Bangalore Personal Loan
Top banks and NBFCs across the country offer personal loans that are unsecured – meaning that there is no requirement for collateral. Customers wishing to avail personal loans can start by visiting the financial portal – antworksmoney.com, On the antworks money website, customers can compare the interest rates offered by its partner banks and decide on a loan from a particular bank that suits their financial situation.
Personal Loan offered by various banks in Bangalore
Some of the leading banks and NBFCs offering personal loans at the best interest rates are listed below:
- Standard Chartered Bank
- Tata Capital
- Aditya Birla
- ICICI Bank
- HDFC Bank
- Axis Bank
- CitiBank
- Kotak Mahindra Bank
- Oriental Bank
- Bajaj Finserv
- Fullerton
How do I get a Personal Loan with the lowest interest rate in Bangalore?
When you plan to get a personal loan in Bengaluru or any other city, you can follow a few important guidelines in order to get a good rate of interest. You will also be required to do proper research before you apply for a loan. Some of the important factors that should be kept in mind for getting a low-interest rate include:
Credit score – Making sure that your credit score it above par will result in you availing a loan at a fairly good interest rate. The better your CIBIL score the lower the interest rate added to the loan and vice versa.
Down payment – Making a down payment upward of 20% of the loan amount will result in you availing a loan at a better interest rate. The bigger the down payment, the better the interest rate.
Debt-to-income ratio – Always ensure that your EMIs, credit bills and other debts do not cross 40% of your annual or monthly income. Having a good debt-to-income ratio will boost your chances of availing a loan with a good interest rate.
Loan shop – Financial portals such as antworksmoney is of great help when loan shopping. On the antworksmoney website, individuals can compare loan interest rates offered by its partner banks and can narrow down on a loan with the best interest rate relative to the tenure – one that suits their budget.
Your employment and experience – This is one factor banks and NBFCs take into consideration when approving or rejecting a loan application. If you’ve had a stable income and worked for a reputed company, it’s likely that you could very well negotiate on a decent interest rate.
Make sure that you negotiate – Negotiating the interest rate on your loan is absolutely necessary. Most people just go ahead with the numbers set by banks and NBFCs, but making a negotiation will help you in the long run.
Tenure – Choosing your tenure directly reflects on the interest rate added to the loan amount. Choosing a shorter tenure will result in you having a much less interest rate – though the EMIs will be considerably low. The interest rate increases with the length of the payback period.
Personal Loan Interest Rates in Bangalore 2018
| Bank | Interest Rate Range | Processing Fee Range | Loan Amount | Tenure |
| ICICI Bank | 11.59% – 18.49% (Fixed) | 2.25% (min. Rs.1149) One time fee | Rs.20 lakh (Max) | 1-5 Years |
| CitiBank | 10.99% – 15.99% (Fixed) | 1% to 2.5% | Rs.30 lakh (Max) | 1-5 Years |
| Kotak Mahindra Bank | 11.49% – 20.15% (Fixed) | Up to 2% | Rs.15 lakh (Max) | 1-5 years |
| Fullerton | 17.25% – 37% (Fixed) | 1.5% to 6.0% (One time fee) | Rs.15 Lakh (Max) | 1-4 Years |
| Bank of Baroda | 11.35% – 14.35%Fixed | Rs.1,000 to Rs.10,000 (One time fee) | Rs.20,000 – Rs.2 lakh | 4 Years (Max) |
| State Bank of India | 12.90% – 14.90% (Fixed) | 1% (One time fee) | Rs.24,000 – 15 lakh | 5 Years |
| Aditya Birla | 11.5% – 13.25% (Fixed) | Nil | Rs.30 lakh (Max) | 1-5 Years |
| Allahabad Bank | 13.10% (Fixed) | 1.22% (One time fee) | Rs.50,000- Rs.7.5 lakh | 1-5 Years |
| Yes Bank | 14% (Fixed) | Up to 2% (One time fee) | Rs.20 lakh (Max) | 1-5 Years |
Salary requirements to avail Personal Loans in Bangalore
Every bank and NBFC have a certain salary requirement which customers have to meet to get a loan approval. Apart from looking at factors such as interest rate, processing fees, prepayment and so, make sure your cross check with the bank’s minimum salary requirement as well. As already mentioned, the salary requirement varies from bank to bank.
For salaried individuals – Depending on which bank you are availing the loan from, generally the minimum salary requirement ranges between Rs.7,500 and Rs.50,000.
Self Employed individuals – Self-employed individuals should provide proof of income of the last two financial years. Generally, the income requirement to avail a loan is between Rs.1 lakh and Rs.2 lakh (profit).
