Electronic city is one of the busiest and biggest IT and industrial parks in Bangalore. This city is a vast circle of some of the main campuses of the most established organizations like Wipro, TCS, HCL, etc. While Bangalore is known for its business and millennial hub, the electronic city is all about cooperative workspace and people there have entrepreneur and leadership qualities.
The spirit of the city’s professionals is constantly striving to improve their financial security and add value to their lives to meet all their costs without sacrificing their quality of life. Needless to say, pursuing all of these carries the risk of triggering a financial disaster. In such situations, taking out a small business loan in the form of a personal loan can be a great help.
Let’s dig deeper into the article and explore different aspects of a personal loan.
How Can a Personal Loan Help You With Your Business Needs?
A small business loan is a source of funding with the help of which you can have easy access to cover the costs associated with the operation and growth of your company or even starting a new business. Most people obtain a small business loan to meet their business needs.
Buddy loan is here to help with a small business loan or personal loan that comes with rapid approvals, no-prepayment penalties, and reasonable interest rates.
What Are The Benefits of a Personal Loan?
No Collateral Involved
A personal loan is an unsecured loan, which means you don’t have to put up any of your possessions as security. Although lenders demand higher personal loan interest rates to cover the risk of lending money without collateral, the loans are still unsecured. It still appears to be a better option than relying on money from friends and family.
Those days are gone when you had to wait in long lines at banks for your turn to come. The theme of loan approval today is entirely digital. You can also apply using other channels such as RBI-approved banks, non-banking financial institutions, online mobile applications, and credit unions.
Complete Digital Process
With the convenience of tackling every trouble online, monitoring online is the biggest innovation we have seen so far. Taking out instant personal loan is now completely digital and online. Without any need of visiting multiple rounds of banks and standing in a long queue of any NBFC.
Easy Repayment EMIs
Convenient EMIs and down payments make it favorable to the people Personal loans allow you to repay the entire loan amount over time with flexible payment options. It allows borrowers adequate time to pay off the loan amount without any difficulty.
Nowadays, opting for a personal loan comes with the convenience of easy repayment terms called tenures. Personal loans come with the convenience of hassle-free payback tenures of up to 5 years.
In this regard, Buddy loan is an online platform where you can get an easy personal loan of up to 5 lakhs with flexible tenure of 5 years and interest rates starting from 11% per annum only.
Quick Loan Approval
Instant sanctioning of loan amounts makes personal loans a more favorable option for borrowers these days. You can get a personal loan disbursed into your registered bank account within 24 hours of your document verification.
Want to Apply for a Personal Loan? Apply Here
How To Qualify For a Personal Loan in Electronic City, Bangalore?
Before applying for a Apply Here , it is important to first meet the necessary eligibility criteria required for it. Below are the criteria mentioned for the same:
- The applicant must be a citizen of India
- The applicant must fall in the age group of between 21 to 65 years.
- They must have a monthly gross income of a minimum of INR 15,000 for salaried employees and INR 25,000 for self-employed ones.
- They should be either a salaried employee at an established organization for a minimum period of one year or self-employed for at least 1 year.
- Must have a credit score of at least 700.
- Must not have been involved in any antisocial or criminal activities.
What Are The Necessary Steps Involved in Obtaining a Personal Loan in Electronic City Bangalore?
- First, you need to visit the website of the bank or the lending institution from which you want to get the loan, and there, check if you meet the qualifications needed for the loan.
- To step further, register with your bank account to get your loan amount disbursed in it.
- After this, complete the documentation with the mandatory KYC documents.
- While documentation, you may be charged a processing fee and additional GST.
- Finally, apply the above details and wait for a few hours till the bank verifies them.
- After the bank verifies your application, sign in all the necessary agreements and declarations to confirm.
- At last, when you are done with all these, you can enjoy the desired loan amount sanctioned to your bank account within hours.
Watch Out For These While Applying For a Personal Loan:
- Maintain a good credit score of 700 or more as it reflects your creditworthiness and loan repayment capacity.
- It is a good idea to keep checking your credit report. You can easily get your credit score checked at Buddy Score.
- Try to settle your previous debts and avoid making too many loan inquiries as it may degrade your customer value and banks and lenders may find you suspicious to provide you any loan.
- Calculate the EMI you will need to pay every month for a better budget analysis of the loan
- Take out the loan amount for only what is required.
- Make sure that your debt-to-income ratio is somewhere between 50%
- Be vigilant about all the charges involved in the process. Apart from necessary interest rates and additional GST, processing/ documentation fee, verification, or pre-payment charges, ensure that there are no hidden fees.
Establishing a business on your own is indeed a difficult task but once you achieve it with the help of instant personal loan in Electronic City you may make a place among those bright minds, rich entrepreneurs, and business tycoons. We at Buddy loan understand this and strive to provide a quick personal loan to the people of this magnificent city.
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