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How to Get the Best Personal Loan in Bangalore?
While processing the applications for Personal Loans, financial institutions take into account a number of factors. It, therefore, becomes important for you to plan the process carefully to get the best Personal Loan. Here's what you need to know. Read ON
Bangalore- the IT city of India, is known as one of the important cogs in the wheels of Indian economy. It is also the capital city of the state of Karnataka, and hosts a lot of departments and ministries of the State. With a robust IT sector, along with well-established services and manufacturing industries, Bengaluru is one of the fastest-growing metropolitan cities in India. With the plethora of opportunities on offer, it is not a surprise that qualified professionals, young and old; all are heading to the IT city to progress their career. Additionally, being an established educational hub, Bangalore attracts students from all over India and abroad as well.
Along with great career opportunities, Bangalore offers great flexibility to the evolving lifestyle of the people in the city. Luxury retail outlets, fine dining restaurants, exquisite night clubs, enormous shopping malls are some of the benefits that the people of Bangalore get to enjoy. Though, along with modern lifestyle, there come financial problems as well. Being a rapidly progressing city, the cost of living in Bangalore is also amongst the highest in India. Moreover, you can face a financial emergency that requires you to part with a significant sum of money. Excellent facilities and comforts come at a cost, and without proper financial planning, you can land in trouble.
Financial planning involves your savings, investments, and retirement planning. One of the oft missed aspects is managing your credit accounts. Yes! If you are living in a fast-paced city like Bangaluru, you need to plan your credit cards’ spends and Personal Loans in Bangalore at the same time.
Personal Loan is an umbrella term which is used to represent a range of unsecured loans extended by financial institutions to their customers. These Personal Loans are offered for a variety of requirements, such as- higher education, travel requirements, marriage expenses, medical expenses, and any other financial requirement. With almost all leading financial institutions of India, private as well as public, present in Bangalore, it is easier for you to obtain a Personal Loan in India.
Benefits of Planning your Loans in the urban city like Bangalore
With the rapid integration of technology in the banking and financial services sector, availing a personal Loan has become easier than ever. Most of the financial institutions maintain their own website, which allows you to apply for a loan within a few minutes. Then, there are various online finance marketplaces that allow you to compare different Personal Loan offerings and apply for the one which suits your requirements the best. It is not without reason that the popularity of Personal Loans in urban cities is on the rise. There are several benefits on offer which you must know:-
1. Easy to apply: You can apply for a Personal Loan in Bangalore using online platforms within a few minutes. You only need to fill out a basic application form with your personal details and attach some documents to apply instantaneously.
2. Quick Processing: Most financial institutions take only a few working days to process the application for a Personal Loan. This allows you to meet your financial emergencies effectively. For instance, application for a Citibank Personal Loan takes only a few hours to be processed.
3. High loan amounts: In a city like Bengaluru, unsecured loans are available for high-value amounts. Depending on your eligibility, you can apply for a Personal Loan of up to Rs. 25 Lakh within a few minutes.
4. Competitive interest rates: Availing a Personal Loan makes more financial senses than using a Credit Card. Though the interest rates generally vary, you can get a Personal Loan with the average interest rate being around 14-15% p.a.
5. Extended repayment tenor: Repayments for a Personal Loan can be made in up to 60 monthly instalments. The exact number of EMIs offered by the financial institutions depend on your credit profile. This allows you to repay your loans without stretching your finances.
6. Financial planning: In a way, Personal Loans help with your financial planning as well. You can consolidate multiple running loans into one with your Personal Loan and ease out the stress of multiple EMI payments in a month.
How to Get the Best Personal Loan Deal in Bangalore?
While processing the applications for Personal Loans, financial institutions take into account a number of factors. It, therefore, becomes important for you to plan the process carefully to get the best Personal Loan offers. Following are some tips that will help you with this:
1. Check your CIBIL Score: In order to get the best Personal Loan offers, your CIBIL score should be above 750. As the RBI has directed CIBIL to provide a free credit report to customers once a year; you must use this opportunity to get your Credit Report for free. If your Credit Score is below 750, take the corrective steps to get your Score to the desired level. If you don’t know your CIBIL score here is How to Check Your CIBIL Score.
2. Control the Credit Card debt: Credit Card debt is seen as a warning sign by lenders as it signifies hunger for expensive credit. Make sure the combined usage of all your Credit Cards is below 40% at all times.
3. Plan your financials: Make sure that you have filed your income tax returns for the last three years. Have adequate balance in your bank account; there shall be no cheque bounces, no defaults in payments.
4. Opt for a reasonable amount: Do not get greedy. Remember the loan amount carries interest cost. So, only apply for that much amount which you require. This will keep the EMI amounts according to your comfort levels.
5. Research around: There are plenty of financial institutions that offer Personal Loans. Take your time and research around to find out the best deal for your requirements. Even a slight reduction in interest rates can result into substantial savings.
Get the Latest & Recommended articles in your InboxApt financial planning can help you meet exigencies effortlessly without affecting your personal savings. You need to plan carefully to ensure that you can enjoy the full benefits on offer.
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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 27th July 2019.