Get a personal loan in Bangalore in just 1 hour. Apply up to Rs. 25 lakhs with Roopya. No physical documents are required.
Bangalore is the technical hub of India other than the capital of Karnataka. It is a beautiful city filled with tech geeks and creative people. Currently, the city is the home of more than 10 million people. It means that finding a home at an affordable rate is a huge issue.
A financial and medical emergency poses many challenges leaving us in a helpless condition. On the other hand, expenses of weddings, home renovation, education, and tours are going beyond our stable financial capabilities. In such situations, a personal loan appears to be the most reliable resource. Moreover, with the growing availability of banks and financial institutes, you can have various options to choose from.
To know more about how to obtain personal loan in Bangalore, read the following.
Table of Content:
- How to apply for personal loan in Bangalore
- Advantages of personal loan
- Features of personal loan in Bangalore
- Eligibility criteria
- Documents required
- List of personal loan lenders
- Tips for low interest
How to Apply for Personal Loan in Bangalore?
You can easily apply for an instant personal loan in Bangalore, both offline and online methods. To apply according to the offline process, you need to visit the bank that offers an instant personal loan in Bangalore. Then you need to fill the loan form and attach the documents required. After verification, the loan will be sanctioned in your bank account within a few days.
Click Here: Personal loan application form
To apply for a personal loan online, you need to follow the below steps-
- Visit: Roopya
- Go to the “Personal Loan” option and click on “Apply Now” for loan application.
- Then follow the steps accordingly and fill all the details such as name, address, PAN Card details, phone number, email id, etc.
- Then you need to upload the documents required (bank statements, ID proof, credit information, salary slips, etc) for verification with the loan application.
- After completion, the representative from the respective organization will call you for further verification and other details.
As the verification completes, the loan amount will be disbursed in your bank account. Then, you need to choose your preferred monthly instalment details.
Visit here: Compare Personal Loan Rates
Advantages of Personal Loan in Bangalore
Think about the small business you always wanted to start or the impending holidays you have been dreaming of for so long! Don’t you think it is better to chase those dreams when you can easily avail the required resources. However, you need to compensate a few amounts in the name of interest to put your first step down!
A personal loan can serve any financial assistance. Be it for home renovation, or a wedding, if you urgently require financial help, you can apply for a personal loan.
You will find several banks offering loans at competitive interest rates. Hence, you will not face much problem finding a loan that suits your financial requirements. These are the reasons why you should apply for personal loans-
For Medical Emergency
If you face any medical emergency and have a shortage of funds, then a personal loan is best for you. It will help you to cover all the medical expenses and solve your financial needs. Hence, an instant personal loan is very helpful during the time of need.
One of the main reasons people apply for an instant loan is debt consolidation. If you already obtained several loans such as car loans, education loans, home loans, etc. then you can apply to get a really helps. Because it helps to manage your debts easily in a single debt.
Investment in New Business
If you want an investment for your new business, then obtain an instant loan. So, you can easily purchase machines and raw materials to kick-start your business. Then with flexible repayment options, you can slowly and gradually pay off the loan easily.
Pay Credit Card Debts
Another crucial reason to avail of personal loans is paying credit card debts. You can choose a loan with a low interest rate and you can pay the entire debt easily. This will help you to save your time and you can also gain benefits for timely payments of debt.
If you are planning for higher education that requires lots of funds then a personal loan can be helpful. You can cover every expense with this loan without much hassle. Also, with low interest rates, you can pay off the loan easily.
Doing Home Renovation is also a great option to apply for personal loans It is very easy to use the fund for refurbishing the home and giving it a new look. You can opt for various loans offered by several banks according to your financial requirements.
Unline a car loan, a personal loan offers better financing decisions. You can ask me how? while a car loan comes with additional charges, a personal loan can be easily availed without the surplus processing fees and hidden charges.
Family functions like weddings require substantial funds. It is also an expensive ceremony that covers different events. So, if you are facing a lack of funds. then it is best to apply for an instant personal loan to solve the problems. With easy loan disbursal, you will get the amount easily in your hand
Want to go on a dream holiday and if you don’t have enough money, then there are various ways to get a loan in Bangalore. The flexible tenure period allows you to get the desired loan easily.
Features of Personal Loan in Bangalore
Now, you know how a personal loan can support innumerable monetary needs. Whether it is for luxury or for an emergency, you have the complete freedom to take control of it. Once you meed the simple eligibility criteria, the rest can be done easily.
If you want instant disbursement on a personal loan in Bangalore, and a low-interest rate, Roopya is the ideal option for you. A personal loan from Roopya can be the best solution when you are struggling to get cash during times of uncertainty. This thriving city poses many challenges and a sudden economic downfall can change your fate upside down.
You can ease out your financial burden with us by applying for a personal loan. Moreover, if you meet the eligibility criteria you are likely to get the money within a jiffy. Now, it has become very easy to apply for personal from any corner of the country.
If you have an active internet connection, you can easily apply for a personal loan offer. Here are the following benefits of getting a personal loan-
It is an Unsecured Loan
Unlike a home loan or property loan, a personal loan doesn’t require any collateral or security. The loan amount generally ranges between Rs. 10,000 to Rs. 2,00000. But, it generally depends upon the financial institutions you are applying for. That is why you don’t require security for the loan.
It offers Easy Credit
The process of applying for a loan is very easy. You can do it online and your loan amount will be credited to your account within a few hours. Along with that, the verification process is very, so that you don’t worry anymore.
Has Flexible Loan Tenure
The tenure of a personal loan is very easy. It generally lasts up to 3 months to 12 months. It means that the interest rate is also less. Then, it becomes easier to pay off your loan without much hassle.
Easy Approval and Verification
After that, there are no strict regulations and a long process for verification. The experts verify your documents easily and approve personal loans instantly.
Requires minimal Documentation
The whole process from beginning to end is completed online. It means, that you will require very few documents to obtain a loan. With minimal documentation with online verification, you can get a personal loan for any financial emergency.
Eligibility criteria for Personal Loan in Bangalore
Turn your dream into reality with our personal loan programs. start planning for the international trip you have been craving for, Or complete the pending home renovation. Believe it or not, you can do all of these together, with our personal loan program.
If you want to opt for a personal loan in Bangalore, you must make sure that you meet the eligibility criteria. Before you submit the personal loan application make sure you choose a loan tenure and are aware of the pay interest.
To know more details, you must read the following information-
What should be your age?
To get the loan approval, you have to be at a certain age for a personal loan. The applicant should be of 21 years of age and above to get the loan. Also, the maximum age to apply for a personal loan is 60 years.
How much monthly income is required?
The applicant should have a significant income to get an easy personal loan for both salaried and self-employed individuals. The salaried professionals must have a minimum monthly income of Rs. 15000 per month. Also, you must have work experience of at least 1 year. Additionally, you must be working with your current employer for at least 6 months.
However, if you are a self-employed individual, and require financial assistance then you must have a business tenure of continuous 3 years to obtain a personal loan. Also, they must have a profit of around Rs. 1-2 lakh. One needs to submit the income proof through their bank statement or salary slip to approve the loan.
Do you have a good Credit Score?
If you have a good credit history, then chances for obtaining a loan becomes easy. A good credit score will reflect your credit history, repayment habits, and other factors and is helpful to get a loan easily, Thus, you must have a credit score of 700 and above to get a personal loan.
Every financial institution has different requirements for eligibility. It is best to go to the website and the eligibility for better knowledge before moving forward to apply for a personal loan.
Learn More: Credit Score
Documents Required for Personal Loan Online
After you check the eligibility criteria, you must also know about the documents to avail consumer durable loan. The necessary documents that you need to avail personal loan are listed below-
You will need these documents for age proof or identity proof-
- PAN Card
- Adhaar Card
- Birth Certificate
- Voter ID Card
- Recent passport size photograph
These are the documents that your require for residence proof with your application-
- Driving License
- Voter ID Card
- Electricity or Utility Bills
- Ration Card
For income proof, here are the following documents listed below-
- Bank Statement
- Salary Slips of Past 3 months
- PAN Card or Form 16
- Income Tax Return of past 3 years.
- Audited Balance Sheet of past 3 years.
- Bank Statements of past three years.
P.S: these documents are also applicable for a two-wheeler loan or any car loan.
Banks That Offer Personal Loan in Bangalore
If you want to obtain an instant loan in Bangalore, then these reputed banks will help you to get the best options with low interest rates-
|Bank||Interest rates||Repayment Tenure|
|ICICI Bank||11.25%||12 to 60 months|
|Axis Bank||16% to 24%||12 to 60 months|
|HDFC Bank||15.50 to 21.50%||12 to 60 months|
|Kotak Mahindra Bank||10.99% to 24%||Up to 60 months|
|Federal Bank||10.99% to 13.75%||12 to 60 months|
|Deutsche Bank||24%||12 to 48 months|
|RBL Bank||12.00% to 26.00%||12 to 60 months|
|IndusInd Bank||11.25%||12 to 60 months|
In fact, some of these banks might charge processing fees or hidden charges. In that cases, the additional charges might get applied through the process.
· Processing Fees- 0.5% to 2.5% of the loan amount.
· Loan Closure Charges- 2%-5% of the loan amount.
Tips to Avail Personal Loan with Low-Interest Rates
Getting a personal loan in Bangalore is like a piece of cake if you meet the eligibility criteria. Interestingly, your credit information takes the helm while approving the loan amount. However, you should not opt for frequent loans, unless, it is a high priority.
You will find various personal loans interest rates. But to get the lowest interest rates, you need to fulfil the simple eligibility criteria-
Income and Debt Ratio: When you choose a personal loan from any financial institution, you must check that the credit information bureau and the monthly instalment don’t exceed 40% of your monthly income. This factor will increase your chances to get a loan.
Have a stable income or job: As a self-employed person, frequent changing jobs can affect your chances of getting low interest on the loan. Thus, you must stick to your job for a long time. Otherwise, they can also reject your loan application instantly. Also, having valuable experience for significant years at a company will boost your chances to get low personal loan interest rates. Moreover, a corporate identity number also helps you to process the loan disbursal.
Compare Loans: Once decide to opt for any loan, you must compare with other banks. This will give you an idea about which bank is offering the best option. You can also check for a personal loan online and compare them instantly. After that, you can decide your options and move forward with the application.
Down Payment: To avail of personal loans with a low interest rate, one of the best ways is to make a down payment of around 20% of the total loan amount initially. This technique will help you get the loan at a low interest rate easily.
Credit Score: As we have mentioned above, a good credit score helps to achieve a loan with low interest rate. If you have a high CIBIL score, then the rate of interest will be comparatively low. Hence, always keep an eye on your credit information.
Choose the Right Tenure: It is also very important to choose the right loan tenure to avail of low-interest rates. you must know that a shorter tenure will incur low interest rates than a longer tenure. However, the EMIs will be low with the low tenure. So you must choose the right tenure according to your needs.
Roopya offers multiple benefits and a simple application method to credit the loan amount without any hidden fees. Online application for loans can take a huge time for a city like Bangalore.
However, we made the process easier to support you through thick and thin. We understand a financial emergency can risk a family and poses various challenges. Hence, we made this process simple with minimal documentation for our customers. We work with the biggest financial world with millions of customers. Operational strategy and simple loan application method made us a popular banking firm within a short period.
To solve all your queries regarding the personal loan in Bangalore, you can go through the following section:
Can I transfer the amount of the loan to other lenders?
Yes, you can easily transfer the amount of the loan to another lender or person. Transferring the loan means that the current lender will clear all the dues and then transfer the amount with interest to a new lender.
What is the next process when all the dues get cleared?
After you have completed all the processes and cleared the loan, the bank will begin the closure procedure. You also have to pay loan closure charges to the bank. Then the bank will finally provide a “No Due Certificate” which will signify that all dues have been cleared.
Does availing of a personal loan enhance the CIBIL Score?
Yes, an increased CIBIL score will help you get loans with higher amounts easily in the future. The low interest rates and lower repayment schedule helps in easy payment of the loan in a short period. That is why it is very important that you increase your CIBIL score which you can do with a personal loan.
Which bank is best for a personal loan in Bangalore?
HDFC Bank, Axis Bank, ICICI Bank are the best for a personal loan in Bangalore. The loan interest rates are 10.25%, 10.49%, and 10.25% respectively, these banks offer up to 2.50% processing fee.
What is the EMI for 3 lakhs personal loan?
For 3 lakh rupees loan amount you have to pay at least 14% of interest. It means one has to pay 10,253.29 rupees of total interest. However, the rate of interest may differ from one bank to another. in addition, you might have to pay a processing fee to get a consumer durable loan.
How much personal loan can I get if my salary is 30000?
If you have a salary structure of 30,000, you can take up to Rs. 8.10 lakhs loan. If you want to calculate the eligibility of the loan amount, you need to multiply your salary by 27 to get the maximum loan amount. this calculation is important to get the desired loan.
How can I get an instant loan in Bangalore?
You can simply apply for an instant loan in Bangalore by filling out the application form for a personal loan. Minimal documentation like credit information, ID proof, to process the loan program. It will hardly take 24 hours to process the loan amount.
How much loan can I get if my salary is 50000?
If you earn 50,000 per month you can take upto 13.50 lakhs rupees loan. This is your maximum payable amount for credit loans.
Which is the best NBFC in India?
Power Finance Corporation Limited is considered to be the best NBFC in India. on the other hand, you can choose Aditya Birla Capital to get a loan up to 50 lakh as 16.85% to 17.85% interest rate.
Can NBFC give a loan?
yes, of course. NBFC offers multiple loan facilities as per the requirement of the customers. it is a content alternative for taking a personal loan. Apart from a personal loan, they also offer other loan programs.
Which bank has the lowest interest rate on a personal loan?
For personal HDFC bank offers the lowest interest rate, which is around 10.99% to 20.75%.
Are NBFC better than banks?
In comparison to banks, NBFC is a better option to avail Personal loans. they follow a flexible approach to avail of a loan. if you have a low credit score and are unable to get loans from banks, you can surely choose NBFC as your convenient alternative.
What is the interest on 1 lakh loan?
the rate of interest entirely depends on the bank you have chosen to take the loan and the loan tenure. HDFC bank offers the lowest interest rate which is 10.99%-20.75%.