Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 32 Mysore Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Ad Paperless approval available
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    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Paperless approval available
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    Customer Reviews
    13.99% - 16.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval available
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    10.99% - 17.99% Fixed
    2.25% (min. ₹1,499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval available
    What you'll love
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    Perks
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    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.49% - 19.99% Fixed
    Up to 2%
    Upto 25L
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval available
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    Eligibility Criteria
    10.65% - 11.65% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time : Within 30 minutes
    Guarantor Required Paperless approval available
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    14% - 33% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time : Within 30 minutes
    Paperless approval available
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 15.99% Fixed
    Up to 0.5%
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 17.99% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.75% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12% - 19% Fixed
    Up to 3% One time fee
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
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    Perks
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  • Mysore Personal Loan is Rated as "Great!" by 364 Users

    Fees & Charges

    Promised Interest Rate

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    Personal Loan BYTES FROM OUR KITCHEN

    Mysore Personal Loan

    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.


    You’re probably eligible for an Mysore Personal Loan if you are

    01
    02
    03
    04
    Mysore Personal Loan Minimum Age

    At least 21 years old

    Mysore Personal Loan Maximum Age

    Less than 65 years old

    Mysore Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Mysore Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Mysore Personal Loan amount eligibility is based on these factors

    01
    02
    03
    Mysore Personal Loan Minimum Salary

    Minimum income required
    Rs.17,500 per month

    Mysore Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 50K to Rs. 30 lakhs

    Mysore Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Mysore Personal Loan amount by these steps

    01
    02
    Mysore Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    “Mysore

    Choose longer tenure loan up to 5 years


    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 19 Oct 2017

    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
    Apply for Personal Loan

    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.
    1. 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:
      1. Taking a loan with a floating rate of interest which increases with the prime lending rate.
      2. 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.
      3. 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 2017

    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.


    Mysore Personal Loan Reviews

    • Bank Bazaar Personal Loan
      "Information regarding financial products schemes and gifts."
      0.5 5.0/5 "Blown Away!"
      Response was exellent executive will explain each and every point clearly.follow up is there. Product details.rate of interest discounts and gift vouchers are really good.customer friendly and transperency regarding each and every details .i am satisfied.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 18, 2017
    • ICICI Bank Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      When I applied for a personal loan with ICICI Bank. The bank collected the documents and without verifying the same, they informed me that the loan could not be processed due to their internal norms. They never took that extra step to call me and inform the same and try to sort it out. They were high on the interest rate too.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 15, 2017
    • Axis Bank Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      After me applying at Axis Bank for the personal loan. The bank declined the application because of their norms. But when I went to them and verified the same they reopened the application and guided me and sorted out the reason and processed the loan. They took the extra effort for me to complete the loan.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 15, 2017
    • HDFC Bank Personal Loan
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan from HDFC Bank and the banking services are good. The process was completed on time and they were supportive as well. The documentation is normal and the interest rate and processing charges is also normal and to my satisfaction.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 15, 2017
    • Bank Bazaar Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been perfect and the experience is also good. They done a good job and they were very quick in the process. I am happy that the team kept contacting me and checking if my application is on track. The website is also helpful.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 13, 2017
    • ICICI Bank Personal Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      ICICI Bank was overall good in the process for the personal loan. But there was a delay after the document collection. The total process took around 20 days. The rate of interest was around 10.99% and the processing charges was normal. The bank could have been quicker.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 13, 2017
    • Bank Bazaar Personal Loan
      "Helpful website"
      0.5 5.0/5 "Blown Away!"
      This has been my first experience with Bankbazaar and i am happy with the service and response that i received from them. There was immediate calls made to me with all the required information on the financial products which were helpful and thus leaving me satisfied with the website.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 12, 2017
    • HDFC Bank Personal Loan
      "Hassle free experience"
      0.5 4.5/5 "Excellent!"
      I have taken a loan with HDFC and i would like to say that the experience with them has been good as i had no issues throughout the loan process.I received good service and proper response from them. I would say that its has been a hassle free experience with them.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 12, 2017
    • Bank Bazaar Personal Loan
      "Great site"
      0.5 5.0/5 "Blown Away!"
      I am pleased by the easy and hassle free procedures,and gives me best choices to take loan,and I will recomend everybody before taking any loan please go through bak bazaar as it gives u great offers from multiple Banks,instead Of any site I recomend Bank bazaar.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 10, 2017
    • Syndicate Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      They use to deduct my monthly emi from my savings account ,but their process is very slow it will takes 6 to 7 days for their process to complete . Even the interest rate was 17.5% which was very high ,overall service is average from SYNDICATE BANk for my personal loan service.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 06, 2017
    • Bank Bazaar Personal Loan
      "Good financial Advisor"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar connects with me every day, kept updated about the application status on time. Bank Bazaar representative are very supportive and helpful on the process . I will prefer Bank Bazaar for your queries. Its good to compare the different options.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 07, 2017
    • Fullerton Personal Loan
      "Interest rate should be reduced"
      0.5 5.0/5 "Blown Away!"
      Fullerton India took weeks time to complete the loan formalities but they were in need of more paper work. But they offered me the interest rate around 23%, it was high compared to other competitor. They asked them to reduce it but they told it was fixed rate, hence I am planning to close the loan after six months.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 07, 2017
    • Bank Bazaar Personal Loan
      "Good, faster secure service "
      0.5 5.0/5 "Blown Away!"
      Bank Bazar giving good, secure and faster transperant service thanks to bank Bazar team. Your giving one roof services like credit card, personal loan for salary persons and as well as business persons. Personally I love your service. Thanks.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 05, 2017
    • Bank Bazaar Personal Loan
      "Super online"
      0.5 5.0/5 "Blown Away!"
      Online applications are super fast , easy to maintain and bank bazaar superworking . More and more people use bankbazaar thank you to the big bank bazaar in world wide more people are using this bankbazaar site. Thank you Fullerton and bankbazaar.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 02, 2017
    • Bank Bazaar Personal Loan
      "Good financial advisor"
      0.5 5.0/5 "Blown Away!"
      Everything went well with Bank Bazaar, I am happy about that. I posted my personal loan request in Bank Bazaar website, on the next day I got a call and they suggested some options and they connected with the banks. Its good financial website to check all the required information.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 02, 2017
    • HDFC Bank Personal Loan
      "They should provide fast service"
      0.5 5.0/5 "Blown Away!"
      HDFC loan process was prolonged, I have done all the documentation process through online and but again HDFC person collected the paper from me it got delay hence they took one month of time to release the amount. It would be great if they done the process within the time.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 02, 2017
    • SBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      About few years ago I had taken the personal loan from State bank of India. That was my first and last loan at SBI because after that the bank stopped giving the loans to the particular employers. The personal loan process went good and no challenges.
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 30, 2017
    • Axis Bank Personal Loan
      "Satisfactory Service"
      0.5 5.0/5 "Blown Away!"
      My personal loan is with Axis bank. They provided the loan with he interest rate of 18% for three years. And I had taken topup loans as well from the same bank. Customer service is too good in the loan services and I have no issues with Axis bank..
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 30, 2017
    • Bank Bazaar Personal Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      All the information which is there on the website for the loan is good and they have delivered such a good service for my loan application. Even it was too easy to access the website and the customer service is excellent. I am satisfied with bankbazaar.
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 30, 2017
    • Fullerton Personal Loan
      "Immediate Response"
      0.5 4.0/5 "Great!"
      I am waiting for next three months to produce my payslips in order to get the personal loan. Actually I am expecting for salary hike so once it is done I may apply for the loan again. That is the reason I had cancelled my personal loan application with Fullerton. But I got an immediate response from Fullerton on my loan application.
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 30, 2017
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