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Personal Loan In Bangalore

IndianMoney.com Research Team | Posted On Thursday, December 20,2018, 12:56 PM

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Personal Loan In Bangalore

 

 

Personal Loans in Bangalore

Bangalore is the capital city of Karnataka. It is known as the IT hub of India with several multinational companies and business enterprises. Due to the availability of large number of jobs, people from all over India, migrate to Bangalore. Consequently, the need for personal finance arises for various purposes like financing homes or rented accommodation, renovating houses, to meet an emergency medical situation or to cover educational or personal expenditures.

If you are looking for financial assistance to meet different expenditures, then you can avail a personal loan in Bangalore. There are many finance companies and banks across the city of Bangalore that provides affordable personal loans for any purpose. You do not have to furnish any collateral or security while applying for a personal loan. You can either apply online or visit the bank personally to apply for personal loan.

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Personal Loan: An Overview1

For individuals who are looking for financial help to renovate their houses, pay for emergency medical bills, buy an electronic gadget or fund a holiday, the personal loan can be an excellent choice. You can avail personal loans in Bangalore from banks and NBFCs at a modest rate of interest. These financial institutions offer personal loans that are unsecured which means that you do not have to pledge a personal asset as security/collateral, against the money borrowed. Customers wishing to avail personal loans can start by visiting the financial portal of the Bank that they choose to apply for personal loan. On the Bank’s website, customers can compare the interest rates offered by other banks and decide on how much to borrow that would fulfill financial requirements.

Best Personal Loan Providers in Bangalore:

Some of the leading banks and NBFCs offering personal loans in Bangalore at best interest rate are listed below:

  • State bank of India
  • HDFC Bank
  • ICICI Bank
  • Axis Bank
  • Standard Chartered Bank
  • Tata Capital
  • CitiBank
  • Aditya Birla
  • Yes bank
  • Kotak Mahindra Bank
  • Oriental Bank
  • Bajaj Finserv
  • Fullerton

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Personal Loan Eligibility Criteria:

The eligibility of a personal loan varies across lenders depending on the borrowers profile and relationship with the bank. The general eligibility criteria are outlined below:

  • The applicant must be Resident of the country.
  • The borrower must have a bank account.
  • The applicant should be of the age bracket of 21-65 years at the time of application
  • The minimum income of the applicant should be Rs 20,000 each month. However, the minimum monthly income varies according to area and is generally higher in cities.
  • The minimum work experience in the current business is at least 3 years for self employed and at least 1 year for salaried individuals.
  • The tenure of repayments ranges from 6 months to 5 years
  • The preferred credit score is 750 to avail a personal loan.

Each bank has separate minimum criteria for income, age, employment type, credit score, job status, and so on. You will need to meet these criteria’s in order to apply for a personal loan from a particular lender. Your lender will also fix a minimum and maximum loan amount as per your repayment capacity and income. Make sure you find out all these details before you apply for a personal loan in Bangalore.

SEE ALSO: Check Credit Score Online

Documents required for Personal loan:

Listed below are the documents required to apply for a personal loan in Bangalore:

  • Photo identity proof
  • Age proof
  • Proof of address
  • Duly filled and sighed application form
  • Passport sized photographs
  • Bank statement of last 6 months
  • For salaried individuals: last 3 months salary slip and form 16/ income tax returns
  • For self employed individuals: last 3 years income tax returns.

IndianMoney Review on Personal Loan in Bangalore:

Availing a personal loan in Bangalore is quiet easy. Personal loans are processed very fast and require minimum paperwork. IndianMoney review says that personal loans in Bangalore are one of the best options to meet a financial emergency. It is a great way to address a financial crisis, as it allows the borrower to avail a loan without any conditions. Personal loans are sanctioned rather quickly. They may be approved as quickly as 24 - 48 hours, after the borrower submits the loan application. Personal loans are availed on the basis of specific criteria like monthly income, credit score, history of repayment and employment status.

FAQs

How much can I borrow and for how long?

The maximum amount of personal loan sanctioned by the banks is up to Rs 50 Lakhs. However, the amount of money sanctioned for a particular individual depends on the monthly income and repayment history of the individual. Personal loan repayment tenure is up to 5 years.

Can I repay my loan early?

Yes, there are some banks that allow pre-payment of personal loans. However, there are certain banks that allow you to repay the loan early by charging fees known as pre-payment charges. So, before availing the personal loan, ensure whether there are any pre-payment charges or not.

Why was my application rejected?

Sometimes the application for personal loans gets rejected. The reasons for personal loan rejection can be any one of the following:

  • Applying with a low credit score
  • Submitting incomplete documents
  • Not meeting the eligibility criteria
  • Not having a steady source of income.

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