- Seeking a personal loan in your city i.e. Bangalore to meet your instant needs?
- Check out the personal loan offers of banks and NBFCs for the people of this city
A need for a personal loan can come from anywhere irrespective of the city an individual is living in. If you need a personal loan and living in the city which is regarded as the IT Capital of India i.e. Bangalore, there are many banks and non-banking finance companies (NBFCs) that offer the said credit facility in this famous city. Due to the lucrative opportunities in Bangalore and a hub for all the startups, many career-oriented professionals come here from all parts of India. Personal Loan in Bangalore could be the best option for people who require funds quickly.
What are the benefits of getting a personal loan in Bangalore? Well if were to name a few, it would be Instant Loan Approval, Affordable Interest Rates, Minimal documentation, Lenient Eligibility Criteria, and Higher Loan Amount.
We will be telling you about top lenders providing an Instant Personal Loan in Bangalore, their interest rates, eligibility criteria, required documents, etc. Keep reading to know more!
Top Banks offering Personal Loans in Bangalore
We are providing details of some of the top lenders providing personal loans in Bangalore. These details include the address of their main branch, their interest rates, and their total number of branches in Bangalore. Have a look at the below table.
|Bank Name||Main Branch Address||Personal Loan Interest Rates||Processing Fee||Total Number of Branches in Bangalore|
|HDFC Bank||No 8/24, Salco Centre|
|10.99% - 15.00%||NIL - 2.50% of the loan amount plus applicable GST||70|
|ICICI Bank||ICICI Bank 1st floor, West wing, No.1, Commiserriat Road (Off M. G. Road), Bangalore - 560025.||10.50% - 18.00%||INR 1,999 - 2.25% of the loan amount GST||41|
|Bajaj Finserv||8th Floor, Prestige Towers, Residency Road, Bangalore - 560025||12.00% - 16.00%||Up to 3% of the loan amount||-|
|Fullerton India||Lal Bagh Main Rd, K.S. Garden, Raja Ram Mohanroy Extension, Sudhama Nagar, Bengaluru, Karnataka 560002||12.00% - 24.00%||0% - 6.00% of the loan amount||-|
|IDFC First Bank||Plot No 79, Residency Building, Residency Road|
Bengaluru - 560025
|10.50% - 25%||2.00% - 2.50% of the loan amount||-|
|Kotak Mahindra Bank||Bangalore Turf Club Premises, No.52, Race Course Rd, Racecourse, Gandhi Nagar, Bengaluru, Karnataka 560001||10.25% Onwards||0.99% - 2.25% of the loan amount + GST||13|
|RBL Bank||Prestige Towers, Ground, 99 & 100, Residency Rd, Infront of Cash Pharmacy, Bengaluru, Karnataka 560025||17.50% - 26.00%||2% - 2.5% of the loan amount||-|
|Tata Capital||Krishna Tower, No. 82/1, 1st & 2nd, Richmond Rd, Bengaluru, Karnataka 560025||10.75% - 18.00%||INR 999 - 2.50% of the loan amount||-|
|Standard Chartered Bank||26/27, Raheja Towers, Mahatma Gandhi Rd, Bengaluru, Karnataka 560001||10.75% - 13.00%||2.00% - 2.50% of the loan amount + GST||3|
|YES BANK||Raja Ikon, No 89/1, Ground Floor, Marathahalli, Bengaluru, Karnataka 560039||10.75% - 18.00%||Up to 2.50% of the loan amount subject to a minimum of INR 999 + taxes||13|
|IndusInd Bank||Block Bangalore, 208, 80 Feet Main Rd, HBR Layout 2nd Block, 1st Stage, HBR Layout, Bengaluru, Karnataka 560043||10.49% - 31.50%||1% - 3% of the loan amount + GST||36|
|State Bank of India (SBI)||No 65, 2nd Floor, Local Head Office Cplx, St Marks Rd, above SPB Branch, Bengaluru, Karnataka 560001||9.60% - 13.60%||Nil - 1% of the Loan Amount + GST||119|
|Axis Bank||Bangalore Water Supply & Sewerage Board Cauvery Bhavan, Bengaluru, Karnataka 560009||10.50% - 25.00%||1.50% to 2.00% of the loan amount + GST||88|
|Bank of Baroda||72, 1st Floor, Nitesh Lexington Avenue, Brigade Road, Bengaluru, Karnataka 560025||10.00% - 15.60%||2% of the loan amount|
Minimum: INR 1,000
Maximum: INR 10,000
|Canara Bank||112, JC Rd, Halsurpete, Nagarathpete, Bengaluru, Karnataka 560002||11.25% - 13.30%||0.5% of the loan amount + GST||17|
Note – The number of branches shown against lenders is approximate and as per the data till July 20, 2020. Also, there are some lenders whose branch in Bangalore could not be found, so the “-” sign was marked against such lenders.
How to Choose the Best Personal Loan in Bangalore?
As you can see from the above table that there are so many options from where you can take a personal loan. But among all these options, it is important to choose the Best Personal Loan in Bangalore. And to know this, you must know some of the factors that decide whether a personal loan is best for you or not. A few important factors to choose the best personal loan in Bangalore are Affordable Interest Rates, Low Processing Fees, Lenient Eligibility Criteria, Higher Loan Amount, Flexible tenure, etc.
Interest rates directly affect your repayment amount. Higher the interest rates, higher would be your repayment amount. So, you should choose the bank that can offer affordable interest rates. You can see the interest rates of different banks in the table mentioned in the previous section. Also, you can check their processing fees on your personal loan facility. While choosing a personal loan in Bangalore, you should opt for a one that can provide the loan amount at a low processing fee. If you keep all these factors in mind, you can certainly get the best personal loan in Bangalore.
How to get an Instant Personal Loan in Bangalore?
Everybody wants to get the required funds in their account in the shortest possible time. But do you know there is a method by which you can get an Instant Personal Loan in Bangalore? But with this method, you cannot choose yourself to get an instant personal loan in Bangalore. Instead, the lender decides whether you are eligible or not.
The least you can do is to ask your respective bank if there is any Instant Personal Loan Offer for you. So how can you be eligible for it? Well, there are a few things that a lender checks before deciding your eligibility. Like, if you have a long history of salary account and smooth credit relationship with the bank, the lender may provide you an instant personal loan in Bangalore. Why? A salary account relationship gives lenders a hint about your repayment capacity. You can get an Instant Personal Loan in Bangalore only from the bank with whom you have a long history.
In the case of an Instant Personal Loan in Bangalore, you don’t need to worry about the tiring documentation as this type of loan is free from any documentation. Just say ‘Yes’ to the offer and the loan amount will be in your account.
Personal Loan EMI Calculator
When you opt for a personal loan in Bangalore or anywhere else, it is important to have an estimate about the Repayment Amount (EMI). With the help of this, you will be able to repay the loan amount within a fixed tenure. This can be done by the Personal Loan EMI Calculator that will also help you in managing your finances.
To calculate the EMI Amount, you will only need a few basic details such as the Required Loan Amount, Interest Rate, and tenure. On feeding these details into the personal loan EMI Calculator, you will get to see the EMI amount. Apart from this, you will also see Interest Outgo and Total Amount payable.
Let’s understand this through an example.
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|
Personal Loan Eligibility Criteria
When you apply for a personal loan in Bangalore, you should know about the eligibility criteria, which is a set of conditions set by the lender that an individual has to fulfill. Generally, these conditions pertain to your monthly income, age, employment type, job history, residing city, and most importantly, the CIBIL score.
Before providing you a personal loan, the bank checks these conditions. If you do not meet any of the conditions, you will not be able to get the loan amount. It is important to check the eligibility so that banks can reduce their credit risk. We are showing you the general eligibility criteria for a personal loan in Bangalore below. Check it out!
For Salaried Employees
|Age||21 to 60 years|
|Monthly Income||INR 15,000 to INR 50,000 (changes from one lender to another)|
|Overall Work Experience||A minimum of 2 to 3 years|
|Work Stability with Current Employer||A minimum of 1 year|
For Self-employed Individuals
|Age||24 to 65 years|
|Annual Income||INR 1,80,000 to INR 2,00,000|
|Overall Experience in the Business/Profession||A minimum of 2 to 3 years|
Personal Loan Eligibility Calculator
Do you know that with the help of a Personal Loan Eligibility Calculator, you can know the maximum loan amount that you can get with the Personal Loan in Bangalore? Well, you just need to feed a few basic details and the tool will give you the desired output instantly. These details are mentioned below. Please check them out!
- Date of Birth (To know the Applicant’s age)
- Residing City
- Monthly Income of the Individual
- Monthly Expenses
- Existing Obligations such as any other EMIs
As soon as you will feed these details into the calculator, you will get the eligible loan amount instantly. After knowing it, you can also choose the best personal loan in Bangalore.
Documents Required for a Personal Loan in Bangalore
- 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
Personal Loan Balance Transfer in Bangalore
Do you know that with the help of the Personal Loan Balance Transfer facility in Bangalore, you can transfer your existing outstanding principal amount to a different lender at lower interest rates? Well, you can and the new interest rates will be lower than the existing ones and help you in reducing your EMI amount and interest outgo.
You only need to pay a certain Balance Transfer Fee, which will depend on your outstanding principal amount. Also, it tends to change from one lender to another. There are a few conditions that you need to fulfill. Like, you must be paying all your EMIs on time. Apart from this, your credit score must be good that is considered to be 700 among the lenders. Any bank will check these two conditions and then decide whether you are eligible for it or not.
How Much Can You Save with a Personal Loan Balance Transfer Facility in Bangalore?
Let’s understand with an example to know exactly how much amount you can save with the Balance Transfer facility in Bangalore. Let’s take the case of an individual who has a 5-year personal loan of INR 8 lakh at 13.50% per annum.
He has been paying the EMI amount of INR 18,408 from the last two years without any missed payments. Now, he wants to opt for a Personal Loan Balance Transfer facility at a lower interest rate of INR 9.50% per annum provided by some other lender. So, to check how much money he can save, take a look at the below table where we are showing all the required calculations.
|Original Loan Amount||INR 8 lakh|
|Interest Rate||13.5% per annum|
|Tenure||5 years (60 months)|
|EMI at the current interest rate of 13.50% per annum||INR 18,408|
|Estimated Interest Outgo at 13.50% per annum||INR 3,04,473|
|Interest Paid till now ( 2 Years )||INR 1,84,230|
|Outstanding Balance at the end of 2 years||INR 5,42,440|
|EMI at the new interest rate of 9.50% per annum||INR 17,376|
|Interest Outgo at the new interest rate of 9.50% per annum||INR 83,094|
|Interest Paid till now + Interest for the remaining 3 years||INR 2,67,324|
|Estimated EMI Saving||INR 1,032 (18,408-17,376)|
|Estimated Interest Savings||INR 37,149 (3,04,473-2,67,324)|
The concerned individual can save around INR 1,032 on EMI and INR 37,000 in terms of interest using the balance transfer facility. You can do these calculations with the help of a Personal Loan EMI Calculator. So, whenever you want to opt for the Balance Transfer facility for any personal loan in Bangalore, you should do all the calculations first.