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Bangalore is a city where life rushes at a high pace, new job opportunities, new apartments, and new EMIs on the bike you have just purchased come and go. Just when it feels like everything is in place, life has other plans, like a malfunctioning laptop, a sudden medical emergency, or a friend's wedding. One's savings don't always suffice, and that is where a personal loan comes into play.
There is no property to offer as collateral, no gold to pledge, just proof of income and agreement for timely repayment. It sounds deceptively simple, yet it is true.
So, What Are You Signing Up For
The personal loan is essentially a loan offered by banks and NBFCs without collateral. You can use the loan anyhow you like; be it paying security deposit, medical bills, home repairs, or even repaying your previous loans, while paying it off monthly.
Why This Trend Has Gained Popularity in Bangalore
With exorbitant rentals in industries such as Koramangala and Whitefield, relentless activity brought in by IT professionals and startup developers, plus the increasing speed of expenses, the personal loan in Bangalore is no longer an emergency solution for people but simply a tool which can help them to arrange their finances without having to pull out investments or touching their fixed deposits.
Is It Hard to Qualify?
It is not as hard to qualify as one may expect. It's enough to be between 21 and 60 years of age, have a job with a regular income or run a business, and have a credit score higher than 650 to qualify with this kind of loan. In addition, lenders will require PAN, Aadhaar, current salary slip or any proof of income, as well as bank statements for the last few months – nothing that a person could not prepare in less than an hour.
Getting Fast Money
Long waiting times at bank branches and piles of paperwork are things of the past. Most of the banks in Bangalore offer online services where you submit your documents, check your eligibility, and get the loan amount within a few days. Some banks provide a same-day transfer service for smaller loans.
What are the Costs Involved?
Interest rates vary from one lender to another according to your income, credit history, and the lending institution you opt for. It is advisable to take your time and compare your options before making a decision. Repayment is done through equated monthly installments (EMIs) over a period of 12 to 60 months as per your convenience.
Things to Keep in Mind
Always borrow only the amount you require rather than what you're offered. The interest rate is not the only thing that matters, make sure you check all processing fees. Ensure you read the terms of repayment clearly so that you don't face any surprises later on. Also, don't rush into choosing the first lender you find.
If you're not interested in playing the guessing game, you could check out Finnable's personal loan section for Bangalore for information on eligibility, how much money you can borrow, and procedure for the loan.
