Quick and easy approval for Personal Loans in Bangalore CreditMantri matches your credit and demographic profile to lender's Personal Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you Personal Loans in Bangalore, based on our proprietary matching algorithm.
In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for Personal Loan in Bangalore Hence the chances of your Personal Loan application getting approved is higher. We even try our best to help people with low CIBIL Score, get a Personal Loan in Bangalore.
Do you live in Bangalore? Are you looking for a personal loan in Bangalore and wondering what your options are? Read on!
Let’s get the basics straight first. What is a personal loan?
A personal loan is an unsecured loan, meaning you do not need to pledge collateral or offer any asset as security in order to avail the loan.
Advantages of a Personal Loan:
Disadvantages of a personal loan:
High Interest Rate: Personal loans are one of the costliest loans in the market. The interest on a personal loan could go up to as high as 32% p.a. or even more, depending on your credit situation. Since the lenders do not have any security as an assurance, they charge high interest rates to cover their lending risk in case of defaulting customers.
Following is a general overview of the features of a personal loan:
Check Eligibility Online and Get Instant Online Approvals
Most lenders offer the option of checking one’s eligibility for a personal loan online, after which you could apply with them. Depending on the lenders policies and your relationship with them, you can get instant approval within minutes if you apply online.
Online eligibility check saves you the hassle and disadvantages of applying for a personal loan only to get rejected.
Get funds in 72 hours in your bank account
A quick disbursal is what one looks for in times of crisis, like a medical emergency. Many lenders disburse the loan amount within 72 hours, if your credit score is good and your documents are found to be in order. It helps if you are an existing customer and you apply with your lender. This reduces the documentation, and the turnaround time is quick.
Personal loan providers offer flexible and long tenures from which you could choose. You can choose from tenures ranging from 12 months to 60 months or more, which could vary from lender to lender.
When you apply for a personal loan, the amount that you apply for must be proportionate with your income and your repayment ability. The final loan amount that is approved depends entirely on the lender and their evaluation policies and can range from a few thousands to lakhs.
All major banks and NBFCs offer personal loans in Bangalore. Popular banks and NBFC’s that offer personal loans in Bangalore include: Shriram Finance, Fullerton, HDFC Bank, Axis Bank, ICICI Bank, Citi, SBI, etc.
Personal loans in Bangalore for salaried, self-employed and business people are available.
Bonus Tip: Do not apply with multiple lenders, as that might lead lenders to think that you are “credit hungry” and lead to rejection of your loan application which could further decrease your credit score.
A good CIBIL score is a pre-requisite to availing any kind of loan. If you are a CIBIL defaulter, it can get very difficult get any kind of loan—let alone a personal loan.
If you are really in need of funds and do not have any collateral to offer, the it could be worth your while to do some research and contact a lender that offers special loans for such defaulters. Do keep in mind that if you are offered a loan under such circumstances, it will generally come with a high interest rate.
The possibility of getting a personal loan with bad credit depends on two things:
It is not entirely impossible to avail a personal loan with a bad credit score, but it is unquestionably very difficult. Your lender might approve your loan but at unfavorable interest rates if your credit score is low. In this case, some lenders might ask you to pledge some sort of collateral or ask for a token of some sort, even though personal loan is generally an unsecured loan.
Do note that there is no single “good credit score” that assures instant loan approval, as it depends on a variety of factors. If you have a bad credit score, it is advisable to raise your credit score to at least 700 and more, so that you can avail a personal loan at reasonably good terms and interest rate. It is always a good idea to take some time out and raise your credit score to a healthy number before applying for any kind of loan.
You can check your eligibility for a personal loan in Bangalore online, on the lender’s website.
For salaried / self-employed professionals:
Following are an overview of the documents generally asked while applying for a personal loan in Bangalore:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
Personal loans are offered at low interest rates to those who have an excellent track record of making their EMI dues on time, consistently. This makes for a good credit history, amongst other factors.
If you have a good credit score, say 750 and above, lenders will be willing to lend to you and what’s more, you could negotiate for the lowest interest rates!
Do keep in mind that having a good credit score is not the only pre-requisite to availing a loan and other factors also come into play when a lender sanctions a loan application.
What is the minimum and maximum loan amount for salaried people?
It depends on various criteria like your net annual income, your repayment behavior, your credit score and credit history. Final approval for your loan amount is at the sole discretion of your lender.
Do I have to pledge any collateral in order to secure a personal loan?
No collateral or security is required for obtaining a personal loan in Bangalore. However, if your credit condition is found to be poor, and you need urgent funds, you might be asked for some form of collateral. Some lenders might ask you for a guarantor of sufficient net worth, apart from asking for collateral.
How do I repay the loan?
You can repay the loan amount in convenient EMI (Equated Monthly Instalments).
What is an EMI?
EMI stands for Equated Monthly Installment and is the monthly amount you need to pay your lender towards servicing your personal loan—interest included.
How is EMI calculated?
An EMI is calculated factoring the following:
You can use an online EMI calculator in order to calculate your monthly EMIs easily.
There are several ways to apply for a personal loan:
Need help? Alternatively, if you think you need help with your personal loan application and advice on loan eligibility, then CreditMantri can guide you and match you with the loan offer that best suits your unique credit profile.