If you reside in the Silicon Valley of India i.e. Bangalore a city that has witnessed tremendous growth over the years, then you would be well aware of the high cost of living that the place demands.
In Bangalore, at times, you would have to take care of unexpected financial emergencies that can require quick financial assistance. There may be times when you would need money to pay off utility bills, high room rent, travel expenses, medical emergencies, home renovation, wedding planning or for any other expenses. Such instances may require instant personal support which you can avail by getting a personal loan in Bangalore.
What is a personal loan?
A personal loan is an unsecured loan facility that can be availed without any collateral, i.e. you do not have to pledge any of your assets as security to the lender. Such loans can be availed based on the eligibility criteria. To determine the eligibility, there are a few things that have a major impact on your eligibility. It is important to note that your credit eligibility is highly influenced by your age, monthly income, employment and other factors.
Reasons to get a personal loan in Bangalore:
- You are facing a financial crunch to plan your wedding
- You want to repair, renovate, change the interiors of your home
- You want to upskill yourself by opting for higher education
- You wish to buy the latest gadgets
- You are working on your side project and need some funds to kick-start it
- You want to explore the world
- You want to modify your vehicle
- You want to buy electronics, home appliances, furniture, etc.
For such reasons, sometimes, it is better to opt for personal loans instead of breaking your savings or fixed deposits.
Eligibility criteria to apply for a personal loan in Bangalore
Here’s the list of eligibility criteria for salaried people to avail a personal loan in Bangalore:
- You should be a resident of Bangalore
- You should be aged between 21-60 years
- You should be working as an employee in a public, private or government entity
- You should be a citizen of India
- You should have a minimum salary of Rs. 20,000
- You should have a good credit score, i.e. a minimum 650
Documents to be submitted to get a personal loan in Bangalore
- Address proof: Aadhar card, voter card, utility bill, driving license or passport
- Identity proof: Aadhar card, PAN card, or passport
- Income statement: Bank statement or 3 months’ salary slip
- Passport size photograph
Before you apply for an instant personal loan in Bangalore, ask the following questions:
- Ask yourself how much money would you need for now
- For how long you will require the loan money
- How long will it take for you to repay the loan amount
- Do you have any option to repay the loan amount if due to some unforeseen circumstances you lose a job or meet an unfortunate incident that may make it challenging to pay unpaid EMIs.
Tips to get a personal loan in Bangalore without collateral
You can avail personal loans in Bangalore without worrying about pledging any of your assets as security to the lender. The best part is, personal loans are disbursed quickly, often within 48 hours. You have to visit the lender’s website or download their free app and apply. Based on your eligibility, the loan amount is sanctioned.
But, how to make yourself eligible for a personal loan without any collateral
Here’s what you can do to become eligible to get a personal loan without collateral:
- Have a high credit score
The simplest thing to have a high credit score is to pay your credit card bills & EMIs on time. Failing to pay your credit bills on time have a negative impact on your credit score.
- Check for pre-approved offers
What’s better than a pre-approved loan offer? If your credit score is high and you pay credit bills on time, you will be offered a pre-approved loan for a fixed amount based on your eligibility. Also, many lenders offer pre-approved loans based on the salary, which means you don’t have to keep any collateral. You can check for such pre-approved offers on a lenders website.
- Having a high income helps
Even if your salary is Rs.20,000 per month, your application for a personal loan will get sanctioned, but if you have a high income, then your application for a personal loan will get sanctioned easily.
- Find the right lender
Right lender is the right key. You will have to spend some time and comparing lenders online to avail the loan at low interest rate. Some lenders do ask collaterals, but few NBFCs and fintech lenders in India do not need you to produce any collateral.
To avail an instant loan in Bangalore without collateral is simple, convenient, and quick. Nowadays, lenders offer flexibility in loan tenure and EMIs. You get paperless and hassle-free instant financial assistance through a personal loan. If you want to get some urgent financial help in Bangalore without any collateral, a personal loan is the best type of loan facility available in India.