Need quick cash in Bangalore to tide over a tight financial situation but don’t have any assets? Take a personal loan. It is funding that can be acquired from a bank or financial establishment without any guarantor. You can use the personal loan at your discretion for whatever you want, be it a vacation, to buy a gadget, jewellery, to pay off other debts, cover wedding expenses, a medical emergency, renovation, shopping and much more.
Features of Personal Loans in Bangalore:
- The most striking feature of a personal loan is that it does not need a collateral or asset against default.
- Since it is an unsecured loan and a tad riskier for the lender it comes with a higher interest rate.
- The lender sets the interest rate on the basis of the borrower's salary, the loan amount, the loan tenure and some other factors.
- Loans can be taken out for anything between Rs.50, 000 to 20 lakhs depending on the borrower’s credit history.
- The tenure for personal loans is fixed and typically ranges from one to five years. The repayment is usually made through EMI options.
- Availing a personal loan is fairly simple. It requires very little documentation and generally gets approved within 48 hours of submitting an application.
- The banks/lenders charge a fee to cover the processing cost. Some personal loans come with pre-payment fees, late payment penalties, documentation charges etc.
Eligibility Criteria for Personal Loans in Bangalore:
- Age (21-60 Years)
- Indian citizen
- Salaried individual of either a top MNC, public or private company/self-employed professionals/In-business
- Total work experience for at least 2 yrs., at least 1 yr. with current employer/business
- Good credit score/history
- No other loan liabilities
- Should be staying in the city for at least 1 Year
- Total work experience should be at least 2 Years
Documents for Personal Loan in Bangalore:
- Salary slips of the last 3 months
- Age proof
- Bank statement of the last 6 months
- Identity proof (Passport / Voters ID card / Driving license / PAN card)
- Address proof
- Employee ID card
- Proof of Job Stability & Continuity
If you want a personal loan in Bangalore, consider Antworks Money! We are a peer-to-peer lending marketplace that simplifies your search for a personal loan at the lowest interest rates possible. Equipped with the latest technology and algorithm, we can provide upfront information on offerings by multiple banks/NBFCs to match your eligibility. With everything at your fingertips, just compare the interest rates to clinch the best deal available on your personal loan in Bangalore.
So get started now!