Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Mysore Personal Loan

    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 33 Mysore Personal Loan
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    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.75% - 18.00% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    10.99% - 17.99% Fixed
    0
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Accelerated Approval
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    20% - 22%  Fixed
    2.50%
    2L Max
    1-3 Years
    Response Time : Within 30 minutes
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    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    Response Time : Within 30 minutes
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    11.25% - 21.50% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
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    11.25% - 19.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
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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
    Response Time : Within 30 minutes
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
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    11.25% - 22.00% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
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    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Mysore Personal Loan is Rated as "Great!" by 415 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    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 21 May 2019

    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

    • Bank Bazaar Personal Loan
      "Satisfactory "
      0.5 5.0/5 "Blown Away!"
      Customer service and responviness is good in Bank Bazaar. Recently i have started using this website its very easy and user friendly. I use to check my CREDIT SCORES in Bank Bazaar its very helpful for finicial need over all good. I applied personal loan through website.
      Was this review helpful? 0
      , mysore
      Reviewed on Apr 04, 2019
    • Early Salary Personal Loan
      "Instant loan approval"
      0.5 5.0/5 "Blown Away!"
      I have taken a EARLY SALARY personal loan the loan amount was Rs. 13,000. I am really happy with the rate of interest. I receive the loan amount instantly. Documentation process is very smooth executive collected the documents and also i uploaded through online.Customer srvice service is good.
      Was this review helpful? 0
      , mysore
      Reviewed on Apr 04, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied my personal loan with HDFC BANK . I got 400000 of loan amount and i ma happy with that . I have not got my loan yet it was on process but the services whatever they gave me is pretty good . I had very good experience with HDFC BANK . Good SERVICES .
      Was this review helpful? 1
      , mysore
      Reviewed on Apr 01, 2019
    • Bank Bazaar Personal Loan
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      The experience at Bankbazaar is good and there are no issues in the process. The customer support and response is also satisfactory as they contacted me on time and informed me the details. The website is also good and it is informative to use and understand.
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 30, 2019
    • Early Salary Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      The process at Early salary was good and there are no hassles in the process for the personal loan. The documents was submitted online and I got the loan in a week. The rate of interest and processing charges is nominal. I have used the service thrice.
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 30, 2019
    • ICICI Bank Personal Loan
      "AVERAGE"
      0.5 2.0/5 "Expected more"
      I am not satisfied with the service of the ICICI BANK where the banking process was not good also the documentation process was not good. They have given the good loan amount but the rate of interest was higher with this loan. The customer service is good.
      Was this review helpful? 1
      , mysore
      Reviewed on Mar 23, 2019
    • Bank Bazaar Personal Loan
      "CONVENIENT PORTAL"
      0.5 5.0/5 "Blown Away!"
      It is the first time experience with the Bankbazaar.com and i had a good experience with the Banbkbazaar.com and i am using it through the mobile application as the application is user friendly also it is easy to use. The customer service is good.
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 23, 2019
    • Early Salary Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The reason for taking the personal loan with the EarlySalary is that they are providing with the paperless approval with this loan. The documentation process was simple and i got the loan within 2 days also the loan amount they have offers was good.
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 23, 2019
    • Bank Bazaar Personal Loan
      "Excellent Customer service & Extra ordinary service"
      0.5 4.0/5 "Great!"
      Bank bazaar made my work without running behind any person and not taking much time from the customer . A simple process with the more accurate following the bank till the sanction of loan by bank bazaar team . I check my various eligibility financial things in the bank bazaar portal .
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 22, 2019
    • HDFC Bank Personal Loan
      "Good customer service"
      0.5 4.0/5 "Great!"
      During the intial part when I took the loan from HDFC bank , I had encountered certain issues with the documents and Credit score . I have some previous loans in Other bank . That were not reflecting properly .After that I got the expected amount from HDFC . Now I am Satisfied with Interest rate and the processing fee charged by HDFC.
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 22, 2019
    • Bank Bazaar Personal Loan
      "Excellent customer service"
      0.5 4.0/5 "Great!"
      I choose bank bazaar for the various financial thing like credit score checking, Personal loan request . Bank bazaar has helped me getting me a personal in good company . bank bazaar taken care of my loan procedures . Outstanding customer service .
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 22, 2019
    • HDFC Bank Personal Loan
      "Standard Customer service"
      0.5 4.0/5 "Great!"
      A correct rate of interest and Processing fees were charges in HDFC personal loan . HDFC always serves its standard by the customer service . I got the expected amount within 2-3 days of time after applying in online .Good customer support till the loan get sanctioned .
      Was this review helpful? 1
      , mysore
      Reviewed on Mar 21, 2019
    • Bank Bazaar Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I'm a first time user of Bank Bazaar, I applied a personal loan with them. The service was really fast and hassle free. The whole application process was convenient. It is a great platform for comparing various banking products online. They gave immediate response .
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 07, 2019
    • HDFC Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC BANK . I applied for 2.5 lakh and I got the same loan amount. The tenure period is three years. The loan amount is satisfactory and the process of getting loan is very fast I received my loan amount within 3 days . Everything has been done online .
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 07, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I came to know about bank bazaar service through on line, and this is my first time i have applied through bank bazaar service,they have given me very good service, and i have been holding their website it is easy to access, and so far my experience was good.
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 05, 2019
    • Early Salary Personal Loan
      "Average service"
      0.5 5.0/5 "Blown Away!"
      I have been recently applied for personal loan with early salary,the loan was which they have given me was sufficient, the rate of interest i felt they have charged me high , and even for-closure charges was high ,like i repaid before the date so they charged high,they might be have not charged me processing fee.the loan was on line, but main concern is that rate of interest is high.
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 05, 2019
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 3 tears, my experience was good so far with bankbazaar. Customer services provided by bankbazaar is good and their response was prompt. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , mysore
      Reviewed on Feb 04, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have my personal loan application approved with HDFC bank, the process took 10 days to complete. Loan amount requested was Rs 3.5 lacs but they gave only Rs 2.7 lacs with nominal interest rate when compared to other banks. Customer service was good and they responded on time.
      Was this review helpful? 0
      , mysore
      Reviewed on Feb 04, 2019
    • Bank Bazaar Personal Loan
      "Good Android application for financial products"
      0.5 4.0/5 "Great!"
      They give credit score option and also I used to check all the banking eligibility offers, based on the customer profile we can view the offers about the loans, credit card etc. I have mobile app its very convenient to check financial updates.
      Was this review helpful? 0
      , mysore
      Reviewed on Dec 10, 2018
    • Early Salary Personal Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I think the interest rate is bit higher I have taken the principal amount of Rs.20,000 they have charged some processing fee. I have converted the loan for three EMI, I have taken the amount around Rs.22,000. The process was convenient without visiting to the bank I have taken this loan.
      Was this review helpful? 0
      , mysore
      Reviewed on Dec 10, 2018
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