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

    A few top financial institutions that offer personal loans to residents of Mysore are HDFC Bank, Bajaj Finserv, and ICICI Bank among others. Ensure that you maintain a good credit score to avail a personal loan at a reasonable interest rate.

    We found 33 Mysore Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 17.99% Fixed
    0
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Accelerated Approval
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    Customer Reviews
    11.49% - 18.25% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    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
    Rs.750 Amazon Voucher
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 21.25% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11% - 16% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 18.15% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Eligibility Criteria
    12.00% - 17.00% Fixed
    1%
    30L Max
    1-5 years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.49% - 33% Fixed
    6.0% One time fee
    15L Max
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
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    Eligibility Criteria
    Mysore Personal Loan is Rated as "Great!" by 397 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 20 Jan 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.

    Mysore Personal Loan Reviews

    • 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
    • Bank Bazaar Personal Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      The best thing about Bank Bazaar is their services. I remember when i applied for a Personal loan , there was continues intimations from Bank Bazaar and they were updating me on every front. I would definitely look for financial deals though bank bazaar in future if needed.
      Was this review helpful? 0
      , mysore
      Reviewed on Dec 08, 2018
    • ICICI Bank Personal Loan
      "Good In Service"
      0.5 4.0/5 "Great!"
      I was looking for personal loan and i went for ICICI bank.When i applied with them my application was taken care but it in the middle it was put on hold, as Bank was closed for Government Holidays. So due to holidays there was a bit delay but i got the promised loan amount sanctioned. Interest rates are reasonably fine.
      Was this review helpful? 0
      , mysore
      Reviewed on Dec 08, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I came to know about bankbazaar through google, they provide good services when compared to other banking websites. Customer service is good with bankbazaar 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 Dec 04, 2018
    • Early Salary Personal Loan
      "Need to reduce ROI"
      0.5 4.0/5 "Great!"
      My personal loan application was approved with Early salary , the process was quick and i received my loan amount immediately. Customer service was good and they collected documents on time. Rate of interest was high and the loan amount was for Rs 30000 with tenure period of 3 months.
      Was this review helpful? 0
      , mysore
      Reviewed on Dec 04, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have been services BANK BAZAAR for while . I have applied for a credit card via Bank Bazaar. It was fast and I got the card with in week, the customer support follow up was also very helpful during the application. I apply for so many card but only 1 card got approved .
      Was this review helpful? 0
      , mysore
      Reviewed on Nov 21, 2018
    • Early Salary Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan was taken with EARLY SALARY , they charge 10.44% of interest rate which is too high but i ma fine with that because when i need that time they provide me loan so . The processing fee was also too high it is 480 and even i am not satisfied with loan amount it is 10000.
      Was this review helpful? 0
      , mysore
      Reviewed on Nov 21, 2018
    • IndusInd Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in Induslnd Bank. The services are really good and there is no background verification. I find the interest rate is low and the processing fee is low since maintain a salary account. The customer service is excellent. The loan duration is 2 years. The payment mode is ECS.
      Was this review helpful? 1
      , mysore
      Reviewed on Nov 08, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I don't have any issues with bank bazaar. The customer service and response was good. I am using the site for a long time. I am checking my credit score over bank bazaar. I prefer mobile application, the features are good. Regards to the credit card, they need to be clear on the figure of annual charges.
      Was this review helpful? 0
      , mysore
      Reviewed on Nov 08, 2018
    • ICICI Bank Personal Loan
      "High interest rate"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan from ICICI Bank through online channel. The rate of interest was too high compared to other banks so I have cancelled the application. The customer service is moderate. I have not submitted the documents.
      Was this review helpful? 0
      , mysore
      Reviewed on Nov 08, 2018
    • Bank Bazaar Personal Loan
      "Better"
      0.5 3.0/5 "Satisfactory"
      I have approached the bank bazaar for the personal loan, I came to know about the site through online. I am satisfied with the process but the representative has to be more clear while explaining the interest rate and charges. The website is more user friendly.
      Was this review helpful? 2
      , mysore
      Reviewed on Nov 05, 2018
    • Bank Bazaar Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I had very good experience with BANK BAZAAR . The customer service and responses was good but it would be better if they build a good relationship with the banks and they should communicate the same information to the customers. The website is very user friendly and easy to navigate.
      Was this review helpful? 0
      , mysore
      Reviewed on Jun 23, 2018
    • ICICI Bank Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with ICICI bank. The initial process was really good but later they have rejected my application for some reasons . The i again applied it and they have taken 3 weeks to process which was expected to process with in a week. The loan amount was 1,10,000 and the interest rate was satisfactory . The customer service and responses was not good.
      Was this review helpful? 0
      , mysore
      Reviewed on Jun 23, 2018
    • ICICI Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have chosen them since compared with the other banks they had been providing a very good rate of interest, even they where having a good service which had made to chose. It has taken nearly 3-4 days to receive the loan amount. It has been very fast and easy process and i have been satisfied with the loan amount. The rate of interest also had been very good. I have taken this loan for some investment.
      Was this review helpful? 0
      , mysore
      Reviewed on May 28, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have got the persona l loan from the HDFC bank around 14 months ago. The customer support service and the response is good with the HDFC bank , I have go the loan amount within 3days of time. The required loan amount has been given and I am satisfied with it.
      Was this review helpful? 0
      , mysore
      Reviewed on May 16, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar answers the customer queries on time. The customer support service and the response is good from the bank bazaar team. I know bank bazaar for more than 2 years. I used the bank bazaar website while applying for the personal loan which is easy to use.
      Was this review helpful? 0
      , mysore
      Reviewed on May 16, 2018
    • ICICI Bank Personal Loan
      "Below Average service"
      0.5 1.0/5 "Really Bad"
      I have applied for the personal loan via a financial website, and the ICICI bank rejected my loan application saying that the repayment period is short so they have cancelled the application. The ICICI bank need to fulfill the customer query.
      Was this review helpful? 1
      , mysore
      Reviewed on May 16, 2018
    • Bank Bazaar Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The customer support is very supportive with regards to my credit card application. The customer support service is good with the bank bazaar team.I know bank bazaar for past past 6 months . I came to know about bank bazaar team through online web search.
      Was this review helpful? 0
      , mysore
      Reviewed on Jan 29, 2018
    • Fullerton Personal Loan
      "Good sevice"
      0.5 5.0/5 "Blown Away!"
      Within a week i have got the loan amount from Fullerton. The customer support is good with the Fullerton. They give good response to the customer.s The rate of interest and the charge are nominal with the Fullerton. I would say I have got the good service from Fullerton.
      Was this review helpful? 0
      , mysore
      Reviewed on Jan 29, 2018
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