Bangalore is considered as the IT capital of India. There are a number of banks and other financial institutions in Bangalore that offer personal loans at affordable interest rates. Bangalore being the IT hub of the country is a home to majority of the startups in the country. A need for a personal loan can arise at any time in such a city. However, if you start your research by looking out for Personal Loan Bangalore, you will have plenty of options to choose from and you can have flexible repayment terms with your lender.
Selecting the best bank to apply for a personal loan in Bangalore can be a difficult task due to a number of reasons. There are a lot of things that need to be considered before selecting a bank to apply for a personal loan like the interest rate that is being charged by the bank, the amount charged as processing fee, the bank’s eligibility criteria, etc.
The interest rate charged by the bank can directly affect your repayment amounts. Lower the interest rate charged by the bank, the lower would be your repayment amounts and vice versa. So always look out for the lowest interest rate possible whenever you apply for a personal loan. Apart from the interest rates it is always a good idea to check the processing fee with the bank before applying for a loan. Go for the bank that charges the lowest possible processing fee. If you keep all the above mentioned points in mind before applying for a personal loan then you are most like;ly to get the best personal loan in Bangalore.
Instant Personal Loan in Bangalore
Whenever we apply for a loan we wish to get access to the funds as soon as possible. In case of a personal loan you can get instant access to the funds as there are several lenders that offer instant personal loan approvals and disbursement. Such instant personal loan lenders can be found very easily if you search for a personal loan near me, then you would have a number of money lenders, apart from banks, to choose from. Banks on the other hand are very cautious about offering instant loan approvals but if you have an old salary account and a good relationship with the bank then there is a possibility that the bank might offer you instant loan approval on your loan application. In Bangalore these types of instant personal loans are free from any documentation therefore you don’t need to worry about any of the documents.
Banks offering Personal Loans in Bangalore
The Top 5 banks that offer the best personal loan deals in Bangalore are mentioned in the table below:
|Banks||Interest Rates||Processing Fee|
|HDFC Bank||10.25% – 17.00%||NIL – 2.50% of the loan amount plus GST|
|ICICI Bank||10.50% onwards||INR 1,999 – 2.25% of the loan amount plus GST|
|IDFC First Bank||10.49% – 30.00%||2.00% – 2.50% of the loan amount|
|RBL Bank||17.50% – 26.00%||2% – 2.5% of the loan amount|
|Standard Chartered Bank||11.00% – 12.50%||2.00% – 2.50% of the loan amount plus GST|
These were the top 5 best personal loan offering banks in Bangalore, but however you need to decide on one bank to apply for a personal loan. The final decision depends on what you are expecting from the bank as well as whether you fit in the bank’s eligibility criteria or not.