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Mysore Loan Ratings
4.0 / 5.0 by 543 users

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Mysore Loan Reviews

"I am an existing customer of State bank of Mysore for a savings account. The services are good at the bank. I use the mobile application for my fund transfers and it has been convenient to bank with them. The ATM centers are all over and they have a lot of branches too. "

Shadakshara Swamy, Mysore
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What is a Mysore Loan?

A Mysore Loan is a transaction where the lender gives money to the borrower, to be paid back with interest in EMI's.

Types of Mysore Loans

Personal Loan, Home Loan, Car Loan, Loan against property, Gold loan, etc are various types of loans available in India.

How Bankbazaar helps you get a Mysore loan?

Bankbazaar helps you compare & apply real time Mysore loan rates & other fees from various banks.
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Mysore Loan Overview

Mysore 4.0 / 5.0 by 543 users  
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Mysore Loan Low interest rate Loan offers. Looking for a Loan in India? Compare Personal Loan, Home Loan and Car Loan offers online at BankBazaar.com for India. We can help you find the right loan deals in India. We work with major banks & financial institutes like HDFC Bank & Fullerton India who offer great personal loan deals at low interest rates with fast & simple online approval process. For Home Loans we work with HDFC Ltd, Axis Bank, ICICI Bank & others to get you the best home loan interest rates. To help you buy your dream car in India we work with Axis Bank and HDFC Bank to get you the best car loan interest rates. Why Apply for a Mysore Loan on BankBazaar.com?
  • One stop shop for multiple products: Get best loan offers for personal loans, home loans and car loans at BankBazaar.com.
  • Lowest interest rates: We have coordinated with HDFC Bank, Fullerton, HDFC Ltd, Axis Bank & ICICI Bank to get you the lowest Personal Loan interest rates, Home Loan interest rates and Car Loan interest rates in India.
  • Instant Quotes: Get Loan quotes customized to your profile online instantly by filling in the form above.
  • Simple Online Comparison: Compare Loan offers on the basis of interest rate, EMI, processing fees & customer satisfaction.
  • Transparency: Aimed at helping you make the right choice, we provide objective and transparent information about your loan options.
  • Privacy: Your application is sent only to the lender you choose, and is never shared with anyone else.
  • Trust: Top private banks in India like HDFC Bank, ICICI Bank and Axis Bank uses BankBazaar.com-powered technology to give thier customers the best Loan experience on their websites. www.hdfcbanksmartapply.com, https://www.hdfcinstanthomeloans.com/home-loan/compare-interest-rates.html, https://loans.axisbank.com/ and https://loans.icicibank.com/
How to get a Mysore Loan in India on BankBazaar.com
  • Eligibility Calculator: Fill the form above to instantly get customized Loan quotes that you are eligible for.
  • Compare Loan offers: Compare customized Personal Loans, Home Loans and Car Loan offers in India from various banks based on your eligibility criteria and apply online for the one you like.
  • Your application will be sent electronically to the lender you chose. The lender will contact you within one day.
  • BankBazaar.com will update you on your loan application status via email & SMS alerts.

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Mysore Loan FAQs

  1. What are the interest rates for Mysore Loans?
    Each bank will have different Interest rates. Interest rates will also vary depending on each individual’s eligibility criteria’s. Typically Interest rates start at 12% and can go up to 28%.

  2. How much money am I eligible for?
    You can borrow as much as you can repay. This in banking terms would mean a Loan that has an EMI that does not exceed 40% of your monthly take home income, where the EMIs for existing loans are also deducted.
    For self-employed applicants, profit is the benchmark that determines loan value. The longer the time frame for repaying the loan the lower the EMI and this also means you can opt for a larger loan amount. The loan amount you are eligible for is also dependent on other factors like the company you are employed with, the location of your residence and your credit history.

  3. Can I have a co-applicant for a Mysore Loan?
    Yes, you can opt for a co-applicant. This can help you increase the loan amount you are eligible for as the income of the co-applicant is also taken into consideration.

  4. What is credit history? How does a financial institution check on my credit history?
    A credit history is basically a record of your past repayments of loans and credit card bills. Also, there is a central bank of data available with the Credit Bureau of India Limited (CIBIL), where data from all the banks on existing loans and their repayment patterns of their customers are accumulated. Before approving your loan a financial institution always checks with CIBIL on your loan repayment track record.

  5. How can I compare quotes from multiple banks?
    One of the easiest ways to do this is to compare online. Find your Loan at BankBazaar.com to gain instant access to the best quotes from various lenders.

  6. What does prepayment charge mean? Does it matter while comparing loans?
    A Loan is repaid to the lender within a fixed time frame, which is usually 1 to 5 years. In case you want to clear the loan payment earlier than the agreed time frame, the bank levies a prepayment penalty charge. This could be up to 5% of the outstanding loan amount but can vary according to the bank and the credit profile of the borrower. Make sure the interest saved by pre-paying exceeds the prepayment fee paid. This is one of the factors to keep in mind while comparing loans.

  7. What is the difference between a fixed interest rate and floating interest rate?
    A fixed interest rate remains constant throughout the loan tenure regardless of the market conditions whereas a floating interest rate can decrease or increase depending on market fluctuations. For instance, it increases when RBI hikes up short term interest rates. Banks usually quote the floating rate loans as their index rate (prime lending rate) plus or minus x%. Banks usually increase or decrease their prime lending rate when the RBI increases or decreases short term interest rates.

  8. Does Bank Bazaar charge me for its services?
    BankBazaar’s services come to you free of charge.

  9. How will the security and privacy of my data be ensured?
    BankBazaar will never share your data with any third party other than the financial institution that you decide to apply to. Our sound technology practices ensure a highly secure environment for all your data.

Mysore Loan Eligibility & Documentation

Check Mysore Loans offers online

Mysore Loan Eligibility: You are eligible for a loan if you are:
  • Salaried individual
  • Self employed individual
  • Self employed professional like doctor, lawyer, etc.
  • Aged above 18 years
  • Have a good CIBIL credit score
  • Good repayment capacity with fixed & stable income source
  • Overall banks rating for the company you work for
  • Try our Personal Loan eligibility Calculator to check how much loan amount you are eligible for.

Mysore Loan documentation: Mysore loan documentation process is minimal and generally banks require the following document:
  • Identity proof (Pan card, Passport, etc.)
  • 3 to 6 months bank statement (if salaried then bank statement of your salary account)
  • Residence proof (rent agreement, property document, ration card, etc)
  • Salary Slips
  • In case of self-employed banks require balance sheets, profit & loss account, partnership deed & other documents etc.

Mysore Loan Interest RatesUpdated on 28 October 2016

Details of Mysore Loan

Personal Loan Interest Rate.(Monthly reducing balance)
14.25% to 49% fixed. Check Customized Interest Rates Now!
Processing Fees
1% to 5% of loan amount
Personal Loan Tenure
1 year to 5 years
Personal Loan Amount
Rs. 1 lakh to Rs. 20 lakhs
Pre-closure Charges
4% of pre-closed amount
Guarantor Requirement
No guarantor required

Details of Home Loan

Home Loan Interest Rate.(Monthly reducing balance)
10.5% to 14.25% floating. Check Customized Interest Rates Now!
Processing Fees
0.5% to 1% of loan amount
Home Loan Tenure
1 year to 20 years
Home Loan Amount Funded
Up to 85% of property value
Pre-payment Charges
0% to 2% of amount being prepaid
Pre-closure Charges
0% to 2% of amount being preclosed
Guarantor Requirement
No guarantor required

Details of Car Loan

Car Loan Interest Rate.(Monthly reducing balance)
10.50% to 14.25% floating. Check Customized Interest Rates Now!
Processing Fees
Up to Rs. 3,650
Car Loan Tenure
1 year to 5 years
Pre-closure Charges
3% to 6% of foreclosed amount
Car Loan Amount
Varies based on car model. Up to 100% financing for pre-approved customers.
Guarantor Requirement
No guarantor required

Loan Articles

  • How Does Personal Loan compare to other loans!!!
    A personal loan is by nature an unsecured credit that is provided to an individual based on his personal capability of repayment. The process is extremely simple and fast provided that the requisite documents are in order when applying for the loan.
  • Know Your Personal Loan!
    The ease and simplicity associated with the personal loan along with no restrictions on the end usage makes it extremely popular option to raise funds when there is an urgent need. There are many doubts in the minds of applicants regarding the post disbursal procedure involved in a personal loan
  • Personal Loan criteria for the self employed
    One should opt for a personal loan only when all other means of availing funds have been exhausted and the need is pressing and situational. Taking a personal loan when the need is not justifiable or other means are available creates tremendous amount financial complications at a later stage.
  • How to calculate your loan eligibility!
    Most people who buy a home through a home loan are often left with little cash to carry out any further improvements in the house as per their requirements. Some opt for personal loans in order to make good this requirement.
  • Home loan document checklist for self employed!
    Every financial institution which deals in home loans has a specified set of requirements which are to be met by a borrower. When a borrower is found to be eligible for the loan, only then he is granted the amount applied for.
  • How to select your home loan lender?
    Getting a home loan approval can be a long and tiresome process especially if you are a self-employed professional or business owner. This is because many banks doubt business men for job continuity, as they are free to quit their jobs at any time. 
  • How to get a car loan faster!
    Getting a car loan is not supposed to be a Herculean task where the customer runs from pillar to post trying to negotiate a good deal and securing approval of the financing company.
  • Luxury car loans in India!
    The key to pushing up sales in this segment lies in creating unbeatable financing schemes that will lure the prospective customer from mid segment to luxury cars.
  • What is the application process for a car loan?!
    Applying for a car loan is relatively simpler as compared to a home loan primarily because the amount involved is less and the documents needed are much simpler to obtain.
  • Union Cabinet Minister Maneka Gandhi demands cheaper education loans for girl students
    With a view to promote higher education among girls students in the country, Maneka Gandhi has written a letter to to the HRD and Finance ministers, requesting them to cut the interest rates for education loans availed by female students. The Union Minister for Women & Child Development is seeking benefits on education loans under the much touted “Beti Bachao, Beti Padhao” program of the NDA government which aims to uplift and promote education for girls and bringing an end to female foeticide. In her letter to Smriti Irani and Arun Jaitley, the Union Minister has expressed her intent to make education loans more affordable so that girls can take up specialised courses. Parents generally shy away from taking a loan for daughter’s education, denying them the opportunity to pursue a course of their choice. With a concession in the interest rate on education loans, girl students can look forward to taking up higher education from an institute of their choice.
  • CM of HIMACHAL inaugurates Rajeev Gandhi Digital Vidyarthi Yojna
    Virbhadra Singh (Chief Minister of Himachal Pradesh) inaugurated the Rajeev Gandhi Digital Vidyarthi Yojna 2015-16, accomplishing the declaration he made in his recent Budget speech. Under this ambitious scheme unveiled at in Mandi, laptops and note books were given to the deserving students of classes 10 and 12, who sat the HP Board of School Education. This was a UPA Government initiative. The Chief Minister gave away laptops to 86 chosen students. They also plan to grant over 10,000 laptops the financial year 2015-16 to those students on whom an outlay of 18.32 lacs was being sustained. While addressing people gathered at the event, the minister briefed about the State Government’s considerable efforts to ensure quality education regardless of economic backgrounds. 'Mukhya Mantri Gyandeep Yojna' had also been declared which offers interest subsidy of four percent to every student who apply for education loan up to INR 10 lacs.
  • In Goa, 97% of education loan borrowers make repayments regularly.
    The Goa Chief Minister said that 97% of education loan borrowers have been repaying their debts in a timely manner. These figures relate to the interest-free education loans given to students, which also does not require any surety or security collateral. The Chief Minister was speaking at the Agnel Institute of Technology and Design (AITD) and Centre for Incubation and Business Acceleration in Assagao during an inaugural ceremony. The Goan Government allots Rs. 30 crores every year for education loans. The Chief Minister also said that investing in educational institutions across the state has proved to be very fruitful for the local population.
  • Court Rules in Favor of Students against Bank
    After their application for a 4-year educational loan was rejected by Canara Bank, two girls from Tuticorin sought the help of the court in 2014. The bank had rejected their application in 2012-13 as they had scored less than 60% marks in their Plus Two examinations. With the case going on for years, the bank had stated that the student’s course is ending by this year, therefore the case would not survive. But the judge has not accepted the bank’s submissions and has rejected “60% cut-off” as a reason for loan rejection. As the girls are in their final year, the bank’s branch manager has been directed to reconsider the loan application and sanction the loan for the last academic year of the course in accordance with the revised rules. This ruling should be carried out within two weeks from the receipt of the court order.
  • Avanse Financial Services to offer loans for schooling.
    As school fees skyrocket, Avanse Financial Services has come up with a new loan scheme to provide financing for schooling from Kindergarten to up to 12th standard. Avanse plans to target working parents whose children are studying in international schools affiliated to the International Baccalaureate based in Geneva, Edexcel and Cambridge International Examinations (CIE) based in the United Kingdom. Adding this to its existing education loan portfolio, Avanse is currently holding talks with international schools. A pilot will be launched within three months by Avanse. Customers going for financing for schooling can get custom-made loan packages and convenient EMI options. Avanse specialises in offering education loans for students pursuing education in India and abroad.
  • Bihar State Assembly approves education loans for Rs. 5 lakhs.
    The Bihar State Government has accepted the proposal put forward by the education department for granting student credit cards which will help avail education loans. As part of the seven resolves or Saat Nischay from the Chief Minister, this scheme was approved by the Bihar State Government. Around five lakh aspiring students would be presented with the credit card in order to pursue higher studies during the financial year of 2016-2017. An increase of 1 lakh students is expected every year. Students will have to register at the local offices and submit the required documents inclusive of ID proofs, address proofs, Aadhaar Card and qualification certificates. The Central Government would be the guarantor for 75% of the education loan amount and the State Government for the remaining 25%. The credit card scheme will be available for a period of five years to help students complete their higher education.
  • Banks are in a better position to vet foreign universities
    The end of 2014 witnessed a large number of students being deported from US universities. The reasons are unclear, but the common factor is that the universities were low profile such as NorthWestern Polytechnic University and Silicon Valley University. This also happen in 2011, where 6,500 Indian students were deported from Australia despite many of them being enrolled in accredited universities. These events result in shock, stress and a huge loss of money. To try to avoid such circumstances, Indian Bank Association has a list of 1,100 institutions that are accredited and pre-vetted. The list is not rigid but helps when seeking admission into a good college and while trying to get an educational loan. Also, check the employability after your course and the general placement record of your university. The type of degree chosen, the level of the course, and the specialisation also play an important role. If you choose to fund your studies abroad with an educational loan, banks will check applicable guidelines of a country and the immigration laws. Banks are also up to date on accredited universities as well as accreditation agencies. Each case is evaluated separately and you have a better chance of going abroad without much of the hassle.
  • Bhubaneshwar sees many new Universities and Reforms on Education Loan
    With the beginning of a brand new paradigm in higher education with introduction of Choice Based Credit System (CBCS) at the undergraduate level, the year 2015 would be remembered as a year of new universities. The Bhubaneswar government also upgraded three erstwhile colleges to universities - Gangadhar Meher University, Rama Devi Women's University and Khallikote Cluster University. The Odisha State Open University and VSS Institute of Medical Sciences (VIMSAR) also became functional with an upgraded status this year. Indian Institute of Management (IIM) at Sambalpur became operational this year and the Centre has also promised to establish Indian Institute of Science Education and Research by this year. The government has also recruited a significant number of faculty members for universities and offered liberal funding for their infrastructure upgradation. One of the biggest milestones in higher education in 2015 was that all universities and 32 autonomous colleges in the state introduced CBCS. Introduction of three-month short-term spoken English course for undergraduate students in over 25 state colleges to prepare job-ready student workforce is also one major milestone this year. The Odisha State Interest Subvention Scheme (OSISS) offers subsidy in education loan interest by 4 per cent for boys and six per cent by girls. This has encouraged students from the economically weaker sections to pursue professional and higher education.
  • Enlarging the access to Higher Education through Education Loans
    The Government is planning to offer schematic interventions that will subsequently overcome economic and social disadvantages to make higher education available for all. The Central Government is aiming to implement the Central Sector Plan Scheme named “Scheme on Interest Subsidy on Educational Loans" which aims to provide professional higher education for students from economically backward sections of the society. This scheme will offer full interest subsidy during the moratorium period of duration of the course plus a year. This loan scheme can be availed by students whose parent’s/guardian's’ annual income is not more than Rs.4.5 lakhs. Towards this, Rs.5501.36 crores have been released to National Scheduled Tribes Finance & Development Corporation (NSTFDC), National Safai Karmacharis Finance & Development Corporation (NSKFDC), National Scheduled Castes Finance & Development Corporation (NSCFDC) and Banks. Another education loan scheme aims at students from Jammu and Kashmir having a parental annual income of not more than six lakhs. The main aim of these education loan schemes introduced by the Central Government and the UGC is to offer education for all, especially professional higher education.
  • Lok Adalat in Trichy benefits education loan borrowers
    Education loan borrowers have benefitted in a huge manner through the Mega National Lok Adalat held in Trichy, recently. Around 35,334 cases were settled by the Lok Adalat, for a value of Rs. 23.35 crore. This included 980 non-performing assets cases, worth Rs.7.78 crore, 626 vehicle accident cases worth Rs.13.31 crore, 99 cheque bouncing cases worth Rs.51.08 lakh and 352 civil disputes worth Rs.99.21 lakh. Additionally, 31,625 traffic violation cases were also settled for Rs. 24.83 lakh. The Lok Adalat facilitated the settlement of education loans with special concessions. For example, a student had taken an education loan for Rs. 1.05 lakh from the Mannachanallur branch of Bank of Baroda. The Lok Adalat got in touch with the bank and reduced the loan repayment amount to Rs. 65,000

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