Many of the leading banks and NBFC’s provide personal loans ranging from Rs 50,000 to Rs 50,00,000 in Bangalore without collateral. Apart from traditional banking, there are some banks and NBFCs offering special discounts for top MNC’s in form of interest rates and processing fees. Nowadays, personal loans can be availed for many reasons such as travel, medical emergencies, home renovation, wedding expenses, and new goods purchase. Some also use personal loans for credit card debt consolidation, top-up loans, and for balance transfers.
Bangalore, also known as Bengaluru, is the capital city of Karnataka and the third most populous city in India. The city of gardens is also famous for its IT infrastructure development in recent years and attracts many young professionals from all over the world to start their careers. With rapid growth in population and many employees in the IT sector, many leading banks and NBFC’s established operations in Bangalore.
Personal Loan Providers in Bangalore
Basic Eligibility Criteria for Personal loan
- Good CIBIL score – 350 – 900.
- Age limit – 21-60 years.
- Employment Type – Salaried/Self-employed professionals/non-professionals.
- Employment Status – Employed/In-business for at least 2 yrs, at least 1 yr with current employer/business.
- Income – Minimum 15k net income per month.
- Loan Amount – 50,00 to 50 Lakhs.
Personal Loan Interest Rates of Leading Banks and NBFC in Bangalore
|Banks & Financial Institutions||Interest Rates||Processing Fee (Does not include GST)|
|Axis Bank||11.25% - 24.00%||1.5% - 2.0%|
|Bajaj Financial Services||11.99% - 15.50%||2.25% - 3%|
|Bank of Baroda||11.60% - 16.60%||2% (Min Rs. 250)|
|Bank of Maharashtra||15.10% - 15.10%||1.00% (Min. Rs. 1000)|
|Canara Bank||13.65% - 13.65%||1.00% - 2.5%|
|Citi Bank||10.99% - 16.49%||2% - 3%|
|Corporation Bank||12.75% - 13.75%||1.5% (Min Rs. 500)|
|Dena Bank||13.00% - 14.00%||1.00% - 2.5%|
|Federal Bank||13.32% - 15.12%||0.5% - 1%|
|HDFC Bank||10.99% - 20.00%||Rs. 1,000 - Rs. 30,000|
|ICICI Bank||10.99% - 22.00%||Up to 2.25%|
|IDBI Bank||13.20% - 13.75%||1% - 2%|
|IDFC Bank||11.00% - 19.50%||2% - 2.5%|
|IndusInd Bank||11.99% - 23.00%||Up to 2.50%|
|Kotak Bank||11.50% - 24.00%||Up to 2.50%|
|Punjab National Bank||12.25% - 15.25%||1% - 2%|
|RBL Bank||13.99% - 16.00%||Up to 2%|
|Standard Chartered Bank||11.49% - 20.00%||1% - 2%|
|State Bank of India||12.50% - 16.60%||2% - 3%|
|Syndicate Bank||14.20% - 14.20%||0.5% (Min Rs. 500)|
|Tata||11.99% - 18.00%||0.02|
|Union Bank of India||14.40% - 14.40%||0.50% (Min Rs. 500)|
|Vijaya Bank||12.50% - 13.50%||0.25% (Max Rs. 10000)|
|Yes Bank||11.99% - 20.00%||1.5% - 2.0%|
How to Apply for Personal Loan in Bangalore
Standing in long queues and waiting for loans approval days are far gone, anyone can apply personal loan by simply clicking website related to banks or NBFCs and just filling a simple enquiry or application form. Based on eligibility applicant will receive email or phone call by representative for enquiry and ask for required documents for loan submission.
Things to take care before applying for a personal loan
While applying a personal loan, one should understand many different factors such as processing fee, pre-payment penalties, and interest rate. All of these vary from bank to bank, and customers need to be careful while choosing a personal loan.