All You Need to Know to Choose the Best Personal Loan in Bangalore - Loan Trivia

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Monday, 17 February 2020

All You Need to Know to Choose the Best Personal Loan in Bangalore

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The “Silicon Valley of India”, Bangalore is the capital of the Indian state, Karnataka. It is the third-most populated city in the country, accommodating a population of above 12 crore. This megacity is the leading Information Technology service provider of the country. 

Other than being the leading IT capital of India, this city is emerging as a hub for various other businesses. Almost 400 multinational companies have operations based in Bangalore. Other than Mumbai and Delhi-NCR, Bangalore is the 3rd fastest-growing city for start-ups. 

An individual aiming to initiate their business, especially start-ups in an influential city like Bangalore, may find a shortage of funds. Even expanding an existing business or meeting a few requirements can also be costly in Bangalore. 

Home to one of the largest pools of migrating professionals in India, it is also one of the largest lending markets in India. Individuals can avail of a personal loan in Bangalore, offered by numerous leading financiers within the city. 

Before availing such advances, an individual should consider a few factors to choose the right personal loan. They are – 

Compare your lender 

An individual should compare lenders before availing a personal loan in Bangalore because different financial institutions provide varied offers. By comparing the different offers, terms and conditions, an individual can avail the most beneficial loan offer as per his/her financial requirements and prospects. Other than evaluating the total loan amount, it is necessary to check if a financial institution can provide a flexible tenor. A borrower should not overburden his/her personal finances and always opt for a comfortable tenor to pay their debt on time. 

Compare interest rates 

One of the primary factors an individual should consider before availing such instant loans is the interest rate. This factor differs in every financial institution, and an individual should evaluate their options to avail a low-interest personal loan. An individual should avail a loan and its rate of interest according to their repayment capacity; else they might become a defaulter. As, along with the opted tenor, interest rate determine an individual’s, monthly instalments, and an affordable EMI helps a borrower to pay their debt on time. 

Avail a short tenor 

Though an individual should check for a comfortable tenor who can complement with their repayment capacity but financially, a short tenor is more beneficial. For a personal loan in Bangalore, a longer tenor subjects a borrower to pay more interest, and after a while, it may not be suitable for a borrower’s budget. 

Check for additional charges 

An individual may have to pay around 3% processing fee (excluding GST charges) other than additional fees or charges which are applicable - foreclosure fees, late payment penalties, etc. 

To avoid paying additional charges, an individual should read the fine print provided to them by their lenders beforehand. Within such agreements, a borrower can find out regarding various fees and associated charges. Evaluating such terms can help an individual check the total sum they will be disbursed as well as the applicable charges on for part prepayment, foreclosure, etc. Considering such factors can help you to find the right personal loan in Bangalore for yourself. 

Check your eligibility 

To avail the most suitable personal loan, an individual should check their eligibility beforehand. The generic criteria to avail such advances are – 
  • A borrower should be an Indian citizen.
  • An applicant should work with an MNC, private or public company.
  • An individual should be aged between 23 to 55 years.
Other than that, the crucial eligibility criteria that a borrower is subjected to face is the CIBIL score. An individual should hold a credit score around or above 750 to avail a personal loan. A credit score is a 3-digit expression which is utilised to determine a borrowers’ credibility. 

Personal loans for CIBIL defaulter may face rejection on their application. Such borrowers can implement a few methods like paying debt on time to avoid rejection and increase their score. CIBIL score is important for personal lending because it is unsecured and the score acts as the only risk pointer a lender can evaluate to disburse the loan. 

Other than a few factors, to choose the right personal loan in Bangalore, an individual should check for various beneficial offers extended by their lenders. Financial institutions like Bajaj Finserv provides various borrower-friendly terms like the pre-approved offers. 

Pre-approved offers do not require any additional charges, which economise the process of availing a personal loan in Bangalore. Furthermore, these offers are available on multiple financial products including personal loans, business loans, credit cards etc. You can check your pre-approved offers by sharing a few specific details online. 

By considering a few significant factors, an individual can avail the most suitable personal loan in Bangalore and suffice their financial requirements. Such advances can be utilised for businesses because the end-use of this product is not restricted and the proper usage of this loan influences the country’s economy.

Must Read: Why Apply for Personal Loan in Bangalore?

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