Personal Loan in Bangalore

Bangalore, the capital of Karnataka stateis regarded as the tech hub and silicon city of India. It is one of the most advanced metro cities of the country with high literacy rate and high-end lifestyle. There are great employment opportunities in Bangalore all thanks to theprogressive business firms, IT companies and corporates. Tremendous growth has been observed in the technology, education, financial and non-banking financial sector.

Even though Bangalore city has everything to lead a good life; there are situations that demand immediate money. Personal loans support untimely monetary needs and saves your fixed deposits from breaking. Many online personal loan apps and RBI registered non-banking financial companies (NBFCs)have established in Bangalore providing simple and hassle-free personal loans.

Maintaining a good lifestyle in a metro city like Bangalore requires a stable income. Besides a smooth inflow of monthly earnings, there are unexpected expenses that force individuals to opt for personal loans to overcome financial shortages. Ideally, personal loan is a safe option nowadays that is easy to repay in EMIs

Personal Loan Interest Rates in Bangalore

Interest rates in Bangalore vary from lender to lender. Interest rate may also differ depending on your credit score and profession. Various financial institutions in Bangalore offer affordable interest rate and low processing fees on personal loan facility. Somefinancial institutions offer lowest interest rate starting at 10.45% followed by a minimum processing fee. Mostly, interest rate is on a higher side as personal loans are collateral free. But you can get a low interest rate if your credit history is excellent.

Feature and Benefits of Personal Loan in Bangalore

Financial institutionswitnessed the requirement of personal loan and began giving their services in Bangalore with seamless features and benefits. Securing personal loan in Bangalore is less time consuming and people mostly use websites, credit portals and online personal loan apps. The fast-paced life in Bangalore city has encouragedborrowers to go the online way of personal loan application.

Quick loan Approval

Personal loan is approved instantly if the credit score, personal details and documents are all in place as expected.

Collateral free loan

Personal loan requires no security of property and assets to acquire loan.

Attractive Interest Rate

Personal loan in Bangalore offers affordable interest rate which can be easily repaid over a period of time. Plus, there are no hidden charges levied.

Flexible repayment options

EMI calculators give clarity on the monthly amount to be repaid. EMIs can be flexibly set and repaid using the EMI calculator available on digital credit platforms.

Limited documents

Thanks to the KYC documents such as Aadhar Card and PAN card, the list of mandatory documents for loan application has reduced. Plus, no physical documents are required if the loan application is made online.

How to Apply For Personal Loan in Bangalore

Application for personal loan in Bangalore can be done online or from the mobile app. But for your convenience and saving time, the best way is to make application from your smart phone by downloading the loan app from Google Play Store. Financial institutions have budged into online platforms simplifying the loan application process.
  • 1. For online application, register on the loan app with your mobilenumber or email Id for OTP verification.
  • 2. Fill in your personal details and income details. Check for attachment options, if any to upload the salary slips and bank statement.
  • 3. Fill in the details for verification of mandatory documents like Aadhar card number/PAN card.
  • 4. On the loan EMI calculator, enter the loan amount and repayment tenure to generate a suitable EMI option.
  • 5. Submitted documents will be verified instantly or can take couple of days. Once checked, 100% personal loan will be approved.
  • 6. On approval, the loan amount will be disbursed within 24 hours in the registered bank account.

Documents Required and Eligiblty Criteria

Before applying for a personal loan, it is important to knowabout the required loan documents to prevent rejection or delayed disbursement. An applicant can benefit from personal loan in Bangalore with minimal documents.

  • 1You need to submit KYC documents that should include Identity and address proof(Aadhar card/Driving License)
  • 2Financial documents may include 6months bank statements or recent bank transactions, individual profile, photocopy and other important documents requested by the lender
  • 3Must be a citizen of India of at least 21 -58years of age
  • 4Should possess a good credit history and credit bureau score to obtain loan in Bangalore. The credit score may vary from lender to lender
  • 5Minimum income for personal loan in Bangalore should be 15,000 monthly (for salaried or self-employed)

Some financial institutions facilitate eligibility calculations on their website to check loan eligibility criteria.

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