Personal Loans are gaining immense popularity due to the rapid digitization in the Indian finance sector. In a city like Bangalore, where the ‘hustle culture’ is gaining ground, many individuals are looking for affordable funding options to cover unexpected expenses. This is fueling the demand for Personal Loans in Bangalore.
Digital lending has made it possible for individuals to get funds for covering their unique needs. To make the loan application process easier and more convenient, lending institutions, banks, and Non-Banking Financial Companies (NBFCs) are offering online Personal Loans in Bangalore. The online application process makes it easier for busy individuals to apply for loans. In addition to this, lending institutions do not require hefty paperwork for verification. You just have to upload soft copies of the supporting documents to get approval for your instant Personal Loan in Bangalore.
Follow these simple steps in order to apply for a Personal Loan.
Step 1: Visit your lender’s official website
Step 2: Click on the dedicated page for Personal Loans
Step 3: Read the eligibility criteria and gather soft copies of the required documents
Step 4: Fill the online Personal Loan application form
Step 5: Await verification and confirmation
Personal Loan eligibility criteria
The eligibility criteria for Personal Loans are kept minimal and are easy to fulfil. Lenders have kept the eligibility criteria minimal to facilitate easy lending for individuals. Here is the eligibility criteria for Personal Loans:
| Criteria | Requirement |
| Age | The applicant should be a minimum of 24 years old at the time of application and a maximum of 58 years old at the time of maturity. |
| Citizenship | The applicant should hold Indian citizenship. |
| Employment | Employees of state and central government, PSU, MNC, Listed, Unlisted Public Ltd., Private Limited Companies, LLP, schools, and colleges, and companies that are listed internally are eligible |
| Work experience | The applicants are required to have a minimum work experience of 24 months or should be employed with the current employer for at least 6 months. |
| Monthly income | The applicant’s monthly take-home salary should be a minimum ₹40,000. |
Documents required for Personal Loan in Bangalore
| KYC documents | The borrowers are required to submit an Aadhaar card/ PAN card as KYC documents. |
| Residential address proof (Current) | Utility bills/Passport/Rent agreement are accepted as current address proof. |
| Income documents | The borrowers are required to submit their latest salary slips. |
| Financial documents | Salary credit bank statement for the past 3 months. |
| Employment proof | Official email ID confirmation/ Emp ID card in case the email ID is not available. |
Use cases of Personal Loan
Personal Loans are unsecured credit instruments and come with no end-use restrictions. This means you don’t have to submit collateral for availing of funds. Your lender will not ask you about the purpose of your loan. You can use a Personal Loan for:
- To host a wedding
- To fund higher education
- For home renovation
- To plan an international vacation
- For paying emergency medical bills
- For purchasing high-ticket items
Ready to get a Personal Loan?
Although Personal Loans in Bangalore are easy to get, you should be well-prepared with your documents and application to avoid facing rejection. Before applying for the loan, carefully research and select a lending institution that offers the best Personal Loan interest rates. Interest rates vary from lender to lender; hence, it is important to evaluate the interest rate that suits you best.
Further, check if the lender is offering an online application. Online Personal Loan applications make the entire process faster and ensure speedy disbursal of funds. You can apply for a Personal Loan in Bangalore from the comfort of your home or office and you only have to upload soft copies of your documents for verification.
Also Read: Applying for a Business Loan? Find a Complete List of Documents
In addition to this, check your bureau score before applying for a Personal Loan. Lenders accept a bureau score that is higher than 750. Having a good bureau score will help you get approval for your loan without any hassle.
You can also use an online EMI calculator to determine your monthly payments against your loan amount, interest rate, and loan tenure. These tools are easily accessible and you can find them online. You only have to enter your loan amount, tenure, and the interest rate offered to you. The tool will give out an automated response which is an approximation of your monthly payments.