Short Term Personal Loan In Bangalore

Bangalore is one of the most happening metropolitan cities in India. It is considered to be the biggest IT hub of the country emerged since the earlier days of the IT industry in India. People from all corners of the country come here in search of jobs and hence it boasts a cosmopolitan population. In case you are a part of that and need a Short Term Personal Loan In Bangalore then you must know the following.

Eligibility Criteria for a personal loan

• You must be a resident Indian citizen.

• You must be aged between 21 years to 60 years.

• You must be either a salaried or, a self-employed individual.

• A minimum CIBIL score of 750

Documents required for a personal loan

• Government recognised address proofcard.

• Government recognised identity proof

• Government recognised age proof

• Recent passport-sized photographs

• The last 6 month’s bank statement

In case you are a salaried professional,

• The minimum eligible salary is 20K per month.

• 1 year of work experience with proof of at least 6 months completed under your current employer is required.

• The last 3 month’s salary slips.

In case you are a businessman or, self-employed individual

• The annual turnover is required.

• The audited copies of yearly balance sheets and annual profit statements after-tax are required.

Fees and rate of interests applicable for a personal loan

• The rate of interest for a personal loan in Bangalore varies from 9.6% to 36% per annum depending on the lender and your eligibility criteria.

• A processing fee of 1.5%-3% of the total loan amount is applicable.

• Bank charges 2%-5% pre-payment or, loan foreclosure charge depending on the remaining principal amount.

• You need to pay at least 3 to 6 EMIs before you apply for a loan foreclosure.

Hope this helps you to get a smooth Short Term Personal Loan In Bangalore .

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