Personal loans can be used for a variety of purposes, which include debt consolidation, business expansion, home renovation, medical emergencies, or even funding a holiday. A personal loan is generally offered at affordable interest rates for a short tenure. The benefit of opting for a personal loan is zero requirement and minimal paperwork. This makes personal loans much more common for the fast-paced youth. A lot of people are now choosing personal loans over the traditional ways of opting for a home loan, car loan, or other types of loan. If you are planning on taking a personal loan in Bangalore or are looking into the eligibility and documents required for the same, this is the right place for you.
The need for a personal loan can arise at any time for anyone living in any city. This need might be higher in big urban cities where life is fast-paced and new expenses pop up now and then. If you live in the IT capital of India, Bangalore and are looking for a personal loan or researching the application process or the eligibility or even the required documents, this is where your search ends. There are certain benefits of applying for a loan for cibil defaulters in Bangalore, that include:
- Instant loan approval
- Affordable interest rates
- Minimal documentation
- Lenient eligibility criteria
- Higher loan amount.
In this article, you will get to know about how to get an instant personal loan in Bangalore, the personal loan interest rates in Bangalore, the eligibility criteria for getting a personal loan in Bangalore, and much more. Read ahead to know the details.
Table of Contents
In this article you can read about:
- The benefits of a personal loan
- Reasons to choose a personal loan
- How to check your eligibility to apply for a personal loan?
- How to apply for a loan with low CIBIL scores?
- Why choose Loaney personal loan?
- Documents you will require to get a personal loan in Bangalore
- Interest rates and charges to get an instant personal loan in Bangalore
Benefits of a Personal Loan in Bangalore
Personal loans are unsecured loans that can be applied for without any collateral and used for a variety of purposes. This type of loan gives an individual a free hand in times of need and emergencies as it provides access to instant cash, without any limitations on how to use the borrowed money. In the last few years, many people have started turning to personal loans instead of common home loans, car loans or borrowing from family and friends as well. Personal loans help when people don’t have sufficient funds in their savings, they choose this alternative to tide over financially tough times. Some of the benefits of a personal loan over any other type of loan include the following:
- No need of submitting a collateral
- Instant cash
- Affordable interest rates
- Shorter repayment tenors
- Minimum documents and paperwork is required
- Simple eligibility criteria.
Reasons to choose Personal Loan
The best part of choosing a personal loan which is an unsecured loan is that unlike a secured loan it doesn’t have to be used for a specific purpose. This is an advantage over the home loan, car loan or education loan as the personal loan can be used for a very large variety of purposes. The range of uses of a personal loan can include the following:
- Emergency cash assistance
- Debt consolidation
- Medical emergencies
- Business expansion
- Funding your holiday
- Improving your credit score
- Buying new electronics or gadgets
- Higher education
- Renovating your home
- Paying your credit card bills
- Funding a big purchase
- Moving out or relocating
- Vehicle financing.
What is Loaney?
Now that you are much aware of the personal loan and what are its many benefits and the reasons to apply for one, you must look at platforms online that can help you get a personal loan without any hassle.
Loaney is an online platform where you can apply for and get instant personal loans hassle-free. You can use Loaney’s convenient methods to get your personal loans approved. There is no need to submit collateral on Loaney and the platform doesn’t ask for a guarantor. The information regarding the clients is always kept confidential by the platform.
Loaney is a complete digital platform for filling out the application forms to get instant personal loans online. The platform offers personal loans to its clients for minimum documentation and minimum interest rates on loans. The client must go through a simple registration process and get their loan approval immediately. Loaney offers a hassle-free and easy application process that can be completed from home.
Loaney allows its clients to apply for a personal loan up to Rs. 15,000.
How to check your Eligibility for a Personal Loan?
The first and most important criteria that the lenders look out for is the applicant’s monthly income. The loan amount that gets sanctioned in the applicant’s favor is based on the monthly income they make. In normal procedures, the minimum monthly income of a person has to be somewhere around 25-30k INR.
The next eligibility criteria are the CIBIL score. When applying for a loan, it is extremely important to keep a vigil upon your expenditure patterns. One must spend only 30% of their monthly income to maintain a good CIBIL score. Payments that are done in time also add up to the good points.
Having a good CIBIL score ensures the lender that the client is willing to repay the loan well in time. This lets the loan pass in no time.
However, being a CIBIL defaulter does not mean that you will not get a loan. You might have to face some challenges to get a personal loan of the desired amount. Further in this article, you will get to know how to apply for a personal loan for a CIBIL defaulter in Bangalore.
A person who is above the age of 18 is eligible to apply for personal loan in India. The details filled by the applicant in the application form for the personal loan must be accurate and genuine.
The eligibility to apply for an instant personal loan is also dependent on the source of income of the applicant. Certified and approved sources of income from verified organizations are the only acceptable proof of income to apply for a personal loan.
How to Apply for a Loan with Low CIBIL Scores?
A CIBIL Score of 750 or above is required for an applicant to get an instant personal loan. A high score like this one ensures hassle-free loan approval. The CIBIL score is determined by looking into your credit card history. The vital points that the lenders usually take note of are:
- Timely payments of bills
- Timely payments of instalment of loans
- Maintenance of the regular payment period.
If you have a low CIBIL score or you have been on the CIBIL defaulter list, you might face some challenges in getting an instant personal loan online. The loan you might have applied for may not be approved right away. However, having low CIBIL scores does not mean that you cannot have a personal loan approved for you. There are certain ways through which you can improve your CIBIL scores. To get a personal loan for CIBIL defaulters in Bangalore here are some things you need to take care of:
- Borrow the amount wisely: you should remember that a loan needs to be repaid, after all. And hence you should borrow only the amount you can repay.
- Payment timings should be in check: To keep your CIBIL score high, you must keep a check on the timing of your payments. Avoid any late fees. Do not miss the deadlines of your payments.
- Do not exceed your credit card limit: To have a high score for your CIBIL, it is essential to not exceed the limit of your payment through the credit card. Ideally, One should not exceed 30% of the total credit card limit. Instant loans up to 15,000 INR are considered among the minor loans. But generally, when you take massive amounts of loans, they are given upon debt-to-income (DTI) ratio. Therefore, if the limit crosses or, in some cases, even reaches 50%, then the loan usually gets rejected.
- Close a defaulted account: A cheat code to get your loan; if you are listed among the defaulters, open a new account. Do not settle for the old version. Why? As stated above, the account statements are tallied during the approval process of your loan. This means that the relevant activity history will be visible in the account statement. To avoid such a situation, you can always open a new account and transfer your funds there.
- Opt for loans backed by a guarantor: You can always opt for loans backed by guarantors. Choose a guarantor with good payment track records who can back you up when the loan needs to be paid. Make sure you meet the personal loan eligibility criteria.
Why should you Choose Loaney?
There are several reasons why one should choose Loaney. They are:
- Loaney provides the fastest instant personal loans at low-interest rates.
- The information of the client is confidential. Once you trust Loaney, they will not let you down.
- A proper schedule of payment along with the interest rate per month is pre-generated. This avoids confusion regarding the payment.
- Loaney would never ask for the reasons for applying for loans.
- Good customer support is a vital part of running any organisation. Hence, Loaney ensures that their clients are always under the guidance of top-notch customer support.
- The system is built in such a way that procedures are easy, fast and efficient. The work is done fast, and the registration is hassle-free.
- Registration and all related work are done online.
- All legal protocols are followed with all authenticity.
- Clients do not have to stand in a long queue and can apply for a loan from the comfort of their homes instead.
- Loaney is trustworthy, and there are no hidden protocols or charges that come with using their services. Everything they do is transparent.
- The best feature about loaney is that the platforms offer small loans.
- The client must give the website their correct information as the personal loan eligibility improves and their chances to get an instant loan for Rs. 20,000 increases.
Documents Required to get a personal loan in Bangalore
The following documents are required to apply for and get a personal loan in Bangalore:
- Identity Proof- PAN Card/Voter ID/Driving License/Aadhar Card/Passport
- Address Proof- Utility bill/Passport/Aadhar card/Voter ID
- Income Proof- Latest Salary Slip/ ITR/Form-16
- Bank Statement- Last 3-6 Month Bank Statement.
The only documents you require while applying for a personal loan on Loaney include:
- Pan Card
- The mobile number linked with Aadhar Card
- A picture of the applicant
- Bank account with internet banking.
Interest rates and charges to get an instant personal loan in Bangalore
In this section, you will get to know the personal loan interest rates in Bangalore. The interest rates in Bangalore range from 10% to 21% depending on the lender and the amount. Loaney offers a very affordable and low-interest rate compared to these along with a minimal processing fee for the entire seamless online procedure of getting a personal loan online.
We have answered a few very commonly asked questions that might help you further in applying for your personal loan on Loaney.
What is the minimum salary for a personal loan?
The minimum salary requirement to apply for a personal loan is about Rs. 25-30k per month.
Can I get a personal loan without a salary slip?
When applying for a personal loan on Loaney you need not require you to have a salary slip. The required documents and information of the applicant include the Pan Card, a mobile number linked to their Aadhar, their photograph and a bank account with an internet banking facility.