Malleshwaram is located in the North-Western part of Bengaluru. Known for historical temples, Malleshwaram was named after Kaadu Malleshwaram Temple. The main specialty of Malleshwaram is that it is a blend of old charm and new age culture such as malls, street food, art galleries, educational institutes, etc. Malleshwaram is mainly known for Sanky tank, Mantri mall, The Bangalore Palace and a lot more.
This attracts many people to choose Malleshwaram for a living. But with such a rich heritage and culture, the cost of living can be pretty high to handle sudden financial stress. Be it education fees, medical costs, or wedding costs, it can create huge stress to handle the financial situation especially when there is a sudden requirement. This is where availing of a personal loan in Malleswaram, Bangalore can help you handle such a crisis.
In this article, we will dig deeper about how to avail a personal loan in Malleswaram, but before that let’s first understand what a personal loan is.
What is a Personal Loan?
Personal loans are nothing but unsecured loans that are availed to fulfill any emergency need for funds. You need not provide any collateral to avail of a personal
loan. This type of loan is considered more convenient as it requires very few documents and the verification process is also very fast.
Benefits and features of getting a personal loan in Malleswaram
A personal loan has a lot of benefits compared to a traditional one. The following are the features and benefits offered by a personal loan:
- No Hidden charges: There are no prepayment charges, or any other hidden charges.
- Collateral free: There is no need to submit any collateral to avail of a personal loan.
- Instant approval: The loan gets approved instantly if you have met the required eligibility and a good credit score.
- Get the loan within 24 hours: As the process is fast and is made online, the loan amount is disbursed to your bank account within 24 hours of verification.
- Minimum Documentation: You only need a few documents to verify your identity, address and income such as your Aadhar card, PAN card, bank statement, etc.
- Flexible tenure for loan: You can repay your loan amount through EMI options over a period starting from 6 months to 5 years.
Check out the Eligibility Criteria for getting a personal loan in Malleshwaram
- He/She must be a citizen of India.
- The age of the person applying for the loan should be between 22 to 58 3. He/She should either be employed or self-employed
- The minimum income of the applicant should be Rs.15,000 per month with at least one year of complete working experience.
- The applicant should have a good credit score of above 750
- The applicant should not have any records of anti-social or criminal activities.
It is always advisable to check your eligibility to avail of the loan either online or by visiting your nearest bank. This will also help you clear all your doubts regarding any eligibility issues before you could apply for the personal loan.
Mandatory documents that are required to be submitted for getting a personal loan in Malleshwaram.
The following documents must be submitted for verification of your identity when availing of a personal loan:
- Proof of Identity (Voter ID/ Aadhar Card/ Driving License/ Passport) 2. Proof of Address( electricity bill/ Passport/ Ration Card)
- Proof of Income ( a salaried employee should submit a bank statement for the past 6 months and a self-employed person should submit bank statements for the past 3 months)
- The applicant should submit an Employment Certificate which mentions one year of complete service in a company.
- Complete the application form signature and declaration where applicable.
Things to know before getting a personal loan
Here are the few things that your should know before you could avail of a personal loan:
- Credit Score: A credit score is a 3-digit number ranging from 300 to 900 that shows the creditworthiness and repayment history of an individual. A credit score above 750 is considered excellent indicating that you are capable of paying all your due bills before the stipulated deadline. Hence, make sure to have a good credit score. It is also suggested to check your credit score once a year regularly. You can get your credit score report using buddy score instantly.
- Debt-to-Income Ratio: It is the percentage of gross monthly income to that of debt payments. It shows the ability of an individual to manage monthly payments. Lenders will check your debt-to-income ratio while approving your loan without any documents. A debt-to-income ratio should be less than or equal to 50%.
- Relationship with your lender: A good and long lasting relationship with your lender builds trust and loyalty. Since you have a good relationship with your lender, they will already have all the information about your financial situation and your ability to repay the loan. This will help in processing your loan instantly without having to submit any documents.
- Clear all your past debts: It is always good to pay off bills and dues on time. It is always suggested to start clearing your past debts as soon as possible. This will not only increase your credit score but also increases the chance of getting low interest rates as your creditworthiness will be good.
- Decide your required loan amount: Taking a loan more than you require can make it difficult to repay your debts on time. This will in turn impact your credit score in a negative way. Hence, avail of a personal loan only as much as you actually require.
- Get a co-applicant: A co-applicant (also called co-borrower) is a person who shares the joint responsibility along with the borrower for the money borrowed from the lender. The lender may consider giving you a loan even if you have a bad credit score if you apply for the loan with a co-borrower who has a good credit history.
- Know your EMI: Before you could apply for a personal loan, do a clear research about various banks, NBFIs and lenders to get an idea about the interest rates, EMI, tenure of repayment, etc. You can calculate your EMI to be paid from various websites.
Malleshwaram is always known for its rich heritage, temple culture, food, etc making it a main attraction. Though the cost of living and expenses may be high, taking a personal loan in bangalore will be of great help in times of financial crisis. Knowing your eligibility and credit worthiness is an important factor to consider when applying for a personal loan.Buddy Loan offers instant loan online for different categories to curb the sudden financial requirements of the people.
People Also Ask:
- What is the minimum and maximum tenure of repayment of a personal loan in Malleswaram, Bangalore?
The minimum tenure is 1 year and maximum is 5 years depending on the bank/ financial institution.
- Is it possible to reduce the EMI to be paid for a personal loan?
Yes, you can reduce the EMI payable by maintaining a good credit score above 750. You can also negotiate your interest rates if you have a good credit history and a good relationship with your lender.
- What is the maximum loan amount that I can borrow for a personal loan?
You can borrow from Rs.10,000/- to maximum of Rs.15,00,000/- depending on your requirement. This range will vary in different banks.
- How to know if I have a good credit score?
To know whether you have a good credit score, you can check your credit score report using Buddy Score to get a full report of your credit history within a few minutes.