Personal Loan in BangaloreApply Now
Personal loan in Bangalore helps the residents of the city to support their monetary needs – planned and unplanned expenses. Bangalore being the capital city of Karnataka is one of the best IT hubs in India. It is advanced in modern technology, which has led to the city’s urbanization and an influx of migrants from all over the country in the hope for stable and lucrative job offers. The city is also known for its gardens, lakes, and a pleasant weather.
To keep up with the expenses and cost of living, at times the city dwellers seek out a personal loan to meet financial urgencies. The collateral-free loan can be opted for any expense: travel, rent, renovation, repair, wedding, medical emergency, fees for education degree, debt consolidation, clear credit card debts, home utility products, appliances, or hands on cash for just about anything. The residents can secure an amount between Rs. 1 lakh and Rs. 1 crore in as less as 48 hours.
At loanbaba.com, you can apply for personal loan Bangalore from top banks and NBFCs in the city.
|Personal Loan in Bangalore Details Updated on|
Rs. 1 Lakh to Rs. 1 Crore
1 Year to 5 Years
10.99% - 16.00%
About Bangalore Personal Loan
Follow the below-given simple steps to apply for personal loans in Bangalore:
- Check Eligibility Criteria: It is important to know the loan eligibility criteria as different banks have different norms. Usually the loan is offered to only salaried individuals, and in some cases professionals such as Chartered Accountants, doctors, lawyers, consultants, etc. The minimum age limit is 21 years/23 years to 60 years/65 years.
- Minimum monthly income required is Rs. 25,000 and work experience of 2 years is a must, with a year’s experience at the current employer. You can use the free-of-cost loan eligibility calculator on Loanbaba to understand the borrowing amount you are eligible for from banks/NBFCs.
- Compare the Offers: Now, it is the time to compare the other details of Bangalore personal loan schemes across lenders. You need to know the interest rates chargeable, as ultimate the rate influences the total cost of the loan. Personal loan interest rate starts from 10.99%, which can go up to 24% or more. You must also check for the quantum of finance offered, processing fees, other penalties, hidden charges if any, tenure, repayment options, etc.
- Submit the Loan Application: Visit the personal loan section on Loanbaba, and drop an online application for your loan requirement. You need to fill a few basic details related to your personal and employment information, fund amount needed, etc. The credit team will then select the best offer you are suitable for, and send across the loan application to the respective bank/NBFC, and thereby your loan application will be reviewed by the financial institution.
How to Avoid Rejection of Your Personal Loan Application?
To avoid disapproval of your loan application, follow the below-mentioned guidelines:
- Before dropping the loan application, try to minimize your financial liabilities by paying off the overdue on existing loans.
- Maintain a good CIBIL/Credit score of over 750.
- Meet the eligibility criteria of the loan.
- Fill accurate details in the loan application form.
- Submit the necessary documents, such as KYC documents, income proof, latest bank statements, employment proof, etc.
Why Choose Loanbaba to Get a Personal Loan in Bangalore?
We, at Loanbaba offer a hassle-free experience in online application of personal loan Bangalore. Our customer support team provides expert assistance to get the best loan deal for your monetary requirement. On our website, you can compare, select, and apply for the loan in simplest manner – easy and minimal documents, application in less than 2 minutes! Here are a few other benefits our online platform offers to every loan applicant:
- Wide Range of Banks and NBFCs: As an aggregator, we help you in your borrowing journey by offering top-notch deals from partnered banks and NBFCs such as HDFC Bank, IIFL, RBL, TATA Capital, Credy, CASHe, Poonawalla Finance, etc. We also offer complete information on personal loans by other leading banks and NBFCs such as Axis Bank, ICICI Bank, Canara Bank, Allahabad Bank, and many more.
- Low Interest Rate Offers: On our website, you will find the lowest rate offers across banks and NBFCs. You can use the personal loan EMI calculator to understand the monthly instalment towards repayment, with help of information such as interest rate, tenure, and loan amount.
- Pleased to Assist You: We collate information on personal loan schemes from different banks and NBFCs and compare different products for you. Since we have several financial institutions our team assess your profile to determine the personal loan eligibility depending on your repayment capacity and income.
- Assured Privacy: Complete privacy is assured from our end. Any information you share with us is not accessible to any third-party. Your loan application is securely sent electronically to the respective financial institution, thus, cannot be intercepted by anyone.
- Trusted By Customers All Over India: Our customer base is growing every day and we are happy to serve people all across India, and even the residents of Bangalore with suitable personal loan offers. The customers often drop personal loan reviews on the website, which you may consider and gain trust in our services.
Frequently Asked Questions about Bangalore Personal Loans
Below-given are FAQs on Bangalore personal loan:
1. What are the benefits of a personal loan in India?
Indian citizens can take a personal loan for any monetary expense. There is no collateral or guarantor required to obtain the funds. Only minimal documents are required to apply for the loan. The amount is also disbursed in a short time to the borrower. Flexible repayment options are also available.
2. How much can I borrow?
You can borrow an amount between Rs. 1 lakh and Rs. 1 crore based on your personal loan eligibility. You can use Loanbaba’s loan eligibility calculator to understand the approximate amount to expect from financial institutions you apply with. The quantum of finance provided depends on your repayment capacity, age, credit score, and income.
3. What is a balance transfer facility?
A balance transfer is a facility where you can transfer the amount left to be paid on the loan to another bank/NBFC from the existing financial institution. The new financial institution provides you the balance transfer option if your repayment record has been good with the previous lender. The new bank/NBFC then pays off the balance amount on the loan to the loan lender. After the transfer is completed, you have to continue the repayments with the new lender, usually at a lower rate of interest.
4. Can you add a co-applicant to the loan?
There is no need to have a co-applicant for this loan. Also, you do not need a guarantor to obtain the funds.
5. How much is the processing fee?
The processing fee is between 1% and 3% of the borrowing amount. Taxes if any are applicable over and above this amount.
6. What is the process for fund disbursal?
Fund is disbursed by the bank/NBFC to the borrower’s bank account. No in hand cash is offered to the person. Personal loan disbursal process happens after approval of the loan application and determination of the loan amount. It can take 2 days or more to send the amount to the borrower’s account.
7. How much time is provided to repay the loan?
The tenure of personal loan is between 1 year and 5 years. The tenure is decided upon the loan amount, rate of interest, your age, income, and repayment capacity.
8. How much time it takes for a bank or NBFC to disburse the amount?
It can take up to 48 hours or more to disburse the amount after approval of the loan application. In a few cases, the loan can be processed faster, especially if the customer has an account or investment in the financial institution, making verification of documents and other procedures, simpler.
9. What are the personal loan prepayment charges?
To prepay a personal loan, the lending institution can apply prepayment charges ranging between 2% and 6% on the outstanding principal amount, along with the GST. There are a few banks and NBFCs however that may exempt these charges on prepayment, but there are also lenders that do not offer the option of prepayment at all.
10. How the tenure affects the personal loan EMIs?
The longer the tenure, lower will be the monthly EMIs and vice-versa. But if possible, you must select a shorter tenure, because this way you can reduce the total interest payout. Though on a shorter tenure the EMIs will be bigger, subsequent reduction on the total cost of the loan becomes an advantage for you.