In this ever changing world, individual needs changes frequently. The need of money could be anything, to name a few it could be buying a new television, paying for a house down payment, personal emergencies etc. Irrespective of the reason anyone has, getting money is easy in our current world. One of the options available to us is a Personal Loan. Next question is what is a Personal Loan? Personal Loan is a form of unsecured loan which is given to Individuals and range from Rs 50,000 to 25 Lakhs. Getting a personal loan is simple and requires few documents to be submitted. The bank will verify your documents and approve the loan if you meet the personal loan eligibility. Once the loan is approved, it will take 2-3 working days for the money to come to your account.
There are many banks offering personal loans and they offer personal loan at a varied rate. The rate of interest varies from individual to individual based on the yearly salary income of the individual, company he/she works for. You have to look at these criteria before finalizing on the bank. At times, few banks offer promotional offers on personal loan and this offers are lucrative. It is also advisable to keep a look at these promotional offers before finalizing a personal loan.
If you are looking for the personal loan in Bangalore then you can get it quite easily. There are so many banks that can provide you personal loan in Bangalore. Bangalore is a competitive city and many banks provide attractive offers to lure individuals.
Points to consider before finalizing a personal loan –
Usually bank considers a fixed rate of interest for personal loan. Check the rate of interest provided by banks. It is very simple, select the bank which offers the lowest rate of interest.
For every personal loan, you have to pay a processing fee which is a percentage of the loan amount or a fixed sum of amount. Check and compare the processing fee charged by each banks. Consider the bank with a lowest rate of interest and minimum processing fee.
Check the loan tenure provided by your bank. You may require a longer tenure to repay the personal loan, in that case check for a bank which is providing a personal loan with a longer tenure.
Few banks provide prepayment facility and provide options to prepay the personal loan without any penalty. If you think that you will be able to prepay the amount before the loan tenure, check for a bank which provides prepayment facility.
To sum up, check for all the above options before finalizing a personal loan. Do ensure you pay your EMIs on time, this will maintain your creditworthiness. We do require money based on our situation/needs and personal loan is one of the good options available for us.