Bangalore is one of the largest metropolitan cities in India. It is the home for big IT companies. Professionals move to this city for their career growth from various parts of the country. The city has tremendous growth opportunities.
Still, people often feel a cash crisis due to the city’s lifestyle and the high cost of living. If you are staying in Bangalore, you may feel the need for a loan for meeting your expenses and emergencies. A personal loan in Bangalore is an ideal option in such a scenario.
To get a quick personal loan is an easy task. But to get a low interest rate personal loan is a bit difficult.
To get a low interest rate personal loan, you need to know about the personal loan eligibility criteria, interest rates and other related things.
Read on to know all about applying for a personal loan in Bangalore with a lower interest rate.
Personal Loan Eligibility Criteria
Your credit score, monthly income, age, profession and documents determine your loan eligibility.
- Income
Your monthly income is the basic criteria for your loan eligibility. The amount of loan that you can get depends on the net income available for repaying the loan. If you have a good monthly income, you can pay higher monthly instalments. This can help you in availing a loan at a low-interest rate.
- Credit score
A credit score is an assessment of your creditworthiness as a borrower. If you have a good credit score, it is bound to enhance your loan eligibility. Banks and financial institutions lend a personal loan at a lower interest rate to an applicant with a high credit score.
- Personal loan documents
You need to submit your KYC documents, Salary Slips, and bank account statements for a loan application. Hence, you should always keep them handy before making a personal loan application.
- Age
A resident of India aged between 23-55 years can apply for a personal loan. Age is a key element in deciding the interest rate, tenor and loan amount. The younger you are, the more favourable it is for you.
- Occupation
You should be an earning individual. You should have a regular source of income and should be employed with an MNC, private or a public limited company.
Compare And Get The Best Deal
You may have an account with a particular bank, but it is better to inquire about other banks and deals offered by them. Each lender has something different to offer about interest rate, processing fees and penalty charges.
The more you inquire the more chances you have to get a low interest rate personal loan.
With the growth in technology, it has become easier to search for an ideal deal. Now you can visit the website of various lenders to check the interest rates. This can help you in making a comparison and getting the desired loan at a lower interest rate.
But, the mere lower interest rate is not enough for a good loan offer. Other associated charges, like penalty charges and processing fees are also vital factors.
You can use loan eligibility calculators and loan EMI calculators available online before actually applying for a personal loan.
You can also apply online for a personal loan in Bangalore from any place in the country to save time and effort.
Now that you know all about applying for a personal loan in Bangalore, you can definitely find the best personal loan offer for yourself at a lower interest rate.
Bajaj Finserv brings to you pre-approved offers on its various financial products like personal loans, home loans and many more. It simplifies the loan procedures and makes it less time-consuming.
You can check your pre-approved loan offer by sharing some basic details like your name and mobile number.