Bangalore, also popular as the Garden City of India, is home to several developing industries, specifically finance and IT. Therefore, many people look after this metropolitan city to implement their start-up vision. Similarly, many job-seekers move to this city for lucrative job opportunities and a better lifestyle. However, the cost of living in India’s one of the largest cities is comparatively higher than in other non-metro cities. Therefore, you might need financial assistance to cover your expenses when living in this city. It is when the best personal loan in Bangalore comes into the picture. If you are looking for a personal loan, get to know how you can apply for the same online in Bangalore.
Preparations before applying for a personal loan:
Before you fill out the application for a personal loan in Bangalore, it is imperative to do the following mentioned three things:
- Research for different lending institutions
- Check the eligibility criteria
- Collect the required documents
Read further to know about each step in detail.
Research for different banks or lending institutions:
Before you choose any one specific lending institution in Bangalore, make sure to explore all available options. One of the significant benefits of applying for an instant personal loan online is that you can compare several lenders over the internet without taking time to pay physical visits to bank branches. Compare different factors for getting the best instant personal loan in Bangalore, including interest rates, loan tenure, EMIs, customer service, terms and conditions, and more.
Check the personal loan eligibility criteria:
Once you have settled down for the lending institutions, your next step should be to check their personal loan eligibility criteria. You can find details for the same on their official website. Generally, the eligibility criteria for an instant personal loan in Bangalore are as follows:
- Your nationality should be Indian
- Your age should be at least 21 years
- It is a must for you to have a bank account
- You must hold specified work experience
- Your monthly income should be at least Rs. 20,000
- Your credit score should be 750 or higher.
- You should have a full-time job at a public or private limited company.
These eligibility parameters might vary between banking or lending institutions.
Gather the required documents:
Every banking institution verifies the eligibility and identity of an applicant applying for an instant loan in Bangalore. They ask the applicants for necessary documents that can help lenders cross-check their eligibility, identity, background, credit score, and financial standing. So, it is important for you to have all the required documents when thinking of applying for a personal loan.
Here listed are documents that almost every lender in Bangalore requires from the applicant:
- Photo identity proof, such as a PAN card, Voter ID, Aadhaar card, or passport
- Date of Birth proof, such as PAN card, birth certificate, or passport
- Signature proof, like PAN card, passport, signature verification from the bank
- Address Proof, such as Ban Statement, passport, voter ID
- Contact proof, such as a postpaid mobile bill (last month) or postpaid landline bill (last month)
- Bank statements for the last four months
- Proof of income, such as last year’s personal or business income tax return or income declaration
Self-employed applicants require to submit some additional documents:
- Office ownership proof like electricity bills or property documents
- Income proof like income tax returns for the last two years or balance sheet, auditors, report, profit, and loss account
- Proof of existence like a tax registration certificate or company registration certificate
- Bank statements for the latest current and saving account copy for at least one year
How to apply for an instant personal loan in Bangalore online?
After the pre-preparation stage, you can apply for instant personal online in Bangalore by visiting the official website of your lender. Almost every banking institution follows a standard procedure as explained below:
- Visit the official website of chosen lending institution.
- Browse and select the ‘instant personal loan application’ icon.
- Once the instant personal loan application form is uploaded on the screen, enter your personal details as required by the loan application form. Personal details can include your name, age, address, phone number, e-mail ID, qualification, employment, and more.
- If your personal loan application is pre-approved, you will be asked to enter the required loan amount. Else, the lender will verify your eligibility, credit history, CIBIL score, and submitted documents before approving your personal loan application.
- On the approval of the loan application, accept the e-agreement sent by the bank to your e-mail ID and verify your details.
- Finally, the personal loan amount is sanctioned and disbursed to your saving account.
Frequently Asked Questions:
1 How can personal loans be beneficial for me?
Personal loans are known to offer multiple benefits to applicants. These are easy-to-avail, unsecured loans that can be used for any personal purpose. Also, loan repayment tenure is flexible, and you can even consolidate your debt with the personal loan amount.
2 How can I get the best interest rate for an instant personal loan?
Here are the tips to get the best personal loan interest rates in Bangalore:
- Meet the eligibility criteria and submit genuine documents required by the bank
- Try to maintain a strong CIBIL score of at least 750 or higher
- Make sure to make your credit card or other loans’ EMIs on time
- Try to have a stable job at a reputed company and have a steady income
Now that cost of living in Bangalore is on the relatively higher side, residents of this city sometimes find it difficult to finance their personal expenses, and thus, they look for the best personal loan in Bangalore. Personal loans are unsecured loans that offer the freedom of using the loan amount for financing any personal expenses. From travelling, weddings, and higher education of your kid, to big-ticket purchases, home improvement, medical emergency, debt consolidation, and any other need- a personal loan can be used to fund anything.