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During emergencies, people often apply for personal loans. However, due to higher interest rates, they can also prove to be a financial burden.
Personal loans are unsecured loans. They do not require collateral due to which the lenders often impose higher interest rates.
Before applying for a personal loan, always assess whether you will be able to repay it with your current income or not.
One of the ways to secure a personal loan with low interest rates is to maintain a good CIBIL score.
A credit score of 750 or above is considered good. You can maintain a good score by making timely bill payments and reducing credit card balances.
Compare offers from multiple banks. Evaluate interest rates, processing fees, loan amounts, and terms and conditions to secure a loan that will save you money in the long run.