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  • Mysore Personal Loan

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  • Mysore is the cultural capital of Karnataka and is home to a multitude of banks and financial institutions offering personal loans at competitive terms. With HDFC Bank, ICICI Bank, Citibank and a host of other reputed financial institutions, getting a personal loan in Mysore is very simple. Interest rates start from just 10.99% and the repayment tenures can range up to 5 years. The maximum amount you can borrow is Rs.30 lakh and the documentation is minimal.
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    We found 18 Mysore Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    10.75% - 21.50% Fixed
    Up to 2.50% One time fee
    Up to Rs.40L
    1 - 5 Years
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    11.00% - 16.75% Fixed
    Zero Processing Fee
    Up to Rs.25L
    1 - 5 Years
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    25.00% - 32.00% Fixed
    3.00% One time fee
    Rs.75K - Rs.5L
    1 - 4 Years
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    11.25% - 14.49% Fixed
    Up to 2.75% One time fee
    Up to Rs.20L
    1 - 6 Years
    100% PAPERLESS APPROVAL
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    18.00% - 36.00% Fixed
    2.00% - 3.00% One time fee
    Rs.1L - Rs.5L
    Up to 5 Years
    Only KYC docs required
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    11.99% - 25.00% Fixed
    3.00% - 6.00% One time fee
    Up to Rs.25L
    1 - 5 Years
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    13.00% - 30.00% Fixed
    Zero Processing Fee
    Rs.50K - Rs.2L
    Up to 4 Years
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    10.50% - 16.99% Fixed
    Up to 2.50% One time fee
    Rs.50K - Rs.25L
    1 - 5 Years
    100% PAPERLESS APPROVAL
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    10.50% - 17.99% Fixed
    0.50% - 3.00% One time fee
    Up to Rs.30L
    1 - 5 Years
    Accelerated Approval
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    16.50% - 20.00% Fixed
    Up to 2.00%(Min ₹2,000) One time fee
    Up to Rs.15L
    1 - 5 Years
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    18.00% Fixed
    2.00% - 5.00% One time fee
    Rs.50K - Rs.7.5L
    1 - 4 Years
    100% PAPERLESS APPROVAL
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    17.00% - 26.00% Fixed
    2.00% One time fee
    Rs.2L - Rs.20L
    0.5 - 4 Years
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    Mysore might be only the third largest city in Karnataka, but it is considered to be the cultural capital of the state.Mysore has become the second largest software exporter in Karnataka, after Bangalore. Mysore is in some ways is known as the Yoga centre of the South and it attracts the attention of several tourists from all over the world. In 2010, there were about 3.15 million tourists that visited the city, making it one of the most popular destinations in the country.

    A personal loan is a kind of unsecured loan which can be used for any purpose that the borrower deems necessary. An unsecured loan is an umbrella term used for loans which do not require collateral. Banks, credit unions, and other financial institutions offer personal loans on an ongoing basis.

    Documentation needed to apply for an Mysore 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

    Mysore Personal Loan Interest RatesUpdated on 25 Oct 2020

    Mysore Personal Loan Details
    Interest Rate (Monthly reducing balance) 13.49% - 34%
    Processing Fees 0.5-2.5%
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% - 5%
    Guarantor Requirement No guarantor required

    Personal Loan in Mysore

    A personal loan can be availed from banks or non-banking financial companies by individuals in order to fulfill their personal financial requirements. The purpose of availing a personal loan can be anything from funding a marriage to financing your child’s future education. Banks offer personal loans on the basis of the applicant’s income, employment history, and repayment capacity that is assessed through his/her credit report.

    A personal loan is usually an unsecured debt; this implies that the borrower does not pledge any collateral against it as assurance. In the event of a loan default, the lender cannot take possession of any asset belonging to the borrower as compensation. This makes the personal loan a debt of relatively higher risk, when compared to an auto loan or a loan against property. Hence, lenders tend to offer personal loans at higher interest rates.

    Defaulting on a personal loan will negatively impact the credit report of the borrower. Hence, it is imperative to pay the personal loan EMIs on the due date.

    Personal Loans offered by various banks in Mysore

    Several leading banks and NBFCs offer personal loans to customers across Mysore. In addition, these banking institutions also provide other services such as core banking facilities, asset management, investment advice, and alternate forms of commercial lending. Some of the prominent financial institutions in Mysore that offer personal loans to customers are listed below:

    • Citibank
    • HDFC Bank
    • IndusInd Bank
    • Bajaj Finserv
    • RBL Bank
    • ICICI Bank

    How do I get a Personal Loan with the lowest interest rate in Mysore?

    When applying for a personal loan, it is important to research well and narrow down on a lender who offers a low interest rate. The personal loan interest rate determines the amount that you would be paying as monthly installments for the repayment of the loan. Getting the best interest rate hence, ensures that the total amount paid towards the loan in the long run is minimised. Follow the tips mentioned below to avail a great deal on your personal loan:

    1. Maintain a good credit score - Your credit score plays a crucial role in determining your repayment capacity for the loan. If you have a low credit score, i.e. Below 700, the lender considers your loan as a high-risk debt. To compensate for the risk, the bank would charge a higher interest rate.
      • In the ideal scenario, you would have to assess your credit score and understand your creditworthiness before you apply for a personal loan. You can check your credit score absolutely free of cost at the websites of credit reporting bureaus such as CIBIL, Equifax, and Experian. Neutral third-party financial websites also offer you the facility of checking your credit score online.
      • If your credit score is a low value, then you can attempt to improve it before loan application. However, you should first understand if you can afford to wait for a few years before getting the loan. This is because the task of improving your credit score would usually take a few years.
      • Individuals with low credit scores can get into an agreement with past lenders and pay off their pending loans. Another way to improve your credit report is to make consistent payments towards your debts, in full and on time.
    2. Getting a better interest rate on your loan - There are banks that offer personal loans with more attractive interest rates when a collateral is offered as security. So, if a customer has a valuable asset such as a car or a house, he/she can pledge the asset with the bank for a better loan rate. A secured personal loan has the disadvantage of losing the asset in the event of a loan repayment failure. In this scenario, the lender takes possession of the pledged asset in the form of compensation. However, a secured loan is much more appropriate for a customer who has bad credit. An applicant can also opt for any of the following in order to avail a loan with better interest rate:
      • Taking a loan with a floating rate of interest which increases with the prime lending rate.
      • Requesting a family member or a friend to stand as a co-applicant. This is an ideal option if the primary applicant has a bad credit score. He/she can avail the loan on the creditworthiness of the co-signer.
      • Compare the personal loan interest rates across lenders in order to identify the ones that offer the best deal. It is possible to do so through neutral third-party financial websites.

    Personal Loan Interest Rates in Mysore 2018

    Bank Interest Rate Range Lowest EMI for each Rs.1 lakh Processing Fee Range
    HDFC Bank 11% to 20% Rs.2,174 Up to 2.50%. Minimum amount is Rs.1,000 and maximum amount is Rs.25,000
    IndusInd Bank 11.99% to 23% Rs.2,224 Up to 2.50%
    Citibank 10.99% to 16.49% Rs.2,174 Up to 2%
    Bajaj Finserv 11.99% to 15.50% Rs.2,224 2.25% to 3%
    RBL Bank 16% to 20% Rs.2,432 Up to 1.25%
    ICICI Bank 11.59% to 22% Rs.2,204 Up to 2.25%

    Salary requirements to avail Personal Loans in Mysore

    In order to be able to get a personal loan in Mysore, an applicant has to fulfill the following eligibility criteria:

    • The applicant should be between 21 and 60 years of age.
    • A salaried individual should have a monthly income of at least Rs.15,000. The salary bracket usually depends on the city in which the applicant resides and the company he/she works for. For instance, if the applicant stays in a metropolitan city or works in a start-up, the salary requirement is higher.
    • The applicant should have stayed in Mysore for at least 1 year.
    • The customer should have a minimum work experience of 2 years.
    • The applicant is required to submit specific documents, such as address proof, bank statements, identity proof, etc.

    FAQs for Personal Loan in Mysore

    1. How does prepayment and preclosure of personal loans differ?

      In the case of prepayment, the borrower pays off a part of the loan amount before it becomes due as per the EMI schedule. The charges incurred for prepayment of a personal loan in Mysore is usually between 2% and 5% of the outstanding loan amount. Some banks also restrict the prepayment to be done after the borrower has paid a certain number of EMIs.

      Loan preclosure refers to the borrower paying off the loan completely before the loan tenure ends. Preclosure charges range from 2% to 5% of the loan amount.

    2. I observed that the initial EMIs that I pay do not reduce my loan amount to a great extent. Why is this so?

      The larger portion of the EMIs you pay are adjusted against the interest that is due on your personal loan. This process, commonly referred to as front loading, pays off only a small portion of your principal amount initially. However, as you progress further into the loan repayment period, the interest on the outstanding loan amount would have been almost completely paid off. Then a larger part of the EMI you pay is adjusted against the loan principal.

    3. What is floating interest rate on a personal loan?

      Unlike a fixed interest on your personal loan, a floating interest rate ensures that the EMIs decrease as you progress further into the loan repayment tenure. A floating interest loan follows the reducing balance method of interest calculation. The latest MCLR rules indicate that floating rates can be altered either half-yearly or annually.

    4. Do I receive tax benefits on my personal loan?

      Tax benefits are usually not associated with personal loans. But if you take a personal loan for home renovation, you may be eligible to receive tax deductions on the interest paid (not the principal amount) under Section 24 of the Income Tax Act.

    5. How long does it take for a personal loan approval in Mysore?

      The approval for your personal loan is totally dependent on the lender. The entire process usually takes anywhere between 48 hours to 2 weeks. Once you submit all relevant documentation, the lender verifies the details. The loan will then be disbursed within 7 working days.

        

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    Mysore Personal Loan Reviews

    • Tata capital Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan directly through Tata capital ltd.The rate of interest and the processing fee was high and this loan was sanctioned on time and the premium is paid on emi basis .The loan process was clearly shared by the agent and there was no drawbacks faced so far .
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 15, 2020
    • HDFC Bank
      Tata capital Personal Loan
      "Satisfactory"
      0.5 3.5/5 "Pretty good"
      I have taken personal loan from Home Credit India finance pvt ltd for personal use .The rate of interest and the processing fee was very high, it was 27% since had immediate requirement taken this loan. The agent gave few information about this loan and have uploaded documents. The process was ok but only need to reduce the rate of interest so that many customer will register for personal loan.
      Was this review helpful? 6
      , mysore
      Reviewed on Mar 13, 2020
    • Tata capital Personal Loan
      "Best services"
      0.5 5.0/5 "Blown Away!"
      For the fast service and good response i have selected the personal loan from Home credit. Offered interest rate is nominal hence I'm satisfied of this loan. I applied the loan amount of Rs. 1 lakh but they have sanctioned only Rs. 50000 based on the credit score and profile. I'm paying the EMI amount of Rs. 2950 for the duration of 36 months.
      Was this review helpful? 2
      , mysore
      Reviewed on Mar 12, 2020
    • Shubh Loans Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      SHUBH Loans has offered a personal loan even though I get low salary they were ready to sanctioned the loan. But in other bank they said, for my salary they cannot provide the loan. I bought the loan amount of Rs. 50,000 and they have given me a interest rate of 11%. I'm paying EMI amount of Rs. 2,753 for the duration of 2 years. The loan amount was credited to my account by 15 days.
      Was this review helpful? 1
      , mysore
      Reviewed on Feb 25, 2020
    • Shubh Loans Personal Loan
      "Need to decrease the rate of interest"
      0.5 3.5/5 "Pretty good"
      I have taken a personal loan from HOME CREDIT INDIA and the loan amount of Rs. 50K. The rate of interest was high, if I am doing repayment which comes overall amount of Rs. 1L is very high. EMI need to pay of 2,900 rupees, customer service was good, documentation was simple they done quick and i received the loan easily. Pre closure is not avail but if I have taken an insurance for this loan pre closure charges are applicable with no charges.
      Was this review helpful? 1
      , mysore
      Reviewed on Feb 14, 2020
    • Tata capital Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have taken Tata capital personal loan through online .The rate of interest and the processing fee was very high and taken this loan for personal use .I have got the loan without any delay .Apart from rate of interest everything was good .The process was hassle free and convenient as well.
      Was this review helpful? 1
      , mysore
      Reviewed on Jan 27, 2020
    • HDFC Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal from HDFC bank and they have processed the loan in short and they provide me a best rate of interest 9.5% which is less. Its a quick process. I got the loan for 5 years and I got the loan on time and the loan amount was Rs. 2,50,000, EMI use to pay of 6,039 rupees.
      Was this review helpful? 0
      , mysore
      Reviewed on Jan 10, 2020
    • SBI Personal Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      My salary is getting credited into State Bank of India and its a nationalized bank so that i have chosen the personal loan with them because their rate of interest is less when i compared to other. They took 3 days to sanctioned the loan. I'm paying the EMI amount of Rs. 6200 for the loan amount of Rs. 3 lakhs.
      Was this review helpful? 4
      , mysore
      Reviewed on Jan 06, 2020
    • SBI Personal Loan
      "Happy with the loan services"
      0.5 4.0/5 "Great!"
      When i was surfing in the Internet, i found the Home credit personal loan and i had applied the same. They have provided me a loan amount of Rs. 50000 and I'm not exactly aware of the loan amount. I'm paying the EMI amount of Rs. 2900 with the duration of 30 months. If they are reducing the interest rate, it would be fine. They have sanctioned the loan in 2 days.
      Was this review helpful? 0
      , mysore
      Reviewed on Jan 06, 2020
    • Tata capital Personal Loan
      "Need to be process at earlier"
      0.5 5.0/5 "Blown Away!"
      I have applied a personal loan with TATA CAPITAL through online. On time I got a call from bank for further process. But the process was lengthy to complete it. I have submitted required documents by manual. Once all verification completed they have sanctioned the loan by 4 days. The amount was sufficient with tenure period of 2 years. Rate of interest was nominal. I use to get remainder message for the payment.
      Was this review helpful? 0
      , mysore
      Reviewed on Jan 02, 2020
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied HDFC BANK personal loan through online and I got the response from bank executive for my application. I am not in the need of money now, so I rejected the application and I have not submitted any documents. Bank executive response is good. Rate of interest is high around 18% to 20% .
      Was this review helpful? 0
      , mysore
      Reviewed on Dec 02, 2019
    • HDFC Bank Personal Loan
      "Average"
      0.5 5.0/5 "Blown Away!"
      I was applied for a personal loan with HDFC bank on two months before. Once I applied a loan received a call from bank on time for verification process. The loan amount was good of 3L tenure period of 5 years. Agent has given all the details about loan. Bank closed the loan process.
      Was this review helpful? 0
      , mysore
      Reviewed on Nov 05, 2019
    • Axis Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      On 4 years before I had taken a personal loan with AXIS bank through online. I had applied through an other channel. For the loan amount of 2 lakhs given for the tenure period of 5 years. The rate of interest was around 14% and fee taken for 2600 rupees. There is no option for an EMI. For the payment of an EMI monthly detect for 4971 rupees.
      Was this review helpful? 1
      , mysore
      Reviewed on Oct 15, 2019
    • HDFC Bank Personal Loan
      "Need to improve customer service"
      0.5 5.0/5 "Blown Away!"
      The amount which was offered for 5 lakhs for the tenure period of 5 years from HDFC bank for a personal loan. The rate of interest was high of 14%. I received a call after 2 days for further process but I had faced a language barrier with them. From bank closed the loan process due to no proper communication.
      Was this review helpful? 2
      , mysore
      Reviewed on Oct 15, 2019
    • HDFC Bank Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I had applied for Home credit personal loan where the amount was been disbursed in 15 days, rate of interest is very high compare to other Banks pre closure charges are zero if we are closing after 6 months, tenure of the loan is 24 months and the processing fee was zero.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 11, 2019
    • Shubh Loans Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My personal loan was disbursed from Shubh loan, they took around 1week time. The documentation process was simple and they have provided a doorstep service for document collection. The interest rate is little higher. The processing fee is also there and they have provided the amount of 50K but applied for 2L in that they have taken 3K as a processing fee.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 10, 2019
    • Shubh Loans Personal Loan
      "Need to decrease interest charges"
      0.5 5.0/5 "Blown Away!"
      The customer service took very long time to complete the process. For half an hour to 1hr have taken to connect their service , there was no processing fee but for interest more than 12 % which was fix already they have said no option to negotiate, given 90k for the tenure of long term , there is pre closure after one month and there is no charges for that.
      Was this review helpful? 1
      , mysore
      Reviewed on Oct 10, 2019
    • Shubh Loans Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have availed Shubh Loans through Online .I have got all the details about this personal loan very clearly through the agent .The rate of interest and the processing fee was very nominal ,I have got the loan amount on proper time frame without any difficulties .I am really satisfied with the service so far.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 10, 2019
    • PaySense Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I had applied for a personal loan with PAYSENSE SERVICES INDIA PRIVATE LIMITED on few months before which was processed through an online. The loan amount was okay for the tenure period of 2 years. The rate of interest was nominal. They have sanctioned a loan within 4- 5 days. I have provided some required documents as well.
      Was this review helpful? 1
      , mysore
      Reviewed on Oct 09, 2019
    • Fullerton Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have been facing issue with the document updation, almost 80% of the documents are uploaded and then have taken loan from other bank. Fullerton executive did not explain about the rate of interest. The loan process was good and they have given me a proper service.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 25, 2019
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