Koramangala is indeed one of the most popular cities among the youngsters in Bangalore. It is a place full of lively nightlife and beautiful stops for hanging out with friends. Sited with historic and sophisticated restaurants, Koramangala is filled with cheer and enthusiasm.
But if you pay attention to the cost this luxury comes with, you may wonder how one can sustain to live up to such a high standard of living? For this, most people end up taking out a personal loan and living the life they dreamt of If you too are looking for taking out a personal loan in Koramangala, Bangalore, then this comprehensive article is here to guide you through everything required to get one.
Did you know these advantages of obtaining a personal loan in Bangalore?
These days, taking out a personal loan in a city like Bangalore has become a lot easier than it was earlier. Especially for its modern parts like Koramangala. It also has multiple features and benefits to offer the people. Here are a few of them:
- No hidden charges
- Flexible tenures
- Easy repayment options
- Quick loan approval
- High-value loan
- 100% digital process
- Minimal paperwork required
Think about the following before taking out a personal loan in Koramangala
Plan your budget
Taking out a larger loan than you need is not a wise thing to do. Because the interest rates will become a burden to you over time. The due date gets closer as the loan term gets longer. The borrower should be aware of the minimum and maximum loan limits to avoid future issues.
Build a credit score
Today, the number of people holding credit is increasing and so is its importance where the credit score plays a vital role in your loan approval chances. But to be eligible for a personal loan, you must have a credit score of over 750. Make sure to pay off all your credit cards and EMIs on schedule to avoid this. The score will be harmed if there is a delay in repaying current debts or an inability to pay credits, limiting loan eligibility.
You can easily check your credit score at Buddy score anytime by registering simple information.
Be on good terms with your lender
Maintaining a good relationship with the lending partner not only improves your chances of getting a loan requested but also is important for your future loan references as well.
Check the loan security by opting for a collateral-free loan
When it comes to the customer’s safety, it becomes important to examine the efficiency of the loan to see if it’s secure and transparent, as well as all the risks and collateral involved. Personal loans can be secured (where you must put up collateral to borrow money) or unsecured (where you do not have to put up any collateral to borrow money).
Check with the bank to see if they offer unsecured personal loans, which means you won’t have to present any assets in the future, such as cash or land.
Needless to say, every big or small life decision requires some sort of prior knowledge. You may seek guidance from any of your friends, or acquaintances who recently or ever took out a loan. Or can ask any financial advisors and experts for a safe and secure experience further.
Watch out for the repayment terms
Apart from the flexible tenure lenders allow you, make sure the EMIs and down payments are also negotiable or at least affordable to you. EMI s varies from bank to bank. You may check the EMI offered by lenders by visiting their websites to ensure.
Be vigilant of interest rates and other processing fees
We often make the mistake of focusing just on a loan’s interest rate, ignoring any other costs. Look for any hidden expenses, such as GST, prepayment, and processing fees. Banks and lenders however apply necessary banking services to a mandated GST rate of 18 percent, and a processing fee of 0.5 percent to 2.50 percent is deducted from the loan amount as a processing fee. Aside from that, the total amount owed also includes verification and documentation expenses.
What makes you eligible for a personal loan in Koramangala?
It is important to first meet the necessary eligibility criteria required for it. Check out the list of qualifications mentioned below:
- The applicant must be a citizen of India
- Applicants must fall into the age group between 21 to 65 years.
- Applicants must have a monthly gross income of a minimum of INR 20,000 for salaried employees and INR 25,000 for self-employed ones.
- The applicant 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.
What are the documents required to apply for a personal loan in Koramangala?
Here are the lists of the documents you need to apply for a personal loan in Koramangala:
- 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
- Essential signatures and declarations on the application form.
Bangalore life comes with thrills and challenges as well. To face the financial challenges, you can always take out a personal loan in Bangalore and relieve your financial strain.
In this regard, Buddy loan gives wings to your dreams by offering you the best personal loan in Koramangala, Bangalore with interest rates starting from 11 % per annum and an easy repayment term of up to 5 years.
People also ask
1. What can a personal loan be used for?
Personal loans can be a great way to satisfy our requirements. The below are some of the common uses of personal loans:
- House renovation or remodeling
- Debt consolidation
- Marriage or wedding arrangements
- Medical emergencies
- Family trip or vacation expenses.
2. My credit score is 330, am I eligible for a personal loan?
No. If you have a credit score of 330, chances are negligible that any bank or lender can provide you with a personal loan, as 330 is considered as a poor or a bad credit score. You can try building a good credit score by practicing responsible and timely management of your credit lines and other debts.
3. How can I get a personal loan in Bangalore?
There are many authorized banks and NBFCs (Non-banking financial institutions) for which the Reserve Bank of India (RBI) has provided licenses from which you can get a personal loan
4. Can a good credit score help you get a personal loan at a lower rate of interest?
Yes, a good credit score can help you achieve a personal loan with a lower interest rate.