At some points in our life, we have certain emergencies when we will have a need for cash. To extend a helping hand in such crisis situations, there exists a solution called Personal Loan. A personal loan is an unsecured type of loan for which the bank does not require any asset or a guarantor from the loan seeker to lend money.
In a big city like Bangalore, we never know what expense will we have to deal with the next moment. Although, there are innumerous options available for Personal loans in Bangalore. Before getting a personal loan, it is always recommended to carry out some research on tenure flexibility, repayment options, and interest rates. Because without prepare research, you might end up getting a loan from a bank or NBFC that charges you too much Personal loan interest rates. Then you will end up in more debt cause of the high interest.
If you have the question of when to take Personal loans in Bangalore, then the answer is, “when you have a financial crisis to deal with”. But, you cannot just go and get yourself a Personal Loan from a bank. There are a certain set of eligibility criteria that are to be met by the loan seeker applying for the personal loan. Those conditions are mentioned in the list given below:
Good Credit Score: As this is an unsecured loan (no assets submitted to the bank), maintaining a good credit score is a must when you are applying for a personal loan. A personal loan will not be sanctioned by any bank without a good credit score.
Age Limit: The loan applicant must definitely be above the age of 21. Anyone who is below this age is considered ineligible to apply for a Personal Loan.
Salaried employee: The person who requires a personal loan will be checked if he/she is a salaried employee. Self-employed individuals are mostly denied from getting a personal loan as the income is not stable in their case. Thus, being a salaried employee is mandatory.
Bank Statement: To prove the bank that you have a steady income on a monthly basis, you are required to produce bank statements and salary slips of the last three months. This way the bank confirms that you have a consistent income.
Identity: Documents to prove your identity is also an obvious requirement. The applicant must be the permanent citizen of India and must produce Aadhar card / Driver’s license or Pan Card for the residence as well as identity verifications.
By now, it should be clear that you are ready to apply for a Personal loan in Bangalore when you have the need for it, and when you meet all the eligibility criteria given above.
With that being said, one must also know the general features of a Personal Loan regardless of the bank they are choosing the loan from.
The Loan can be applied for any personal expenditure of an individual
The Loan amount varies from 25,000 rupees to up to the maximum of 25 Lakhs
The tenure of the amount to be repaid ranges from 1 to 5 years and based on their convenience, the customers are given the choice to choose the tenure they are comfortable with.
If a borrower did not pay or delayed the payment of the EMI, then the bank can charge a certain percentage of additional interest from the borrower. This also greatly affects the credit score. Thus, it is very important to pay back the loans within the deadlines.
Thus, by learning all the conditions and features, you are now ready to apply for your Personal loan in Bangalore, if there is a need for you to.
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