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Get personal loans from banks and NBFCs in Mysore with complete flexibility of end-use. Facility to apply online with most of the lenders. Enjoy speedy processing with no security requirement. Salary of Rs. 15000 or more to be eligible. Check other eligibility criteria now!
Do you live in Mysore? Are you looking for a personal loan in Mysore and wondering what your options are? Read on!
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:
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.
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.
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.
You can check your eligibility for a personal loan in Mysore 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 Mysore:
For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.
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.
When should I opt for a personal loan?
If you are in an urgent need for money, and have a good plan on repaying it, then availing a personal loan is a good choice. The loan amount is disbursed as soon as you are found to be creditworthy, making it an ideal choice for emergencies.
I need urgent funds. How long will it take for my loan to be sanctioned?
The time taken to disburse personal loans varies from lender to lender. If you apply to your existing bank/lender, you might have quicker approval. You could even apply for instant loans – e.g. an Insta Loan with HDFC. However, to take advantage of such an offer, you would be required to be an existing user of a HDFC credit card.
What is the minimum and maximum loan amount for salaried people?
The loan amount generally varies from a few thousands to lakhs of rupees. The amount could be restricted depending on your income and other existing loan obligations.
Do I have to pledge any collateral to secure a personal loan?
No collateral or security is required for obtaining a personal loan in Mysore.
I already have an existing loan from another lender. Am I required to declare it?
Yes, if you have any existing loan commitments, then it is crucial to declare them.
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 through the entire process and match you with the loan offer that best suits your unique credit profile.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.