Personal Loan Online Apply1455 views
The capital of India’s Southern Karnataka State, the city of Bangalore is not only known for its scintillating nightlife, but also labelled as the IT Capital of India. This city grabs the attention of many career oriented professionals, and when they are in urgent need of funds, they look to apply at banks that provide them the funds instantly.
If you are in Bangalore and want to fulfill your personal needs, a customized personal loan is what you should apply for. Availing a personal loan is an easy and hassle-free process. It comes to you with unlimited benefits and serves your purpose instantly.
Table of Contents
- 1 Top Banks Offering Personal Loan in Bangalore
- 2 Interest Rates on Personal Loan in Bangalore
- 3 Eligibility Criteria for Personal Loan in Bangalore
- 4 How to Apply for a Personal Loan in Bangalore?
Top Banks Offering Personal Loan in Bangalore
|Bank Name||Bank Name||Processing Fee|
|State Bank of India (SBI)||10.35% - 14.75%||NIL-1% of the Loan Amount + GST|
|HDFC Bank||10.75% - 21.30%||NIL-2.50% of the loan amount + GST|
|ICICI Bank||10.99% - 18.49%||INR 999-2.25% of the loan amount + GST|
|Axis Bank||12.00% - 24.00%||1.50%-2.00% of the loan amount + GST|
|Punjab National Bank||9.20% - 12.05%||0.35% of the loan amount, subject to a minimum of INR 2,500 and maximum of INR 15,000|
|Bank of India||10.75% - 12.75%||2% of the loan amount|
|Bank of Baroda||10.50% - 15.50%||2% of the loan amount, subject to a minimum of INR 1,000 and maximum of INR 10,000|
|Central Bank of India||10.25% - 10.30%||INR 500 + GST|
|IDBI Bank||9.65% - 12.40%||As applicable by the bank|
Interest Rates on Personal Loan in Bangalore
|Interest Rates||9.20% - 33.00%|
|Processing Fee||1%-2.00% of the loan amount+GST|
|Pre-payment Charges||3%-5.00% of the principal outstanding+GST|
|Repayment Period||Upto 5 Years|
|Lowest EMI||INR 2,204 - INR 2,935 (per Lakh)|
Eligibility Criteria for Personal Loan in Bangalore
Age: 21-60 Years
Income: INR 1,44,000 – INR 1,80,000 p.a.
Overall Work Experience: 2-3 Years
Work Stability with Current Employer:1 Year
Age: 24-65 Years
Income: INR 1,80,000 – INR 2,00,000 p.a.
Stability in Same Profession: 3 Years
Before cracking the deal for a personal loan, it is important that you should also be aware of a personal loan EMI calculator online. Yes, this smart, time-saving and effective tool is here to make your journey smooth by allowing you to know your EMIs in a hassle-free manner. By taking into consideration the loan amount, interest rate and tenure, this device churns out the results for you within few seconds. Let’s just take the help of an example below to know more about it.
Suppose, Ankit Aggarwal, a Sales Manager by profession is looking to avail a personal loan of INR 5 Lakh so as to renovate his home, thus he applied for the same in one bank. The best part is that one lender has agreed to offer him the same amount at an interest rate of 14.35% per annum for a tenure of 4 years. But before saying yes to the lender, Ankit decided to use the calculator so as to know the exact calculations of his EMIs and interest outgo. Just take a look at the table below to know about the calculations.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 5,00,000||14.35%||1||₹ 44,976||₹ 39,711||₹ 5,39,711|
|₹ 5,00,000||14.35%||2||₹ 24,089||₹ 78,141||₹ 5,78,141|
|₹ 5,00,000||14.35%||3||₹ 17,174||₹ 1,18,262||₹ 6,18,262|
|₹ 5,00,000||14.35%||4||₹ 13,751||₹ 1,60,057||₹ 6,60,057|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 99,649||₹ 65,365||₹ 4,00,350|
|2||₹ 1,14,928||₹ 50,086||₹ 2,85,422|
|3||₹ 1,32,549||₹ 32,465||₹ 1,52,872|
|4||₹ 1,53,035||₹ 12,142||₹ 0|
- Identity Proof- PAN Card/Voter ID/Driving License/Aadhaar Card/Passport
- Address Proof- Utility bill/Passport/Aadhaar card/Voter ID
- Income Proof- Latest Salary Slip/ ITR/Form-16
- Bank Statement- Last 3-6 Month Bank Statement
How to Apply for a Personal Loan in Bangalore?
Applying for a personal loan in Bangalore is easy online. Just visit the official website of the lender you want to apply at. Fill the details correctly online before submitting the application. The lender will check the details thoroughly before giving an approval. Once the application is approved online, the lender will send an executive to collect your documents from your office or residence. Now the lender will have both online and offline details to match. Once matched successfully, the lender will disburse the loan to your account.
Pre-approved Personal Loan Offers in Bangalore
Your ongoing or past credit record can have a bearing on your future credit approvals. If you maintain a timely payment record, don’t be surprised with pre-approved personal loan offers. The good thing is that these offers don’t require submitting any documents. It can be given based on a repayment track of either a credit card or a home loan.