How I Address Common Customer Questions About Personal Loan

Why do I need to pay high interest despite having a good CIBIL score?

• A CIBIL score above 750 is excellent, but interest rates are influenced by several factors.
• Limited history with high-value personal loans.
• A higher FOIR (Fixed Obligation to Income Ratio) exceeding 35-40%.
• Past repayment challenges, like DPD (Days Past Due) or settled loans.
• Salary being lower than the loan requirement.
• NBFCs account for these risks and offer customized solutions to customers.

Customers often confuse reducing interest with flat interest.

• Flat Interest: Calculated on the full loan amount for the entire tenure.
• Reducing Interest: Charged only on the outstanding balance after each EMI, making it more cost-effective.
• To clarify, I use simple examples to highlight how reducing interest saves money over time, turning confusion into confidence.

Handling these queries isn’t always easy, but I enjoy the challenge of simplifying financial concepts and earning my customers’ trust. It’s a chance to grow professionally while making a positive impact.