Personal Loan in Bangalore

Known for IT developments, Bangalore is the IT (Information Technology) hub of India. People also call it as “IT capital of India” and “Silicon of India”. Bangalore is a cosmopolitan city and is the state capital of Karnataka. One can see modern India in Bangalore. The city is well planned and developed which can be experienced while you hangout, dine or shop in the market. The climate is usually pleasant due to high elevation of the land. According to research, it is considered to be second fastest growing metropolitan city of the country.

Due to establishment of multinationals in the city, many educational institutes have also flourished here which render quality education. The main institutes are: IISc, IIM- Bangalore, NID R&D Campus, NLSIU, NIMHANS, etc.

About Bangalore Personal Loan

Personal loan is one of the easiest loans as it does not require you to reveal the purpose for availing the loan. The purpose of loan could be any like vacations, children’s educational expenses, renovation of house, wedding, etc. This loan is easily available to general public. All you need to have is a good credit history. The eligibility criterion is very simple. Some of the major providers of personal loan in Bengaluru are SBI, Axis bank and ICICI Bank etc.

Loanbaba is your trusted personal loan provider in Bangalore, which provides huge options of cash loans and other important funding methods. To avail personal loan in Bangalore, you can rush to any bank branch near to you along with required documents, or apply with online by comparing multiple bank and NBFC offers. The personal loan interest rates in Bangalore can be compared on our website.

Features of Personal Loan in Bangalore
  • There is no requirement of any collateral security.
  • Rate of interest is fixed.
  • Repayment period is high i.e. 60 months.
  • Personal loan in Bengaluru can be paid in EMIs.
  • Easy modes of repayment are there like ECS, post-dated cheque, auto debit mandate. Etc.
Benefits of taking personal loan
  • There is no selective purpose for which the loan is disbursed. A person can use funds from personal loan to meet any financial requirements.
  • There is a minimal requirement of documentation.
  • Interest rates of the loan are quite lower than that for credit card loans.
  • The loan is processed very fast. Generally it takes maximum 48 to 72 hours to get the loan disbursed.
Documentation requirements for personal loan in Bangalore

1. For salaried class

  • Identity proof- Aadhar, PAN, Passport, voter ID, driving license, etc.
  • Address proof- Aadhar, Passport, voter ID, utility bills, agreement of lease, etc.
  • Salary slips for previous 3 months.
  • 2 passport size photographs
  • Bank statement for last 3 months in which salary of individual is being credited.

2. For self-employed

  • Identity proof- Aadhar, PAN, Passport, voter ID, driving license, etc.
  • Address proof- Aadhar, Passport, voter ID, utility bills, agreement of lease, etc.
  • Audited balance sheet of previous two years as a proof of income.
  • Official address proof.
  • Business continuity proof.
Eligibility criteria for availing personal loan in Bangalore
  • Age: For salaried class it can be between 21 and 60 years, however for self-employed it can be between 25 and 65 years.
  • Income: Minimum Rs. 15,000 to Rs. 25,000 for salaried class. In case of self-employed, the annual turnover should 15-40 lakh, and minimum PAT should be at least 1 lakh for professionals and 2 lakh for proprietorship concerns.
  • ROI: 12.99% to 15.50% for salaried class, 12.99 to 20% for self-employed. Interest rate can differ as per the different rates set by the financial institution.
  • Processing charges of 1.5% to 2.5%.
  • Prepayment charges can be levied up to 5%, depending upon the bank norms.