Development and progress in Bangalore are on the rise, and people are continuously flowing into the city to make use of the growing job opportunities. But since Bangalore is a metropolitan city, the cost of living in this city is on the higher side. So, there may come a time when individuals living in Bangalore may need some financial assistance. Whether it is for an emergency or requirement, getting a personal loan in Bangalore is one of the popular solutions opted by many.
Decoding what is meant by a Personal loan and its basic features
Personal loans are considered to be the quickest way to avail credit. It can be used for any purpose: for a medical emergency, recreation, child’s education, renovation of a house, or vacation. It comes with a fixed interest rate, fixed-term, and is repaid in EMIs. The following segment highlights some of the basic features of a personal loan: –
● No collateral required
● Instant Disbursal
● Loans available from INR 5000 – INR 5lakh
● Choose a tenure between 3 months to 36 months
● No foreclosure charges
How to avail of a personal loan in Bangalore?
Personal loan lenders are widely available in Bangalore. One can avail instant loan online without documents. Although, before applying for a loan, keep these pointers in mind:
● Eligibility criteria- one has to be a citizen of India, minimum 21 years of age, and not more than 60 years at the time of availing the loan.
● There is a requirement of different sets of documents for salary (income proof mandatory- salary slips of past three months or bank statements of last six months) and self-employed individuals (audited financial statements of last two years), along with documents for ID proof for KYC.
● Minimum work experience and salary required- to apply for a personal loan in Bangalore is one year if employed. Also, current employment should be at least six months under the same employer. The minimum salary requirement is ₹18,000 (Metro Cities) and ₹15,000 (Non-metros).
● Credit Score- this is one major factor as it plays a significant role in applying for the desired loan amount. Maintaining a good score is necessary because the better the credit score, the lower the interest rate. For most lenders, 750 is the minimum CIBIL score required to apply for a personal loan.
● Check for the term period of the loan- if the borrowing is for a longer tenure, it turns out to be expensive because more money is given as interest. Thus, opting for the short term makes it less expensive and more profitable.
Personal loans in Bangalore are quite flexible; one can apply for an instant loan online without documents because no physical documentation is required. Furthermore, the loan process is quick and efficient as there is no requirement of pledging any asset as collateral. The online process has made the disbursement rapid, the loan amount gets the e-approval within seconds and is digitally disbursed into the account of the borrower directly. With the advent of paperless experience, the entire loan process has become more seamless than ever. So, download an instant loan app and apply for a quick personal loan right away.