Bangalore is one of the biggest cities in India and is probably the only cosmopolitan city. The city is famous for its IT industry and is also known as the Silicon Valley of India. The city enjoys a pleasant climate and sees a large number of people making it as its home due to employment and other facilities.
Owing to the importance that the city carries, leading finance companies make their products available for the residents. And one of the most sought-after financial products that are available in Bangalore is the personal loan.
A personal loan facility helps you borrow as high as up to Rs.25 lakh over a tenor between 12 and 60 months. However, if you were looking to apply for a personal loan in Bangalore, you need to consider some key aspects.
Going through the same can help you approach your personal loan in Bangalore application easily. Read on and know more in this quick post!
1) Check out your CIBIL Score
Your CIBIL Score showcases your creditworthiness and helps your lender know if you are the right candidate to be given the loan or not. A higher Credit Score shows that you can be relied on as far as the repayment of the loan is concerned. Also, a strong Credit Score is a guarantee that you will get the loan approval at a lower rate of interest. You can improve your CIBIL Score by repaying your existing loan EMIs and credit card outstanding on time. A CIBIL Score of 750 and more is considered excellent by lenders.
2) Your loan eligibility
The personal loan eligibility criteria differ from a lender to lender. It includes your age, income, occupation and more. You should also ensure to have a consistent employment history so that your eligibility for the loan increases. If you are employed, personal loan eligibility can also get affected by the firm that you are working with. Here is the standard personal loan eligibility criterion at a glance:
- Your age should be 23-55 years
- You need to be working for an MNC, private and public limited company
- You must be a residing citizen of India
3) The rate of interest
Personal loan interest rate is another factor that you should check before applying for a personal loan in Bangalore. It is because the interest rate determines your monthly EMIs, and you should not be paying more than 40% of the income as your EMI. Since a personal loan is an unsecured loan, the interest rate is a bit on the higher side. Hence, you should compare the rate of interest before applying for a personal loan in Bangalore.
4) Compare all available offers
You may get the approval for a personal loan with the first lender that you apply. However, you may have to bear high costs when an affordable deal may be available. To do that, you can simply land on a third-party website and compare all available personal loan offers.
5) Check other costs
Other than the discussed factors, you can also know about the costs involved with the loan such as prepayment, late payment or missed EMIs and others. It will ensure that you are aware of what to pay when you have to pay for something as mentioned.
By considering these factors, you can easily apply and manage the personal loan in Bangalore without issues.
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