Personal Loan in Bangalore
Bangalore, the capital of Karnataka, houses more than 10 million people and has a number of banks offering personal loans at great interest rates, and promising quick loan approvals. A few well-known banks that you can choose from are ICICI Bank, HDFC Bank, SBI Bank, Kotak Mahindra Bank, IDFC Bank, etc. You can avail of loan amounts starting from Rs.25,000 going up to Rs.25 lakhs instantly for tenure as long as 6 years. So, if you are faced with a financial crunch owing to a medical emergency, home renovation, vacation, etc., worry not, a personal loan in Bangalore from the best banks and NBFCs in India is only a click away with Fincity. Our documentation is simple and the loan processing is fast to ensure that you can easily handle any financial hurdle ahead of you.
Personal loans in Bangalore are generally unsecured loans without the need to provide an asset as collateral. If you have an existing personal loan with a certain lender, you can choose to transfer the outstanding loan balance to another lender offering you a lower interest rate by availing of the balance transfer facility provided by most lenders. A personal loan balance transfer also offers you the option of an additional top-up loan over and above the personal loan amount. You may also wish to take a personal loan to simply consolidate all your existing debts and pay them off via a single EMI every month.
Since personal loans are typically unsecured loans, the lender evaluates your credit history and score to check your creditworthiness before approving your loan request. Your credit score is a deciding factor for the final interest rate, loan amount and tenure you will be eligible for. Hence, it is essential that you keep this in mind, and maintain a good score (at least 700) before you apply for a Personal Loan in Bangalore. Besides credit score, lenders also look into aspects such as monthly income, age, current debts and obligations, etc.
Interest Rate for Personal Loans in Bangalore
Interest rates for Personal Loans in Bangalore start as low as 10.40% and can go up to 24%. To get yourself the best rate, make sure to go through and compare interest rates of multiple loan schemes on Fincity before you finalize one.
|Interest Rate||10.40% to 24% p.a.|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% – 5%|
|Guarantor Requirement||No guarantor required|
List of Documents Necessary for a Personal Loan in Bangalore
Documents needed for a Personal Loan in Bangalore may differ based on the lender you opt for. Below is a general list of documents required:
- Photo ID and age proof
- Signed application form with photograph
- Residence proof
- Last 6 months bank statement
- Documentation for salaried applicants:
- Last 3 months’ salary slips
- Form 16 or Income Tax Returns
- Documentation for self-employed applicants:
- Income Tax Returns for the previous 3 years with computation of Income
- CA Certified / Audited Balance Sheet and Profit & Loss Account for the previous 3 years
How to Avail Lowest Interest Rate on Personal Loans in Bangalore
It is important to follow a few guidelines to access a competitive interest rate on your personal loan. First, conduct a thorough research to understand the current interest rates for personal loans in Bangalore. Below we state a few factors you should keep in mind:
1) Credit Score: As mentioned earlier, your credit score plays an important role in determining your personal loan interest rate. If you have a good score, i.e., above 700, you are most likely to get a personal loan at a competitive rate. With a low credit score, you may get a loan but at a higher rate.
2) Debt-to-Income Ratio: A lower quantum of debts frees up your incomes to service your new personal loan. This positions you as a low-risk borrower, and encourages lenders to offer you a personal loan at a low rate. It is advisable to try and keep the sum of your debts and fixed obligations to less than 50% of your monthly income.
3) Tenure: It’s important to note that a lower tenure translates to a lower interest rate on personal loan. At the same time, choosing a shorter tenure also means that your EMI amount will be higher compared to that of a longer tenure. Opting for a high EMI amount may become difficult to handle and, in turn, may lead you to default on your repayments, affecting your credit score negatively. Therefore, it is important to choose your loan period wisely.
4) Employment and Work Experience: Working for a reputed company and having a stable monthly income helps you get a personal loan in Bangalore at a good rate.
5) Research Options: You can compare loan schemes from multiple lenders on online loans marketplaces like Fincity. This will help you narrow down to the best option for a tenure that best suits you. Alternatively, you can connect with a Fincity loan advisor at firstname.lastname@example.org for free assistance in finding the right personal loan option for you.
6) Negotiation: It is key to negotiating the personal loan interest rate offered by banks. In case you need a little help, Fincity financial experts are always at your service.
Features of Instant Personal Loans in Bangalore
Some benefits and features of availing personal loans in Bangalore are:
High Loan Amount: You can avail up to an amount of Rs.50 lakhs as personal loan.
Low Interest Rate: Interest rates for personal loans in Bangalore start at just 10.40%.
Longer Tenure: You can get a personal loan for a tenure as long as 6 years.
Online Loan Options: Skip the countless branch visits and choose a low-rate personal loan online with a trusted loans marketplace like Fincity.
Disbursal in 24 hours: Once your loan application is approved, the lender credits the entire loan amount in your account within a matter of a day.
Minimum Documentation: A personal loan in Bangalore requires minimum documentation; the process is simple and hassle-free.