Personal Loan in Mysore

Mysore is a city that is known for its rich culture and history. With a booming economic growth and a prospering IT sector, the city offers rapid growth and development to its citizens. Its developing nature gives its residents an opportunity to pursue their dreams and aspirations. Now finance your personal and business aspirations, by opting a personal loan in Mysore.

An instant personal loan in Mysore will help you finance your education, home renovation, medical expenses or starting a new business project. Get a Mysore personal loan now at just 11.99% p.a. and enjoy a flexible repayment term of 60 months.

Get an Instant Personal Loan in Mysore

If you consider availing an instant personal loan, you are bound to meet financial benefits. There are many banks and non-banking financial institutions that operate in Mysore, providing the citizens with the right funds at the right time. Here are some of the general loan terms that you can expect from the personal loan agents in Mysore.

Type of Loan Unsecured Loan
Minimum Salary Required 15,000/-
Maximum Loan Amount ₹ 50 Lakhs
Interest Rates 11.99% p.a. onwards
Tenure 3 to 60 Months
Approval 24 Hours approx
Note- The interest rates are dynamic and subject to change based on your credit history and credit worthiness.

Personal Loan Interest Rates & Charges in Mysore

Banks and NBFCs offer competitive interest rates and charges that borrowers can choose from when it comes to getting a personal loan. The interest rates and charges offered by lenders will depend on several factors such as credit score, income, loan amount, repayment tenure, lender’s risk policy and current market conditions. Some of the general rates offered by personal loan agents in Mysore are as follows,

Interest rate 11.99% p.a onwards
Stamp duty 0.5% onwards
Processing fee Up to 3%
Prepayment charges 0% - 3%
Late payment charges 1% - 2%

Personal Loan Providers in Mysore

Borrowers can get a personal loan in Mysore through banks and NBFCs that are available there. Here are some of the personal loan agents in Mysore along with their interest rates.

Banks in Mysore for Personal Loan

Here are the list of banks offering instant personal loan in Mysore at competitive interest rates:

Banks Interest Rate
Axis Bank 10.49% p.a. onwards
State Bank of India 11.05% p.a. onwards
Yes Bank Personal Loan 10.99% p.a. onwards
HDFC Bank 10.50% p.a. onwards

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Note-The interest rates mentioned are subject to change. Do visit the website for more information.

NBFC in Mysore for Personal Loan

Below are top performing NBFCs in the country providing instant loan in Mysore along with their competitive interest rates,

NBFC Interest Rates
Buddy Loan 9.9% onwards
Tata Capital 10.99% p.a. onwards
Poonawala 9.99% p.a. onwards
Fullerton 11.99% p.a. onwards
InCred 13.99% p.a. onwards

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Note- The interest rates mentioned are subject to change. Do visit the website for more information.

Mysore Personal Loan Eligibility Criteria

In Mysore, personal loan lenders will check if a borrower clears the necessary eligibility criteria before accepting their loan application. The eligibility criteria is important as it proves the credibility of the borrower. It also helps lenders assess the risks involved in providing the loan. The criteria will differ from one lender to another. However, some of the general eligibility requirements are as mentioned below:

Citizenship Indian
Age 21 - 65 years old
Minimum monthly income ₹15,000
Credit score 650 above
Employment Must be salaried or self employed

Documents Required for a Personal Loan in Mysore

When availing a personal loan in Mysore, there are a set of documents that lenders will ask for verification. These documents will differ depending on the lender. However, some important documents that lenders expect from you are, listed below:

Identity proof Aadhaar card, PAN card
Age proof Birth certificate, Voter ID
Address proof Rental agreement, Utility bills
Employment proof Employment letter
Salary proof Salary slips for the last 3 months, bank account statements for 6 months, Form 16.

Calculate EMI for a Personal Loan in Mysore

Getting a personal loan in Mysore has become easy and convenient. However, before applying for a loan, borrowers must assess their equated monthly instalments (EMI). An equated monthly instalment is a payment made by the borrower as repayment towards a personal loan. It is an important financial obligation that requires proper consideration before getting a loan.

A borrower needs to be aware of the estimated EMI amount they need to pay every month. This will help them understand if they can afford an instant personal loan in Mysore. Here, an EMI calculator becomes a valuable tool that helps borrowers make informed decisions. This user-friendly calculator lets you estimate the monthly repayments; based on factors like their loan amount, interest rate and repayment tenure. By using an EMI calculator, Mysore residents can plan their finances and understand the impact of different interest rates and tenure. Helping them choose the EMI that fits comfortably within their budget.

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Borrowers can also use the formula EMI = P*r*(1+r)^n/((1+r)^n)-1 to calculate their EMI.


  • P stands for the principal amount.
  • R stands for the rate of interest.
  • N stands for the loan tenure,which is calculated in months.

Types of Personal Loan in Mysore

A personal loan is a flexible financial option that the residents of Mysore can use for any purposes. The personal loans that you can avail in Mysore are:

  • Personal Loan for Marriage:Planning a dream wedding in Mysore will involve many arrangements. To make such a special day a reality, residents of Mysore can take a personal loan for wedding expenses. The loan will cover all expenses,including the venue and caterer, which is repaid in a tenure of their choice.
  • Personal Loan for Travel:Everyone needs to get away from their everyday lives once in a while to explore new places and enjoy different cultures. While travelling can be quite expensive, Mysore residents can comfortably explore new places with a personal loan for travel. Interest rates and manageable repayment terms are crucial benefits they can travel with either anywhere while maintaining financial stability.
  • Personal Loan for Home Renovation: Sometimes a home will require repairs, upgrades or redesigns that need financial investment. Mysore residents can make use of a personal loan to transform their living spaces at competitive interest rates. They also provide you with flexible repayment options.
  • Personal Loan for Medical Emergencies:Lack of finances during medical emergencies can be overwhelming. In a city like Mysore, a personal loan for medical emergencies becomes a lifeline. These loans are swift to access & cover medical bills, hospital costs and expenses for various treatments. The medical procedure can be carried with a loan amount of low interest rate.
  • Personal Loan for Education: Getting a higher education is a significant investment towards one’s future. Through a personal loan for education, people in Mysore can achieve their academic aspirations at competitive rates. The loan will not only cover tuition & living expenses.

Features & Benefits of Personal Loans in Mysore

Borrowers can enjoy many features and benefits of personal loans in Mysore. From competitive interest rates to maximum loan amount disbursal, you may benefit from the loan tenure you claim from the particular bank/NBFC:

High Loan Amount

Avail any loan amount
of up to 50 lakhs.

Quick Approval

Enjoy lighting fast approvals
within a few days.

Collateral Free

No collateral is required
for personal loans in mysore

Minium Documentation

Basic and simple
documentation is required.

Attractive interest rate

Personal loans in mysore
offer affordable interest
rates of 11.99%p.a.

Flexible Tenure

Enjoy flexible
tenures of up to
60 months.

Personal Loan in Mysore for Low CIBIL Score

Availing an instant personal loan in Mysore with a low CIBIL score is a possibility. Some challenges might be there, however, here are the tips on how to get a personal loan without a CIBIL score in Mysore:

  • Check your credit report: Get a copy of your credit report to understand the factors that are affecting your low CIBIL score. Identify errors and discrepancies to improve your score and chances of getting a loan approved.
  • Research lenders:Look for lenders in Mysore that offer personal loans with low credit scores. There are many lenders who provide loans for people with a low score.
  • Secured loans: Consider offering a fixed deposit or property as collateral for the personal loan. This will reduce the lender’s risk and increase your chance of getting a loan approved.
  • Co-signer:Get a co-signer with a good credit score to take joint responsibility for the loan. This will improve the chances of loan approval and lead to better loan terms.
  • Online lender: You can opt for online lending institutions as they can be more lenient in providing loans to individuals with low credit scores

Tips for Choosing the Right Personal Loan in Mysore

You choosing the right personal loan in Mysore is critical as getting the best loan terms that suit your financial needs. It will require careful consideration and in-depth research. Here are a few tips on how to get the right personal loan in Mysore:

  • Choose the right lender:Getting the right loan requires the borrower to choose the right lender for them. Look for reputable lenders in Mysore that offer loan terms that fit your financial requirements.
  • Compare interest rates: Different lenders offer different interest rates. Pick the lender that offer an interest rate you are comfortable with.
  • Compare fees and charges: Inquire about the lender’s processing fees, prepayment charges, and other fees. Compare between different lenders. Choose the lender that provides a transparent fee structure.
  • Avoid over borrowing:Borrow only the amount that is required, as taking more debt than necessary, can only lead to financial hardship.
  • Negotiate:Borrowers with good credit scores can negotiate to get the best loan terms, including a low interest rate.
  • Read the fine print:Read the loan terms carefully before accepting them to ensure there are no hidden charges or fees.

Steps to Apply Online for an Instant Personal Loan in Mysore

Getting a personal loan in Mysore is easy and quick with the help of Buddy Loan, all you need to do is follow these simple steps:

Steps To Apply For a Personal Loan with Buddy Loan

  • Step 1: Visit or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Ready to take next step ?

Frequently Asked Questions

You can get a personal loan for a 10,000 salary in Mysore by following the steps given above.

Yes, many lenders provide loans without CIBIL score in Mysore. However, the interest rate might be high.

Yes, if you do not meet the CIBIL score requirement of the lender, your loan application may be rejected.

It takes 24 hours to a few days to get a personal loan in Mysore.

You can borrow funds of up to 50 lakhs when applying for a personal loan in Mysore.

The personal loan interest rate in Mysore starts from 11.99% p.a. Onwards. The interest rate will depend on various factors, such as your credit score, credit history and loan amount.

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