Personal Loan in Bangalore

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.

Top Banks Offering Personal Loan in Bangalore

Bank NameBank NameProcessing Fee
State Bank of India (SBI)10.45% - 14.70%NIL-1% of the Loan Amount + GST
HDFC Bank10.75% - 21.45%NIL-2.50% of the loan amount + GST
ICICI Bank10.99% - 18.49%₹999-2.25% of the loan amount + GST
Axis Bank12.00% - 24.00%1.50%-2.00% of the loan amount + GST
Punjab National Bank9.95% - 13.50%0.35% of the loan amount, subject to a minimum of ₹2,500 and maximum of ₹15,000
Bank of India11.70% - 13.70%2% of the loan amount
Bank of Baroda11.40% - 16.40%2% of the loan amount, subject to a minimum of ₹1,000 and maximum of ₹10,000
Central Bank of India10.25% - 12.20%₹500 + GST
IDBI Bank9.65% - 14.00%As applicable by the bank

Personal Loan Bangalore Interest Rate

ParticularsDetails
Interest Rates9.35% - 33.00%
Processing Fee1%-2.00% of the loan amount+GST
Pre-payment Charges3%-5.00% of the principal outstanding+GST
Repayment Period Upto 5 Years
Lowest EMI ₹2,204-2,935 (per Lakh)

Eligibility Criteria

Personal Loan Bangalore Salaried

Age: 21-60 Years
Income: ₹1,44,000-1,80,000 p.a.
Overall Work Experience: 2-3 Years
Work Stability with Current Employer:1 Year

Self-employed

Age: 24-65 Years
Income: ₹1,80,000-2,00,000 p.a.
Stability in Same Profession: 3 Years

Personal Loan Bangalore Calculator

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 ₹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 AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 5,00,00014.35%1₹ 44,976₹ 39,711₹ 5,39,711
₹ 5,00,00014.35%2₹ 24,089₹ 78,141₹ 5,78,141
₹ 5,00,00014.35%3₹ 17,174₹ 1,18,262₹ 6,18,262
₹ 5,00,00014.35%4₹ 13,751₹ 1,60,057₹ 6,60,057

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

YearPrincipalInterestBalance Amount
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

Documents Required

  • Identity Proof- PAN Card/Voter ID/Driving License/Aadhar Card/Passport
  • Address Proof- Utility bill/Passport/Aadhar 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 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 acccount. 

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 surpsrised 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.

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  • Personal Loan Interest Rates February 2020
    Bajaj Finserv10.99% - 16.00%
    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.99% - 18.40%
    IndusInd Bank10.99% - 16.00%
    Kotak Bank10.99% - 20.99%
    RBL13.00% - 18.00%
    Standard Chartered Bank10.99% - 18.00%
    Tata Capital10.99% - 18.00%