Tue. Apr 23rd, 2024
personal loan in BangaloreWhich bank or NBFCs is best for a personal loan in Bangalore?

Personal loans in the city of Bangalore can be easily obtained through numerous financial institutions as well as NBFCs that grant the loan at a competitive rate of interest. The loan amount starts from Rs. 25,000 to 25 lakhs with a tenure period of five years. A major highlight regarding the personal loan in Bangalore is that it is best suited for emergencies since the loan amount is approved quickly with minimum documentation.

In addition to being fast and simple, personal loans are insecure wherein you are not required to attach any assets as collateral security. Apart from that, you could take up a personal loan to execute a balance transfer or utilize it to consolidate debts. Last but not the least, interest rates of personal loans are low when compared to that of various other debts such as credit card interest rates.

Normally, a personal loan is availed to cover medical expenses, travel expenses, and wedding expenses or utilize it for a house renovation or purchase of durable items. Bangalore is the third most populous city in India and boasts of its mouth-watering cuisines and astonishing shopping experience. It has a diverse range of cultures since people hail from several cultural backgrounds. The city is referred to as the Silicon Valley of India. This is one of the major factors why young working professionals prefer to kick start their careers. Even though lifestyle appears to be simple, a huge part of the population borrows money to invest in short-term investments and for covering additional expenses.

The final credit score and credit history of an applicant are taken into consideration by the concerned lender before loan approval. The credit score of an individual decides the interest rates to be charged, total loan amount, and tenure. To obtain a personal loan, there are certain criteria involved such as good credit history, steady flow of income, and minimum age.

How to obtain the best deals and fair rate of interest?

To arrive at the best deals and fair rate of interest, comprehensive research is essential. One should compare the flexibility of tenure, pre-payment charges, processing fees, and interest rates. Today, most people accidentally fall into the trap of borrowing the loan amount from Non-banking financial companies (NBFC) that levy a higher rate of interest. There are times during which the rate of interest jumps to 30%. Therefore, it is highly recommended to rely on some of the leading online portals that offer a lower rate of interest i.e. money view. Applying for a personal loan online is more convenient and simple.

Once you have applied for a personal loan online, an individual’s application is transferred to several banks and Non-banking financial companies (NBFC) based on their profile to execute a lending decision and assess the potential risks involved.

Which are the documents required while applying for a personal loan in the city of Bangalore

  • Aadhar card/Passport/Driving license
  • Bank statement of the last three months
  • PAN card

Eligibility criteria for a personal loan in Bangalore

  • Individuals must be a permanent citizen of India
  • Salaried professionals should have a monthly salary exceeding Rs.37,000
  • Must fall under the age category between 23-58 years 

Method to apply for a personal loan in the city of Bangalore

Input your details: — First, enter relevant personal, financial, and employment details given in the online application form.

  • The second step involves choosing the desired loan amount along with the tenure period for the loan.
  • The third step deals with uploading essential documents
  • Upon verification of documents, the loan amount is approved. It is credited to your bank account within twenty-four hours.

If you are planning to apply for a personal loan in Bangalore, then you are most likely to receive attractive offers from some of the leading banks like Yes Bank, Money View Loan, HDFC Bank, and ICICI Bank. 

  • Yes Bank:–

Yes bank provides the customers a personal loan starting from Rs. 1 lakh to Rs. 40 lakh with a lucrative rate of interest. The tenure ranges from 12-60 months and this lengthy period would make sure you can choose when to repay the loan amount while reducing the pressure of the monthly budget. There is no need for collateral security while applying for a loan

  • Money view:–

With money view, personal loans can be availed instantly in a hassle-free manner. It is one of the top-rated personal loans across the nation. The loan amount is between Rs.10,000 and Rs.5 lakhs with a flexible repayment option.

  • HDFC bank:

Obtain personal loans at 10.75% p.a. with attractive rates from HDFC. The bank is providing loans up to 15 lakhs and a flexible tenure of up to 5 years. They charge a processing fee of 2.5% of the loan amount.

  • ICICI bank:

ICICI bank personal loans assist you to meet various needs including an international tour with your family, covering pending home renovation plan, a bright education for your child. The loan amount starts from Rs.50, 000 to Rs.20 lakh, and the tenure period is about one to five years.

Listed below are some of the potential benefits of a personal loan

  • Quick approval:

Most of the banks are providing quick paperless approval on personal loans in the city of Bangalore. You may apply for a personal loan through money view. Based on the eligibility, the loan amount will be credited to your bank account within just a few hours.

  • Optimal eligibility:

Banks are offering high personal loan eligibility since the multiplier of various banks ranges from 7 to 27. For example, HDFC banks are providing the highest multiplier around 27 on personal loans in the city of Bangalore.

  • Part prepayments:

Today, the majority of the banks enable part prepayment facilities on a personal loan with a lock-in period of 6-12 months. It differs from bank to bank in the city of Bangalore. Quite a few banks levies fees up to 3% once you part pre-pay the personal loan.

Exclusive personal loan offers in Bangalore

  • Special lowest interest rates are provided on a personal loan for those individuals who are employed in the IT industry of Bangalore.
  • There are also special personal loan rates for those who are engaged in TCS, Infosys, Cognizant, Wipro, and Tech Mahindra. 

Total duration and income required to obtain a personal loan in Bangalore

It would take approximately 3 to 7 days to obtain a personal loan in the city of Bangalore. But, quite a few banks would credit the loan amount in your bank account on the same day of application if the applicant holds an excellent credit history. The monthly income criteria vary from one bank to another. Nevertheless, the minimum income required to apply for a personal loan in the city of Bangalore is around Rs. 25,000. 

Wrap Up:

Whenever you are planning to apply for a personal loan in the city of Bangalore, you have to make sure that comprehensive research is conducted online. This is helpful for you to compare the interest rates, pre-payment charges, processing fees offered by various lenders in the city of Bangalore.

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