Yelahanka belongs to the northern part of Bangalore and is very famous for its largest milk dairy in Karnataka. People appreciate this city for its lively culture and profound traditions. It is full of luxurious amenities like historic temples, street cuisine, art galleries, cultural institutions, etc.
While the city is famous for its pristine heritage, Yelahanka is also known for its high living budget with people’s rising costs. People here face financial difficulties with expenses like arranging wedding functions or home renovations. To relieve such financial stress, people take out personal loans and get out of problematic financial situations.
Read this article further if you are looking for a personal loan in Yelahanka, Bangalore, and learn everything you should know about that.
Did you know these benefits of a personal loan?
These days, taking out a personal loan in Bangalore has become much more accessible. It benefits people in a lot of ways. A few of them are here:
- No hidden charges
- Flexible tenures
- Easy repayment options
- Quick loan approval
- High-value loan
- 100% digital process
- Minimal paperwork required
Check out the qualifications to meet for a personal loan in Yelahanka:
- Citizenship should be Indian.
- The age should lie between 21 to 65 years.
- The salaried applicants must have a monthly gross income of INR 15,000 and INR 25,000 for self-employed applicants.
- Must have a working experience of at least one year at a reputed organization.
- A credit score of 700 or more
- Should not be involved in any antisocial or criminal activities.
What are the documents required for obtaining a personal loan in Yelahanka?
- Identity proof (Voter ID / Passport / Driving License / Aadhaar Card)
- Address Proof (Ration Card / Electricity Bill / Passport)
- Income proof (Bank account statement for the last six months for salaried professionals and self-employed individuals bank statement for past three months)
- Certificate of one year of continuous employment for salaried professionals
- Loan agreement with signatures and declarations
How to get a personal loan in Yelahanka?
To obtain a personal loan in Yelahanka, follow up with these simple and easy steps:
- First, visit the website of the bank or lending institution from which you want to get the loan and check the eligibility criteria.
- 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 all the necessary agreements and declarations to confirm.
- At last, you can enjoy the desired loan amount sanctioned to your bank account within hours.
Buddy loan is one such online ideal platform that offers you a personal loan for your needs. It has an entirely digital approach that you can complete on your smartphone. In addition, the low-interest rates start from just 11 % per annum, making it significantly more appealing than any other option.
Address these questions while applying for a personal loan:
Where personal loans are there to solve your financial problems, it is essential to ask some questions before deciding. A few of these questions are here below:
How much money do you need?
The first and foremost thing you should do before choosing a best personal loan addresses the need for a loan. Depending on which, you can plan your loan amount as per the requirements. Because taking out a larger loan unnecessarily is not healthy for your financial well-being.
As the loan repayment term lengthens and the due date approaches, the interest rates will become a burden over time. To avoid such future complications, you should be selective of the minimum and maximum loan limits.
Do you have the desired credit score?
A solid credit score plays a significant role in helping you to qualify for a personal loan request. Hence you should consistently maintain a good credit score, and a credit score of 700 or more is suitable for loan approval.
To build the desired credit score, make sure you pay off all your credit cards and EMIs on time. Your score will be damaged if there is any delay in repaying debts or paying credit bills, limiting loan eligibility.
Checking your score once a year is a good practice, and you can get your credit score checked at Buddy score anytime.
When will you be able to repay?
As much as it is vital to identify the loan requirement, deciding the loan tenure is also crucial. Choosing the suitable term for which you are comfortable repaying the loan amount.
Is the EMI affordable to you?
Planning your loan is not enough because it does not provide a clear picture of the budget. Analyze the EMI and down payment, the banks agree upon and calculate the monthly payment you have to make. An EMI calculator will help you figure out how much interest you’ll have to pay.
Do you know the overall charges involved?
We often get confused and make mistakes focusing totally on the loan’s interest rate, oblivious to the other expenses. It is essential to pay close attention to the overall charges included in the loan.
Aside from additional GST, applied interest rate and prepayment charges like verification and documentation processing fees, make sure there are no other hidden costs.
Is the lender authenticated?
the most central question that comes to the mind is, “Is the lender trusted?”. Research the lender’s loan plans and services like interest rates, tenures, EMIs, etc. Ensure the lender is genuine and licensed by the Reserve Bank of India.
For this purpose, you may take guidance from someone who has recently taken otut a loan. Learn everything about the experience and challenges they faced when applying for the loan for a hassle-free experience.
Is the loan secure?
In general, personal loans are of two types, mainly- secured and unsecured. However, lenders do not ask the applicant to mention the reason behind obtaining the loan. However, it is safe to do research before taking out a loan for a secure and transparent process. Ensure that the loan is unsecured or does not come with any collateral in the form of co-signer, pledges, etc.
Want to Apply for a Personal Loan? Apply Here
The demands for personal loans are increasing day by day. Because of its diverse users and broad utility, personal loans are becoming more favorable to people for their big purchases and personal concerns.
Buddy loan is a place where you get instant personal loans of up to 5 lakhs with flexible tenure of 5 years and interest rates starting from 11% per annum.