Bangalore Personal Loan

Bengaluru also called Bangalore, is a bustling city, which is the capital of Karnataka state. The state is located in the southern part of India. This city is famous as a leading information technology (IT) hub with several multinational corporations (MNCs), parks, lakes, and pubs. Bengaluru has a population of around 10 million, which makes the place a megacity.

If you are looking for financial assistance to meet your different requirements, you could take a personal loan. There are many lenders across the city of Bengaluru that provide affordable personal loans for any purpose. You do not have to furnish any collateral or security while applying for a personal loan. You can apply online or offline for these loans.

If you intend to apply online, you can check out official websites of lenders or third-party financial websites. Before you take a personal loan online, make sure you compare different interest rates online. This will assist you in getting a good loan deal.

Personal Loan Offered by Various Banks in Bangalore

Some of the leading banks and NBFCs offering personal loans at the best interest rates are listed below:

1. Standard Chartered Bank
2. Tata Capital
3. Aditya Birla
4. ICICI Bank
5. HDFC Bank
6. Axis Bank
7. CitiBank
8. Kotak Mahindra Bank
9. Oriental Bank
   

How Do I Get a Personal Loan with the Lowest Interest Rate in Bangalore?

When you plan to get a personal loan in Bengaluru or any other city, you can follow a few important guidelines in order to get a good rate of interest. You will also be required to do proper research before you apply for a loan. Some of the important factors that should be kept in mind for getting a low interest rate include:

Credit score - Making sure that your credit score it above par will result in you availing a loan at a fairly good interest rate. The better your CIBIL score the lower the interest rate added to the loan and vice versa.

Down payment - Making a down payment upward of 20% of the loan amount will result in you availing a loan at a better interest rate. The bigger the down payment, the better the interest rate.

Debt-to-income ratio - Always ensure that your EMIs, credit bills and other debts do not cross 40% of your annual or monthly income. Having a good debt-to-income ratio will boost your chances of availing a loan with a good interest rate.

Loan shop - Financial portals such as BankBazaar is of great help when loan shopping. On the BankBazaar website, individuals can compare loan interest rates offered by its partner banks and can narrow down on a loan with the best interest rate relative to the tenure - one that suits their budget.

Your employment and experience - This is one factor banks and NBFCs take into consideration when approving or rejecting a loan application. If you've had a stable income and worked for a reputed company, it's likely that you could very well negotiate on a decent interest rate.

Make sure that you negotiate - Negotiating the interest rate on your loan is absolutely necessary. Most people just go ahead with the numbers set by banks and NBFCs, but making a negotiation will help you in the long run.

Tenure - Choosing your tenure directly reflects on the interest rate added to the loan amount. Choosing a shorter tenure will result in you having a much less interest rate - though the EMIs will be considerably low. The interest rate increases with the length of the payback period.

Personal Loan Interest Rates in Bangalore

Salary Requirements to Avail Personal Loans in Bangalore

Every bank and NBFC have a certain salary requirement which customers have to meet to get a loan approval. Apart from looking at factors such as interest rate, processing fees, prepayment and so, make sure your cross check with the bank's minimum salary requirement as well. As already mentioned, the salary requirement varies from bank to bank.

For salaried individuals - Depending on which bank you are availing the loan from, generally the minimum salary requirement ranges between Rs.7,500 and Rs.50,000.

Self Employed individuals - Self-employed individuals should provide proof of income of the last two financial years. Generally, the income requirement to avail a loan is between Rs.1 lakh and Rs.2 lakh (profit).

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

A good credit score can help you secure lower interest rates on loans and credit cards.

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