Bangalore is one of the major metro cities in India, with infrastructure growing at a rapid pace.
If you live in Bangalore and want some funds to handle your financial situation owing to COVID-19 lockdown, then you are not the only one.
Many residents in the city may be resorting to an instant personal loan in Bangalore to deal with the lack of funds.
You can avail personal loan amounting up to Rs.25 lakh as per the loan eligibility.
If you want to know more about how the quick personal loan can help your financial crisis, then this article is for you. Read on!
Reasons to apply for personal loan in Bangalore to deal with financial issues
#1 – A large loan amount
As per your loan eligibility, you can access an amount as high as up to Rs.25 lakh by leading lenders. It is up to you to use the amount out of the instant loan in Bangalore the way you like it. It is because there are no restrictions on how you use the funds.
#2 – Instant approvals
If you are the right candidate for the loan, then you may get the approval in a flash. Having a robust credit score, employment and repayment history can help you get the loan approval without delays. Your lender may offer you either fixed or floating interest on the personal loan. Fixed vs floating interest rates are what borrowers are generally confused about. A fixed rate means paying fixed EMIs, and floating rate of interest denotes paying a variable rate of interest. It depends on market conditions. Compared to fixed rates, floating ones are affordable.
#3 – Funds disbursal within 24 hours
Leading lenders disburse the loan money within 24 hours to your bank account after the approval. It means that you don’t need to wait for the funds to start covering your requirements inside out.
#4 – Easy to meet eligibility and documents
The quick personal loan eligibility conditions are easy to meet, and even the documents that you need to furnish are less complex. Let’s take a look at the standard eligibility criteria:
- You need to be a resident citizen of India.
- Your age should be between 23 and 55 years.
- You ought to be working with an MNC, Public and a Private Limited Company.
- KYC Documents.
- Employee ID Card.
- Last 2 months’ Salary slips.
- Previous 3 months’ Salaried bank account statements.
- Your cibil score should be 750 or more.
#5 – Flexible repayment tenure
You can relax by spreading your loan amount over the tenure of 60 months. It means that you can manage your outlays and income by paying reduced EMIs. You may have to manage to pay increased interest rate charges for availing longer tenure. But by making some prepayments during the tenure, you can reduce the outgo by an extent. To know how much extra you will pay during the small and longer tenure, you can make the most of the personal loan EMI calculator. Based on your income level and the repayment capacity, you can choose the higher and lower interest-based charges.
You are now aware of the ways the instant loan in Bangalore can help you tackle the financial emergency.
If you are ready, then you can compare the best offers on the online platform and pick one that suits your needs.