How to Get a Personal Loan in Bangalore

Thus, in today’s blog post, we will share with you everything you need to know about personal loans in India and how you can secure yourself a personal loan in less than 48 hours if you happen to stay in Bangalore.

Without further ado, let’s get started.

What is a Personal Loan?

One of the first and most important aspects we need to understand is the meaning of a personal loan. In simple terms, you can understand a personal loan as being a financial instrument through which you can secure an amount of money, anywhere between ₹10,000 to ₹15,00,000, and pay it back using a flexible repayment plan.

While the concept of a personal loan is not exactly new in India, recently, they have garnered a lot of attention from the general public, mainly due to the influx in the number of lenders who now specialize in rendering this service.

For example, a Bangalore-based finest lender, Money View loans, is a 6-year-old NBFC and, as of yet, serving a customer base of more than 1 crore borrowers across the country.

What Makes a Personal Loan Different?

Now that you know of the basic concept of a personal loan, let us better understand the exact features it offers, which marks it different from all other financial and lending instruments in the market.

Flexible Repayment Plan
One of the most common concerns among borrowers in terms of traditional loans continues to be the fact that, more often than not, lenders predefine the repayment conditions. For example, if you were to take a two-wheeler vehicle loan today, then chances are that the lender will offer you a repayment slab extending from 12 months all the way to 36 months and also fix the amount you are required to shell out every month.

Now, superficially this appears to be a great strategy from the perspective of a lender as they are downsizing their risk; however, the moment you shift your focus to the customers perspective, you will be quick to realize that this methodology puts the customer in catharsis in terms of planning their own personal finances.

On the other hand, in a personal loan, the lender gives you the option to choose both the repayment amount you are willing to pay every month along with the monthly date of repayment. And this methodology in itself equips you with the freedom and ability to plan your personal finances better.

Competitive Rate of Interest
The next differentiating factor in a personal loan is the competitive rate of interest it offers. If you take a close look at the various personal loan offers available in the market, you will come to realize that most of them arrive at a very competitive rate of interest.

For example, Money View has an offer where interest rates start from 1.33%, and it is by far the lowest in the country.

Having a low rate of interest doesn’t only mean that you get to save a significant amount of money in the long run but also makes sure that you do not overburden yourself by falling into a debt trap.

Instant Approval
Second, to the predefined repayment plan, another common concern among borrowers of traditional loans is the fact that the processing times are too long and this more often than not leads to a loss in crucial moments when you really need the loan amount. If you take a look at the various traditional loan offers present in the market, you will quickly find out that, on average, they take anywhere from 1 business week to 3 business weeks for your application to get vetted and approved, and the money finally reaching your account.

On the other hand, most personal loans available in India of today arrive with instant disbursal options, with some reducing the time from you filling out the application to receiving the money in your account to less than 48 hours.

Receiving the money instantly in your account can not only mean the difference between a situation going south but also save you a lot of crucial man-hours in the process.

Online Application
Last but not least, all you need to do to apply for a personal loan is either download the lender’s official application on your smartphone or log on to their official website. In either case, since the application process is completely online, you can fill it outright from the comfort of your couch and have the money delivered straight to your account in less than 48 hours.

How Can You Get an Instant Personal Loan in Bangalore?

Now that you know about the basics of a personal loan let us discuss the steps you will need to follow in order to get an instant personal loan while staying in Bangalore.

Search for “instant personal loan in Bangalore” and go through all the personal loan offers presented to you. During this step, be mindful of the interest rate being charged as well as the tenure being offered.
Once the above step is complete, proceed to make a choice on the lender who suits your requirements the best.
Once you have chosen the lender, download their application to your smartphone or visit their official website to initiate the application process.

Keep your documentation (both eKYC and income information) handy, as you will be required to share these with the lender in the upcoming steps.
Upload all your documents, submit your application, choose the loan amount you desire along with other finer details, and complete the process.

Once your application is submitted, the lender will take a few hours to verify the information, and upon approval, you will receive the money in your account in less than 48 hours.

Conclusion:
Getting a personal loan has become easier than ever before, thanks to the number of lenders who now specialize in rendering this service. So, if you are in Bangalore, wait no more and follow the steps outlined above to secure the personal loan you require. All the best.
For more information, visit: https://moneyview.edublogs.org/2021/03/10/how-to-get-a-personal-loan-in-bangalore/