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  • Bangalore Personal Loan

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  • The capital of Karnataka, Bangalore houses over 10 million people and is also home to a large number of banks that offer personal loans at competitive interest rates and paperless approval. If you are looking for personal loans in Bangalore, you can approach any of the many reputed banks such as Citibank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, IDFC Bank, etc. and find a solution that will best suit your financial requirements.
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    We found 18 Bangalore Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    10.75% - 21.50% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Ad 100% PAPERLESS APPROVAL
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    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Ad 100% PAPERLESS APPROVAL
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    25.00% - 32.00% Fixed
    3.00% + taxes One time fee
    75K - 5L
    Upto 4 years
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    11.25% - 14.49% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    100% PAPERLESS APPROVAL
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    Customer Reviews
    18.00% - 36.00% Fixed
    2% - 3% + taxes One time fee
    1L - 5L
    Upto 5 years
    Only KYC docs required
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    11.99% - 25% Fixed
    3%- 6% One time fee
    25L Max
    1-5 Years
    100% PAPERLESS APPROVAL
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    13% - 30% Fixed
    0 Zero Processing Fee
    2L Max
    0 - 4 Years
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    10.50% - 16.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
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    10.50% - 17.99% Fixed
    0.50% - 3.00%
    30L Max
    1-5 Years
    Accelerated Approval
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    16.5%-20% Fixed
    Up to 2% or minimum ₹2,000 (whichever is Max) One time fee
    15L Max
    1-5 Years
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    18% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    100% PAPERLESS APPROVAL
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    17.00% - 26.00% Fixed
    2% + Taxes
    20L Max
    0.5 - 4 Years
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    Bangalore Personal Loan Interest Rates

    Updated on 21 Feb 2020

    Bangalore Personal Loan Details
    Interest Rate 10.99% to 24% p.a.
    Processing Fees 0.5-2.5%
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% - 5%
    Guarantor Requirement No guarantor required

    Documentation needed to apply for an Bangalore Personal Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    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 in Bangalore

    For those looking for an extra boost, financially speaking, either to renovate their house, pay for emergency medical bills, buy a gadget that you desire or fund a holiday, there is the option of a personal loan. Top banks and NBFCs across the country offer personal loans that are unsecured - meaning that there is no requirement for collateral. Customers wishing to avail personal loans can start by visiting the financial portal - BankBazaar. On the BankBazaar website, customers can compare the interest rates offered by its partner banks and decide on a loan from a particular bank that suits their financial situation.

    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:

    • Standard Chartered Bank
    • Tata Capital
    • Aditya Birla
    • ICICI Bank
    • HDFC Bank
    • Axis Bank
    • CitiBank
    • Kotak Mahindra Bank
    • Oriental Bank
    • Bajaj Finserv
    • Fullerton

    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 2019

    Name of the Bank Interest Rate Range Processing Fee Range Loan Amount Tenure
    ICICI Bank 11.59% - 18.49% (Fixed) 2.25% (min. Rs.1149) One time fee Rs.20 lakh (Max) 1-5 Years
    CitiBank 10.99% - 15.99% (Fixed) 1% to 2.5% Rs.30 lakh (Max) 1-5 Years
    Kotak Mahindra Bank 10.99% to 24% p.a. Up to 2.5% of the loan amount along with GST or service tax Rs.50,000 to Rs.15 lakh 1 to 5 Years
    Fullerton India 11.99% to 23.99 p.a. Information not provided. Up to Rs.20 lakh for salaried and up to Rs.30 lakh for self-employed individuals 1 to 4 Years
    Bank of Baroda 11.35% - 14.35%Fixed Rs.1,000 to Rs.10,000 (One time fee) Rs.20,000 - Rs.2 lakh 4 Years (Max)
    State Bank of India 12.90% - 14.90% (Fixed) 1% (One time fee) Rs.24,000 - 15 lakh 5 Years
    Aditya Birla 11.5% - 13.25% (Fixed) Nil Rs.30 lakh (Max) 1-5 Years
    Allahabad Bank Information not provided 1.06% of loan amount Information not provided. 1 to 5 Years
    Yes Bank 14% p.a. Up to 2% (One-time fee) Rs.2 lakh to Rs.20 lakh 1 to 5 Years
    Corporation Bank 12.75% to 13.75% p.a. Up to 1.5% Minimum amount of Rs.500 Up to Rs.3.50 lakh Up to 5 Years

    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).

    Bangalore Personal Loan FAQs

    1. Does my CIBIL score affect the interest rate on my loan?

      Yes, your CIBIL score directly reflects on the interest rate the bank or NBFC offers you on your personal loan. The higher your credit score, the lower will be the interest rate and vice versa.

    2. Can I transfer my loan amount to another lender? What’s the process?

      A balance transfer is possible. In this case, the present lender will clear the dues and transfer the amount to a new loan with the interest as well.

    3. Is a complete foreclosure of a loan possible?

      Some banks allow it whereas other banks only allow a partial foreclosure of loans. In most cases, banks charge between 1% to 2% of the outstanding amount as foreclosure charges.

    4. What happens when all the loan dues have been cleared?

      Once the loan amount has been cleared completely, the bank will issue a No Due Certificate.

    5. Does failing to pay my EMIs affect my CIBIL score?

      Yes, failing to repay your loan on time directly reflects on your credit score.

        

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    Bangalore Personal Loan Reviews

    • Experian Personal Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      Took my personal loan from Home credit for an emergency, they were ready to provide the loan amount of Rs. 50000 and they have sanctioned my required amount. Interest rate is very high 36%. I have been paying the EMI amount of Rs. 2900 for the loan duration of 3 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 19, 2020
    • Incred
      Incred Personal Loan
      "Average Loan Experience"
      0.5 4.0/5 "Great!"
      For my personal expenses, i have tried to get the loan from Incred. I had a eligibility with Incred so I applied the loan amount of Rs. 1.20 lakhs and they have offered me 18% interest rate but they have approved only Rs. 50,000 so that i had rejected the loan from my side.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 19, 2020
    • HDFC Bank Personal Loan
      "Need to decrease the rate of interest"
      0.5 3.0/5 "Satisfactory"
      From HDFC Bank. i have applied a personal loan through online. Actually I have applied the loan for Rs. 1.50L then recognized that not to go because the rate of interest was high 13% so cancelled the application from my end. Customer service was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 19, 2020
    • HDFC Bank Personal Loan
      "Need to update correct status of appliation "
      0.5 3.0/5 "Satisfactory"
      I have applied a personal loan from HDFC on 2 months back. which have got the loan offer through online. The loan amount was low when compared to my need and it has to be closed within 48 months. The rate of interest was high for this loan. The loan process was closed and not aware about the reason.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 18, 2020
    • ICICI Bank Personal Loan
      "Good personal loan offer from ICICI bank "
      0.5 4.5/5 "Excellent!"
      I got a personal loan offer from ICICI on one year back. The loan was applied direct to bank and it was sanctioned within one day for the loan amount of 2L.The tenure period of 4 years. The rate of interest was nominal of 10%. EMI need to pay of 5240 rupees. So far I haven't faced any additional issue. Mobile app is user friendly to access. There is pre closure option of 6 months without any charge.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 18, 2020
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan from ICICI on last month. The loan was processed through mobile app and it was sanctioned within a day. The tenure period of 2 years. The rate of interest was nominal and fee amount was deducted of 2200 rupees. EMI need to pay of 3K. I have done my first payment, the amount was deducted through salary account. There is pre closure option of 6 months without charge.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 18, 2020
    • HDFC Bank Personal Loan
      "Need to decrease rate of interest"
      0.5 3.0/5 "Satisfactory"
      I was applied a personal loan from HDFC through online. The rate of interest of around 14% which is high for my needs. So I contact banker to negotiate but they didn't do. The amount was sufficient for the loan amount with tenure period of 4 years. But due to high rate of interest closed the loan process from my end.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 18, 2020
    • IndusInd Bank Personal Loan
      "They should consider customer concern "
      0.5 1.0/5 "Really Bad"
      I have applied a personal loan from INDUSIND Bank through online. They said my CREDIT SCORE is very low and also i given all my documents like address proof, id proof, bank statement . Verification call done, after that they said credit card application has been closed.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 18, 2020
    • HDFC Bank Personal Loan
      "Need to update proper status for the application"
      0.5 4.0/5 "Great!"
      HDFC has provided rate of interest and processing fee was okay. I have to keep on follow up the customer support for my loan application process. It would be great, if they could followup the customer. They took almost 15 days to sanction the loan.There is option of pre closure. I am not getting remainder message for payment.I use to pay EMI of 5,400 rupees.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2020
    • IndusInd Bank Personal Loan
      "Interest rate was high"
      0.5 4.0/5 "Great!"
      From INDUSIND Bank, i have applied a personal loan and it got closed. Meanwhile I got a loan from other bank with the less rate of interest around 10.99% but here 13% its too high. I have not given any documents and they are given a very good service.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 17, 2020
    • Kotak Personal Loan
      "Interest rate was high"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from KOTAK MAHINDRA Bank directly. The loan amount was Rs. 2L and the rate of interest was high EMI 6200, pre closure charges are there after 1 year. Documentation was done within 2-3 minutes, customer service was good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 17, 2020
    • Tata capital Personal Loan
      "Interest rate was high"
      0.5 4.0/5 "Great!"
      I have taken a TATA CAPITAL personal loan and the loan amount was Rs. 3L and the rate of interest was high 17.9%. EMI i am paying Rs. 8733, documents was send via mail and also executive collected. Customer service and responsiveness was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2020
    • Incred Personal Loan
      "Very good loan for every people"
      0.5 4.5/5 "Excellent!"
      Compared to other bank personal loan, Incred is better on good customer care whenever I'm calling them for any enquiry. Their service is very fast. For the marriage expenses, i have applied this loan. Even interest rate is very low and repayment option is easy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2020
    • PaySense Personal Loan
      "Excellent App which understand the customer needs"
      0.5 5.0/5 "Blown Away!"
      Taken my personal loan from Paysense and they have collected the documents in online that too minimal. It was processed within a month and the amount also credited to my account within 12 days. They are giving good rate of interest which is 8% to 10%. I will be paying Rs. 5000 to Rs. 6000 extra for the tenure period of 12 months. They have deducted Rs. 1000 for processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2020
    • Incred Personal Loan
      "They must provide the loan based on payment history"
      0.5 2.0/5 "Expected more"
      For an emergency basis, i have applied the personal loan from Incred but they were not ready to provide the loan because i do not have any credit card and my salary is not upto Rs. 20000. If i get the loan also, will be pre-closing it in August month. I had applied the loan amount upto Rs. 4 lakh but they have rejected this minimum amount also.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2020
    • review Personal Loan
      "Interest rate was high"
      0.5 1.0/5 "Really Bad"
      I have applied a personal loan from BAJAJ and the loan amount was Rs. 1.15L. The rate of interest was very high 22% with the EMI of 6900 and so far 32 months over another 4 months to go. I applied this loan through online, customer service was not good which they need to improve on.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2020
    • Tata capital Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      From TATA CAPITAL, i have taken a personal loan. The loan amount was 1.50L the rate of int was nominal and EMI 8,500 i am paying with tenure period of 36 months. Documentation was very simple, executive collected and i received within 10 days.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2020
    • Incred Personal Loan
      "Quick process"
      0.5 5.0/5 "Blown Away!"
      Within 24hours, I got a call on time from INCRED. The process was done on smooth. The loan amount of 1.10L was sanctioned within one day with tenure period of 2 years. Rate of interest is nominal and fee around of 5K. Pre closure is avail after 6 months. EMI need to pay of around of 6200 -6300 rupees.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2020
    • Shubh Loans Personal Loan
      "Emergency handy loan"
      0.5 4.0/5 "Great!"
      To clear my other debts, i have taken the personal loan from Shubh loan. It has a more option to select the loan details based on my convenient so that i opted the loan here. I applied the loan amount of Rs. 1 lakh and they gave me a loan of Rs. 1.12 lakhs based on my criteria. I'm not satisfied with the interest rate provided to me because its little bit higher when i compared to the market rates. They have given me only one year to close this loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2020
    • Incred Personal Loan
      "Very fast and simple service"
      0.5 4.0/5 "Great!"
      I got the loan very fast from Incred. Taken the loan amount of Rs. 2 lakhs and they have provided me a 18% interest rate and i have paid the processing fee of Rs. 8000. I opted the loan for 2 years. I have activated the ECS facility for paying my EMI every month. Overall, the loan process was very smooth.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2020
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