Fixed vs floating interest rates
How fixed and floating rates work, and the questions to ask before you choose.
Every lender sets its own eligibility rules, but most look at a similar set of factors. Knowing them helps you prepare before you apply.
Income and stability
Lenders want confidence that you can repay. They look at how much you earn, how regular it is and how long you have been in your job or business.
Existing obligations
Your current EMIs and credit card dues reduce how much of your income is free for a new loan. Many lenders look at the share of your monthly income already committed to repayments.
Credit history
Your credit report shows how you have handled credit in the past. Timely repayments help; missed payments and frequent applications can hurt.
Steps you can take
- Check your credit report and correct any errors.
- Pay down high-interest debt where you can.
- Choose a loan amount and tenure that keep your EMI comfortable.
- Keep your income and identity documents up to date.
Use our EMI calculators to see what a comfortable EMI looks like before you apply.