make move experts suggest that borrowers should consider balance transfer when the interest rate reduction is 05 or more also read repo rate linked home loan here are the interest rates of home loans linked to repo ratecar loansthe maximum tenure of an auto loan ranges between 5 years and 7 years depending upon whether you are planning on taking a new loan or are an existing borrower you can utilise this pause in the repo rate to your advantagenew borrowers most of the car loans are still being financed on a fixed interest rate basis ie whatever interest rate that you get at the time of getting the loan will remain fixed during the entire tenure of the loan therefore when one takes the loan becomes critical so if you enter at a low interest rate point like at present you can enjoy the advantage of lower emi payments throughout the tenure of the loan even when the bank increases its overall interest rate for instance currently you can get a car loan from sbi at their lowest rate of 720 per annum or from hdfc bank at their lowest rate of 705 a yearso if you are yet to make up your mind about which car to buy with the rbis pause on rates you now get some more time to come to your purchase decision as banks mostly likely will not hike rates any time soon existing borrowers if you took your loan when rates were on the higher side say 2 years ago and find the current rate to be much lower then you can consider switching your loan to a different lender but before you do that do check your loan agreement for the foreclosure charge which is typically charged on a fixed rate loan if the foreclosure charge is low and the advantage of getting a lower rate from another lender is higher then you will need to calculate the net benefit of switching to a new lenderpersonal loannew borrowers should utilize extra window in the case of personal loans too banks are unlikely to hike rates soon so if you are planning on taking a personal loan do make sure to keep your credit score with you so that you can check the best rate based on your credit score the higher your credit score the better are your chances of getting a loan and that too at a good interest ratealso read a 50 point increase in your credit score can save you this much in loan interest paymentalso read how to maintain optimum credit scoreexisting borrowers should look for cost saving if you are an existing personal loan borrower then there is not much you can do as a personal loan is given typically in the form of a term loan with fixed rate of interest however if you are paying a much higher rate let us say above 16 then it would make sense for you to check the rates