Personal Loans in Mysore

Personal Loan in Mysore

Do you live in Mysore? Are you looking for a personal loan in Mysore and wondering what your options are? Read on!

Personal Loans in Mysore

What is a personal loan?

A personal loan is generally an unsecured loan—meaning you do not need to offer any collateral or guarantor to avail it. The end use is not restricted, and could be used for any legitimate purpose. Personal loans come with a high interest rate, since it is an unsecured loan. The lender usually charges you a high interest rate to safeguard their money against potential default.

You can get a personal loan in as less as a day as well, if you satisfactorily fulfill all the eligibility criteria.

Key features of a Personal Loan:

• Complete flexibility of end-use
• No security required
• Speedy processing
• Flexible tenures ranging from 12-60 months
• Easy documentation and quick approvals
• Loan amount ranging from few thousands to several lakhs
• Loans for salaried & self-employed individuals
• Facility to apply online with most of the lenders
• Special offers for existing customers, like special rates and discounts

Disadvantages of a personal loan:

Personal loans are one of the costliest loans in the market, and its interest rates could range anywhere from 11% to as high as 32% or even more depending on your credit history and other factors.

Personal Loans in Mysore—Availability

All major banks offer personal loans in Mysore. Popular banks and NBFCs that offer personal loans in Mysore include: SBI, State Bank of Mysore, Indian Bank, Standard Chartered Bank, Axis Bank, ICICI Bank, Citibank, Yes Bank, HDFC Bank, Canara Bank, Punjab National Bank, Corporation Bank, Bank of India, Fullerton, Shriram Finance, Bajaj Finance, etc.

Personal loans in Mysore for salaried, self-employed, business people and NRIs are available.

Is it possible to get a personal loan in Mysore with bad credit?

It is possible to get a personal loan in Mysore with bad credit depending on the severity of your credit situation, and the relationship you share with your lender. Your loan application might be approved for a personal loan even though you have a bad score. The lender might look at other factors that will impact your repayment capacity, like your income and employment stability.

However, it is advisable to improve your score to 750 and above if you are planning to avail a personal loan at more attractive terms and conditions. Having a good CIBIL™™ score is vital in order to secure a personal loan at favorable terms like low interest rates.

Eligibility for Personal Loan in Mysore

• Age criteria: The applicant should be between 21 years to 65 years (at the time of maturity of the loan).
• Salaried, self-employed, and business professionals are eligible to apply. If you do not earn a regular salary, talk to your bank manager about your situation.
• Minimum salary for salaried people is typically Rs. 15,000 though the salary requirement depends on what tier of city you live in and the company you work for.
• Should be staying in the same address / city for at least 1 year
• Total work experience should be at least 2 years
• Should have a stable employment history.

You can check your eligibility for a personal loan in Mysore online, on the lender’s website.

Documents Required for Personal Loans in Mysore

For salaried / self-employed professionals:

Following are an overview of the documents generally asked while applying for a personal loan in Mysore:

• Valid Identity Proof - Passport, Driving License, Voter ID Card, Aadhar Card, PAN Card (any one document to be submitted)
• Valid Address Proof – Lease/Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), Bank Statement
• Income Proof Documents – Last 6 months salary slip and latest Form 16
• Bank Statements: Past 6 months bank statement with salary credit
• Continuity of employment proof, like offer letter, relieving letter, etc.

For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.

• Degree Certificate / educational documents for self-employed professionals.
• Proof of business existence
• Last 3 years Income Tax returns (self and business)
• Last 3 years Profit /Loss and Balance Sheet, duly attested by a CA
• Any other documents as directed by the Bank or NBFC

Personal Loan in Mysore With Low Interest

Lenders usually offer a low interest rate to those who have a good credit history and an excellent credit score. Pull out your credit records and work on your credit score if it needs improvement to avail the lowest interest rates.

Personal Loan in Mysore FAQS

How to apply for Personal loan in Mysore:

There are several ways to apply for a personal loan:

• You can apply directly online at the bank / NBFC's website;
• You can go in person to your nearest branch and apply with the required documentation

Need help? Alternatively, if you think you need help with your personal loan application and advice on loan eligibility, then CreditMantri can guide you through the entire process and match you with the loan offer that best suits your unique credit profile.