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Personal Loan in Bengaluru

Bengaluru, also known as Bengaluru, is the Silicon Valley of India. It has made a substantial contribution to India's IT supremacy, with a strong history of leading R&D labs, reputed educational institutions, and public sector enterprises. The city’s technological prowess and sea of opportunities attract many people across the country. However, Bengaluru is also an expensive city to live in, making a personal loan in Bengaluru a popular choice. From putting down a deposit for a rented apartment to finding the right clothes for work, a personal loan for salaried individuals covers a wide range of needs.

For those looking to start their own business, a personal loan in Bengaluru can be the stepping stone to success. Individuals can get all the support they need from IDFC FIRST Bank, allowing them to kickstart their entrepreneurial journey.

Features of an Instant Personal Loan in Bengaluru

These features are only applicable when you take a personal loan in from IDFC FIRST Bank:

Use a Personal Loan in Bengaluru to Fulfil Your Needs

Living in Bengaluru may not be as affordable as one might think, which is why many individuals opt for a personal loan in Bengaluru whenever the need arises. Here are some scenarios where a personal loan can come in handy:

Travel expenses

Embark on your dream adventures with a travel loan designed exclusively for elite travellers.

Weddings

With weddings bringing unexpected costs, an instant wedding loan is a go-to solution for many.

Home renovation

Moving into a new space? A home renovation loan can help meet renovation expenses with ease.

Medical emergencies

A medical loan serves as a financial backup during sudden medical emergencies.

Travel expenses

Embark on your dream adventures with a travel loan designed exclusively for elite travellers.

Weddings

With weddings bringing unexpected costs, an instant wedding loan is a go-to solution for many.

Home renovation

Moving into a new space? A home renovation loan can help meet renovation expenses with ease.

Medical emergencies

A medical loan serves as a financial backup during sudden medical emergencies.

Get Instant Personal Loans in Bengaluru

Loan Disbursal Amount for a Personal Loan in Bengaluru
 

At IDFC FIRST Bank, individuals can borrow upto ₹10 lakhs based on their eligibility score.

Minimum Salary Requirement for a Personal Loan in Bengaluru
 

The minimum salary required to apply for a personal loan is ₹20,000 per month.

Interest rate and charges in Bangalore for a personal loan
 

Types of Fees Applicable Charges
Personal loan interest rate Starting 10.99%
Processing fees Processing Fees of upto 3.5% will be deducted from the loan amount at the time of disbursal
Late payment fees 2% of the unpaid EMI or Rs 300 whichever is higher. The late payment fees might be applicable from the date of default to the date of payment.
Stamp duty As per actuals

How to Apply for a Personal Loan in Bengaluru

Applying for a personal loan in Bengaluru with IDFC FIRST Bank is a seamless process. It involves four simple stages:

Eligibility Criteria for a Personal Loan in Bengaluru

Documentation

When self-employed or salaried individuals want to avail of a personal loan in Bengaluru, they will need to submit the following documents:

  • PAN Card
  • Form 60 (To be submitted only if PAN card is not available)
  • Any 1 Official Valid Document (OVD) is mandatory from the below:
  • Valid Passport with expiry date, photograph, and signature
  • Aadhaar Card issued by UIDAI
  • Voter’s Identity Card issued by Election Commission of India
  • Driving License issued by regional transport authority
  • Job Card issued by NREGA duly signed by an officer of the State Government
  • National Population Register containing details of name and address

Who Can Apply

For self-employed individuals

  • Minimum age: 21
  • Maximum age: 65 (at the time of loan maturity)
  • The business must have been in existence for a minimum of 3 years
  • Minimum credit score of 730

For salaried individuals

  • Minimum age: 21
  • Maximum age: 60 (at the time of loan maturity) or retirement, whichever comes first
  • Minimum monthly salary: ₹20,000 per month
  • Minimum credit score of 730
  • A personal loan eligibility calculator can be used to check eligibility in just a few seconds

Personal Loan in Bangalore

FREQUENTLY ASKED QUESTIONS

How to get a personal loan with a low CIBIL score in Bengaluru?

While a higher CIBIL score improves loan eligibility, you can still apply for a personal loan with a low CIBIL score in Bengaluru if you satisfy the bank’s minimum CIBIL score requirements. IDFC FIRST Bank also considers other factors like income, employment history, and existing debt before approving loan applications. With a low CIBIL score, you may receive a loan at a higher interest rate or with stricter terms.

Can a person get a personal loan for a low salary in Bengaluru?

Yes, IDFC FIRST Bank offers personal loans to individuals with low salaries starting from ₹20,000 per month and based on their overall eligibility. Factors like stable income, repayment capacity, and credit score are considered to determine loan approval and amount.

How long does it take to get a personal loan in Bengaluru?

Once your loan application is approved, you can receive the funds within minutes, ensuring quick access for urgent financial needs.

What is the minimum income requirement to get a personal loan in Bengaluru?

The minimum income requirement for a personal loan with IDFC FIRST Bank varies but typically starts around ₹20,000 per month, depending on eligibility and loan terms.

What should I say my personal loan is for?

Personal loans allow you to obtain funds for personal expenses such as an emergency, higher education, holidays, or some other need such as a family wedding. You can specify the reason for taking a personal loan while applying for the loan.

What is the minimum salary for personal loan in Bangalore?

The minimum salary needed for a personal loan in Bangalore is ₹20,000. If your salary is ₹20,000 or more, you can avail of personal loans with minimal effort. IDFC FIRST Bank offers personal loans ranging from to ₹20,000 to ₹4,00,000 if you meet the eligibility criteria.

Can I get a personal loan if my salary is ₹15000?

No, you cannot get a personal loan in Bangalore if your salary is ₹15,000. Still, you can check with the bank to see if you can avail of a small personal loan. Besides your salary, other factors such as your age and credit score are considered when you apply for a personal loan.

Why should I take a personal loan from IDFC FIRST Bank?

IDFC FIRST Bank offers personal loans for many reasons, including weddings, vacations, education, home renovations, and emergencies. Personal loans can be utilised to meet immediate financial requirements as well as to borrow funds for non-emergency personal expenditures. IDFC FIRST Bank provides loans up to ₹40 lakhs with affordable EMIs starting at ₹2,149/lakh* and repayment terms of up to 5 years.

Who can apply for IDFC FIRST Bank personal loan?

For both self-employed as well as salaried persons, IDFC FIRST Bank offers a quick personal loan online. However, you must meet specific criteria to avail of an online personal loan with low EMI. Factors such as your income, credit score and debt profile are considered when you apply for a personal loan in Bangalore.

What is the interest rate for a personal loan in Bangalore?

IDFC FIRST Bank offers low-interest personal loans in Bangalore, with rate starting at 10.99% per annum, depending on your credit profile and loan tenure.

More FAQs

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Credit Score for Personal loan

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Personal Loans for a Credit Score of 550

Personal loans are one of the easiest loans to acquire. They are unsecured loans, which means one does not need to offer collateral. They can be used for a multitude of purposes. There is minimal documentation involved and a relatively shorter processing time as well. However, one of the most important considerations when applying for a personal loan is your CIBIL score.

Team FinFIRST14 Sep 2021 • 3 mins read

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Branch Location

Bangalore

BANGALORE-KCA ENCLAVE

1ST FLOOR, 582, KCA ENCLAVE, 80FT ROAAD, BANGALORE 560095.

Phone 1860 500 9900

Bangalore

BANGALORE-VIJAYNAGAR

1234/A, 1ST FLOOR, 1ST CROSS, 1ST STAGE, 2ND PHASE, EXTENSION, CHANDRA LAYOUT VIJAY NAGAR NEAR CHANDRA LAYOUT BUS STOP, OPP CORPORATION BANK, KARNATAKA 560041.

Phone 1860 500 9900

Bangalore

BANGLORE-VG COMPLEX

VG COMPLEX”, #.23, 2ND FLOOR, HESARAGATTA ROAD, DEFENCE COLONY, BENGALURU, KARANATAKA 560073.

Phone 1860 500 9900