p>We offer multi-purpose personal finance options with overdraft facility and low starting interest rate along with flexible repayment tenures. Applicants can also get an estimate of the interest rate and EMI payable on their own using our online calculators. So, don\u2019t waste more time, visit our website and enjoy the festive season by getting Tata Capital\u2019s <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\">personal loan<\/a> online.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/personal-loans\/apply-now-personal-loan#!\">Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Like every year, the festive season is the time for lucrative offers, discounts and deals to boost sales. <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/have-the-personal-loan-interest-rates-gone-down-this-festive-season\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":12872,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-12871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is The Impact of Festive Season on Personal Loan Interest Rates - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"How will the festive season demand affect personal loan Interest rates? 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