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In a metropolitan life, savings can go only that far. Personal Loans in Bengaluru take care of one's personal financial obligations in case of inadequacy of funds. No collateral, big amounts and easy repayments make up for the perfect recipe of any consumer-friendly credit facility. Read ahead to learn more about the feature-loaded personal loan finance in Bengaluru, its application and the most widely searched questions.
The country's start-up capital, Bengaluru, is always on the go. The basic idea behind a personal loan in Bengaluru is simple. Let the people of Bengaluru direct all their focus on experimenting with innovative ideas and creating remarkable businesses while a personal loan takes care of all their family needs.
Personal loan finance in Bengaluru can help with any and every financial need. This includes family weddings and ceremonies, foreign vacations, urgent medical expenses, and sponsoring a dream car. The collateral-free loan is not only easy to apply but is also quick to approve. In this blog, you can find full details regarding the application process, eligibility criteria, documentation process and the host of features a personal loan offers.
Instant personal loan in Bengaluru is one of the most consumer-friendly financial assistance extended by banks and other lending institutions. Some of its highlighting features are listed below in detail.
Easy Repayment: A personal loan can be easily repaid through EMIs, post-dated cheques, prepayment and foreclosure options. However, one must be mindful of any charges, such as the prepayment charge levied by the bank.
While salaried as well as self-employed individuals can apply, certain basic criteria listed below must be met to apply for personal loan financing in Bengaluru.
Loan providers makes money over the amount they lend to their clients through interest charged on their principal value. Personal loan interest rates in Bengaluru range from 9.25% to 35%. These interest rates are not uniform and change from one lender to another.
Personal loan financing in Bengaluru requires the borrower's submission of the following documents to the lender.
Personal Loans in Bengaluru are offered by banks and Non-Banking Financial Companies (NBFCs). You can choose the cheapest personal loan in Bengaluru with the help of the following guide.
| Loan Provider | Amount (Rs.) | Tenure | Interest Rates (per annum) | Processing Fee |
| Canara Bank | Up to 30 lakhs | Up to 7 years | 9.25%-14.65% | 100% waived |
| Karnataka Bank | Up to 5 lakhs | Up to 5 years | 12%-17% | As per the bank’s T&C |
| Kotak Mahindra Bank | 50,000 to 40 lakhs | Up to 6 years | 19.99% | 3% |
| Bank of Baroda | 50,000 to 20 lakhs | Up to 5 years | 10.99%-11.40% | 1%-2% + GST
(Except for govt. employees with salary accounts in Bank of Baroda) |
| HDFC Bank | Up to 40 lakhs | Up to 5 years | 10.5%-21% | 2.5% |
Some of the popular NBFC personal loans in Bengaluru are listed below. You can choose the suitable option at your convenience.
| Loan Provider | Amount (Rs.) | Tenure | Interest Rates (per annum) | Processing Fee |
| Poonawala Fincorp | Up to 30 lakhs | Up to 5 years | 9.99% | 2% |
| L&T Finance | 50,000 - 7 lakhs | Up to 4 years | 12% onwards | 2% + GST |
| Mannapuram Finance | 50,000 - 50 lakhs | 2-20 years | 12% onwards | As per the T&C |
| KreditBee | 5,000 - 4 lakhs | Up to 2 years | As per T&C | As per T&C |
| Bajaj Finance | Up to 40 lakhs | Up to 8 years | 11%-35% | 3.93% |
Banks offer offline and online ways to apply for instant personal loans in Bengaluru. However, some NBFCs may offer only online application services to their applicants.
An individual can apply for a personal loan offline by visiting a bank's nearest branch and contacting bank agents. The agents are trained to assist the customer in applying for a personal loan by clarifying all the terms and conditions of the loan to the applicant. The bank agents also help the applicant with document verification. If you are somebody for whom a one-on-one interaction is essential to establish trust and security, visiting a bank's branch is the best way to apply for a loan.
Further, a bank's website can be used to obtain the toll-free numbers they provide to address loan-related queries specifically. A customer can contact the bank through these numbers to clarify doubts or seek guidance regarding personal loans.
Banks and NBFCs offer personal loans through websites and mobile applications. The simple steps below can be followed to apply for a personal loan.
The loan provider notifies the applicant on the registered mobile number or email address upon the disbursal of the loan.
Typically, lenders approve and sanction personal loans within 1-5 working days after application, provided the applicant showcases strong credibility and produces genuine documents. Some banks offer instant approvals on digital applications where the loan amount is disbursed within a few minutes. Individuals can also apply for pre-approved loans with a bank for quick approvals. A pre-approved personal loan is only provided to applicants if they already have an account with the concerned bank. These are easily approved, hassle-free loan options with little documentation required.
The city's popular banks and other lending institutions readily offer personal loan financing in Bengaluru. Through a personal loan, an individual can raise Rs. 40 lakhs within a few hours without keeping any collateral or security with the lender. Depending upon the requested loan amount, a personal loan is offered at different interest rates with great repayment flexibility. EMIs, post-dated cheques and mobile applications can be used to settle the loan account easily. With no restriction on its expenditure, people can use the loan amount to plan their vacations, organise family functions, or, best, build their startups. Personal Loans in Bengaluru are an easy and reliable aid to an applicant's dreams and goals.
An applicant can obtain funds within 1-5 working days of applying for a personal loan through offline channels. Some banks also offer instant disbursement on digital and pre-approved loan applications.
A lender offers a personal loan to an applicant with a poor credit rating only if the applicant successfully convinces the lender of their trustworthiness and loan repayment abilities. Banks may also charge higher interest rates and additional fees & charges while granting a personal loan to a borrower with a bad credit score.
Yes, prepayment and foreclosure facilities can be used to settle a personal loan. However, it is suggested that the applicant check with their banks beforehand if prepayment options are available. Banks must also be contacted for any applicable prepayment charges.
On regular failure of scheduled repayments, loan providers keep adding payment penalties over the loan amount. After 180 days of default on the loan, the banks can take legal action against the borrower under the law. The borrower’s name is finally added to the defaulter’s list, which affects their credit score and makes it difficult for them to apply for loans in the future.
While you can apply at more than one place for a personal loan, it is not advisable to do so. Applying to multiple lenders makes the applicant seem too desperate and puts them under suspicion. It also lowers the applicant’s credit ratings, and the lender will be extra cautious before approving the loan request.
Yes, a self-employed individual or a freelancer can be issued a personal loan. The only essential requirement to apply for a loan is to fulfil the eligibility criteria and convince the lender of one’s loan repayment capabilities.
Yes, a personal loan account in Bengaluru can be transferred to another lender. The interest rate offered by the new lender, the previous lender’s policies around the transfer of the loan and any charges involved in the process should be carefully noted.
Repaying the principal amount and interest charges through EMIs, post-dated cheques, or foreclosure services usually closes a loan account. An applicant, however, should also ask for acknowledgement of the account’s closure in the form of a No Dues or No Objection certificate from the lender.