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% - 15.99% Fixed
    Up to 2%
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Fees & Charges
    Good to Know
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    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2% One time fee
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    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 Paperless approval available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    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
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    13% - 21% Fixed
    Up to 2%
    Upto 25L
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    2.25% (min. ₹1499 + 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
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 19% Fixed
    Up to ₹3000 One time fee
    25L 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
    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
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    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
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
    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
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  • Mysore Personal Loan Reviews

    • 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
    • ICICI Bank Personal Loan
      "BEst personal loan"
      0.5 4.0/5 "Great!"
      The prime reason for choosing ICICI bank for the personal loan was because I bank with them. The rate of interest charged by them was very much nominal which is 12% and processing fee charged by them was slightly higher which was 10k however this includes all the charges. Foreclosure is allowed as we can close any time . More than all, I am allowed to make a part payment yearly 3 times.
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 24, 2017
    • Bank Bazaar Personal Loan
      "Good to deal with bankabzaar"
      0.5 4.0/5 "Great!"
      Happy with the way I was treated by bankbazaar executives, it would be great if they reduce the number of calls which they make. Initially when I approached bankbazaar they were fast. Also I had got many options to choose but Fullerton was offering a higher rate . Followups calls were sufficient and coordination part is also very good.
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 24, 2017
    • Fullerton Personal Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      No issues as such, I was told that I can track my loan status and I would be getting a unique number to track the same however I have not received the same till date. I tried calling them they asked me to wait for one month. Perhaps after paying my first EMI I would get in touch with them . Foreclosure is allowed after 7 months.
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 24, 2017
    • Bank Bazaar Personal Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar gave immediate response in terms of my personal loan application. The website of bank bazaar is easy to use and it is customer friendly portal. Within a hour time I got the call form bank bazaar after posting my requirement in their website.
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 23, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Within a week time ICICI bank has disbursed my loan amount. The customer service gave good response in regards to my personal loan application. The service which is given by ICICI bank was very good. The required loan amount has been given and I am satisfied with it. The rate of interest was nominal with ICICI bank.
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 23, 2017
    • Bank Bazaar Personal Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is an excellent one and am using it from the last two months of time. Response with the Bankbazaar.com is 100% good , also I came to know about it through advertisement, also am really happy with them.
      Was this review helpful? 0
      , mysore
      Reviewed on Jul 06, 2017
    • ICICI Bank Personal Loan
      "Excellent "
      0.5 4.0/5 "Great!"
      Rate of interest and everything was good like it was around 16.55%, also the processing time was a lesser one with the ICICI bank. Processing charges were around 10000 Rupees, also I mean to say that the processing charges were little bit higher end.
      Was this review helpful? 0
      , mysore
      Reviewed on Jul 06, 2017
    • Bank Bazaar Personal Loan
      "One stop solution"
      0.5 4.5/5 "Excellent!"
      I got to know about bank bazaar through Google web search and the web advertisements. The customer service is really good and they provided timely support. The bankbazaar customer service has a transparency and well organizing effort in their process. I know about bank bazaar long time but I am using it for the very first time. The bank bazaar web site is easy to use and customer friendly.
      Was this review helpful? 0
      , mysore
      Reviewed on Jun 28, 2017
    • ICICI Bank Personal Loan
      "System needs improvement"
      0.5 1.5/5 "Bad"
      There is a kind of system issue with ICICI bank they were asking me to provide the Form 16 which is a practise by corporate sectors. Since I have 2 years of academic experience i could not provide these documents handy. ICICI has closed my personal loan application. The customer service documentation department told that they will get back to me on this issue in 5 mins but none turned up. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , mysore
      Reviewed on Jun 28, 2017
    • Bank Bazaar Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I got an immediate response from bankbazaar. I got to know about bankbazaar when I applied for the personal loan before 6 months. I got to know about bankbazaar through internet and advertisements too. The portal is very much easy to use and user friendly and I am completely satisfied with bankbazaar service.
      Was this review helpful? 0
      , mysore
      Reviewed on Jun 23, 2017
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    Mysore Personal Loan is Rated as "Great!" by 354 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

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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 24 Sep 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.


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