Instant Personal Loan in Bangalore – Apply Now for Quick Loan Eligibility

Are you looking for an instant personal loan in Bangalore? If so, Loan Sumo will help you find the best loan offers from legitimate and responsible sources. Being the third most populated metropolitan city in the country, Bangalore offers you a ton of options when it comes to personal loans and lenders. It is the nation’s IT capital and also goes by the nickname “Silicon Valley of India.” Famous for its beautiful parks and scintillating nightlife, Bangalore has a lot to offer to visitors and residents alike. However, due to the high cost of living, students and young professionals, who form the majority of the population here, often find it hard to cope.

If you are in a similar situation, you may need some additional financial support to cover emergency expenses. The quick & easy personal loans in Bangalore are perfect for this. However, more often than not borrowers do not know where to go or who to turn to for obtaining the funds they need. Here at Loan Sumo, we not only aim at informing you, but we also help you connect to the best lenders offering personal loans in Bangalore.

About instant personal loan in Bangalore

Instant personal loans in Bangalore are perfect for when you need money urgently. Both salaried and self-employed individuals can obtain these loans. You can apply for a personal loan in Bangalore for a number of personal reasons. However, lenders may not be willing to lend you if you are planning to invest in a high-risk venture. These easily available retail loans are ideal if you are looking for funds for a medical emergency, your child’s education, your or a loved one’s wedding, home renovation or a vacation. Getting the loan will be fairly easy for you if you meet the lender’s eligibility criteria and if you have a decent credit score.

Both banks and other financial institutions provide personal loans in Bangalore and depending on the lender and your eligibility and needs, you may be able to borrow anywhere from Rs. 25,000 to Rs. 25 lakhs. The tenure for an instant personal loan in Bangalore may range between one and five years. Because of the minimal documentation involved, the process of obtaining the loan is also incredibly fast. Aside from being fast and easily accessible, most of the instant loans in Bangalore are also unsecured. That means you do not need to put your property or assets down as collateral.

When it comes to paying off the loan, an quick personal loan in Bangalore allows you to choose a flexible repayment term. The amount (principal plus interest) is broken down into several monthly instalments. You need to keep paying these instalments until you reach the end of the tenure and your loan is fully paid off.

Benefits and features of an personal loan in Bangalore

If you are in need of quick funds, an easy personal loan in Bangalore can very well meet your requirements. The Garden City has one of the biggest markets of personal loans, which is why finding a lender should not be much of a problem. Aside from wide availability, easy application, and quick approval, these personal loans have many other benefits to offer. Some of the most notable features and advantages of an personal loan in Bangalore include:

  • Fixed interest rate.
  • Flexible repayment schemes and lengthy tenure of up to 60 months.
  • Payment accepted through auto debit, ECS, and post-dated cheques.
  • No security required.

As mentioned above, you can use these personal loans in Bangalore to cover for emergencies and other needs. The interest rates on these loans are often much lower than credit cards. That is why it may be a good idea to go for the personal loans instead of a new credit card.

Popular lenders offering instant personal loans in Bangalore

Both banks and NBFCs provide personal loans in Bangalore. If you are planning to apply for one, you are likely to have many options to choose from. The loan amount and the rates and charges may vary depending on the financial institution you choose. Even the eligibility criteria may differ from one lender to another. Before signing up a particular loan deal, you should go through all your options and compare them in order to pick the best one for your needs. Here is a list of some of the popular lenders and the details of the personal loans they offer.

Bank Name

Loan Amount

Interest Rate

Loan Tenure

Processing Fee

Prepayment Charges

Foreclosure Charges

State Bank of India Rs. 24,000-Rs. 15 lakhs 10.75% and above for salaried individuals and 11% and above for self-employed individuals Up to 5 years 1% of the sanctioned loan amount plus taxes 3% of the prepaid amount 3% of the outstanding principal
ICICI Bank Up to Rs. 20 lakhs 10.99% and onwards for salaried people and up to 20% for self-employed Up to 5 years Up to 2.25% of the sanctioned loan amount 5% of the prepaid amount 5% of the outstanding principal
HDFC Bank Rs. 50,000-Rs. 40 lakhs 10.99% – 21.25% Up to 5 years 2.5% of the loan amount 2%-4% of the prepaid amount 2%-4% of the outstanding amount
Axis Bank Rs. 50,000-Rs. 15 lakhs Upwards of 15.50% for both salaried and self-employed individuals Up to 5 years Up to 2% of the sanctioned loan amount NIL NIL
Citibank Up to Rs. 30 lakhs 10.99% – 16.49 Up to 5 years NIL X X
TATA Capital Up to Rs. 20 lakhs 10.99% – 25% Up to 6 years NIL X X
INDUSIND Up to Rs. 25 lakhs 11% – 16% Up to 5 years NIL X X
Kotak Mahindra Bank Up to Rs. 25 lakhs 10.99% – 18.15% Up to 5 years Up to 2.5% X X
India Infoline Finance LTD Up to Rs. 25 lakhs 13.49% – 19.99% Up to 5 years Up to 2% X X

Eligibility criteria for instant personal loans in Bangalore

Before you can think of applying for an instant personal loan in Bangalore, you must get to know whether you are eligible for it. Different lenders may have different eligibility criteria. However, some of the common requirements are:

  • You should be between the ages of 21 and 60 years.
  • Salaried individuals must have a minimum income of Rs. 15,000 and self-employed individuals must have a turnover of Rs. 15-40 lakhs.
  • You must be staying in Bangalore for at least 1 year.
  • You must have total work experience of at least 2 years.
  • Provide the latest documents such as bank statements, KYC and more.

Documents you need to provide with your application

When submitting your application, you need to provide the following documents:

  • Passport sized photographs.
  • Identity proof (voter ID/passport/Aadhaar or driver’s license will do).
  • Residence proof (passport/bank statement/rental agreement/landline bill will do)
  • Copy of your PAN card.
  • Proof of income (salary slip of the last 3 months).
  • Bank statements of the last 6 months.
  • Proof of job continuity and stability.

Here at LoanSumo, our goal is to help you find the best instant personal loan in Bangalore. To know more, get in touch with us!