Sadashiv Nagar is a famous residential neighborhood of Bangalore where many celebrities and industrialists live. This city serves as a gateway to observe and experience some of South India’s most recognized age-old customs and culture. People here are known for being vivacious and joyful.
However, this high-maintenance lifestyle comes with having exorbitantly expensive living costs. The high cost of vital amenities can put anyone in the troublesome condition of cash issues. Choosing a personal loan to get you through these difficult times is a lifesaver.
Keep reading this article to explore everything about a personal loan in Bangalore and how you can obtain one in your location, Sadashiv Nagar in no time.
What Can A Personal Loan Be Used For?
Personal loans can be a great way to satisfy our requirements. Some of the common uses of personal loans are listed below:
- House renovation or remodeling
- Debt consolidation
- Marriage or wedding arrangements
- Medical emergencies
- Family trip or vacation expenses.
Know These Advantages Of Obtaining A Personal Loan
Today, taking out a personal loan in a city like Bangalore has become a lot easier than it was earlier. Especially for its modern parts like Sadashiv Nagar. It also has multiple features and benefits to offer the people. Here are a few of them:
- No hidden charges
- Flexible tenures
- Easy repayment options
- Quick loan approval
- High-value loan
- 100% digital process
- Minimal paperwork required
Also Read : Planning To Get A Personal Loan In Koramangala
What Makes You Eligible For A Personal Loan In Sadashiv Nagar?
First and foremost, it is important to meet the necessary eligibility criteria required for it. Check out the list of qualifications mentioned below:
- Must be an Indian citizen.
- Fall in the age group of between 21 to 65 years.
- Have a monthly gross income of a minimum of INR 20,000 for salaried employees and INR 25,000 for self-employed ones.
- Should be either a salaried employee at an established organization for a minimum period of one year or self-employed for at least 1 year.
Here are the lists of the documents that are needed while applying for a personal loan:
- Identity proof (Voter ID / Passport / Driving License / Aadhaar Card)
- Address Proof (Ration Card / Electricity Bill / Passport)
- Income proof (Bank account statement for the last six months for salaried professionals and self-employed individuals bank statement for past three months)
- Certificate of one year of continuous employment for salaried professionals
- Signatures and declarations on the application form.
Here’s What You Should Pay Attention To When Taking Out A Personal Loan In Sadashiv Nagar
Credit Score – Needless to say, your credit score is one of the most influential factors in getting your loan request accepted or rejected. Banks and lenders not only take an applicant’s eligibility criteria to qualify him or her for the loan but also, make sure whether the applicant can repay the loan or not on time or not. Hence it is suggested that you should have a good credit score.
It is a good idea to check your score regularly or at least once a year. You can get your credit score checked at Buddy score within a few minutes.
Overall Cost Including Charges
We frequently make the mistake of focusing solely on the interest rate of a loan, oblivious to the other expenditure. Having clarity of additional charges is as important as your financial conditions. Check for any additional charges, such as GST and prepayment and processing fees, that may be hidden. In most cases, a mandatory GST rate of 18 percent applies to such banking services, and a processing cost of 0.5 percent to 2.50 percent is deducted from the loan amount as a processing fee. Apart from them, the total due sum also includes verification and paperwork fees.
These, however, are subject to change based on the length of your loan, and they also show any ancillary fees that may be paid because of changing your payment terms. Fees for paying off your loan in part (over the agreed-upon EMI) or in whole before the end of its term, as well as fees applied in addition, are included in these fees.
Debt-To Income Ratio
Your debt-to-income ratio is simply an aggregate of your gross monthly income that is used in paying off your monthly EMIs to the lender which determines your borrowing risk. Although your income does not affect your loan approval possibilities in a major way. But if your monthly income is less than the required criteria it may make you ineligible for the banks or lending institutions may find you incapable of repaying the loan amount.
Loan Amount
Keeping track of the loan amount required is a very responsible check from your end. Deciding on the loan amount to cover your expense is a wise thing to plan. Because it might take a toll on you once the repayment time comes closer. Hence it is recommended to obtain a loan only for what is needed.
Security of The Loan
Ensure the security of your loan by checking whether it is a collateral-free loan or not. However, many banks and lending institutes do not ask the borrower to reveal the reason behind taking up the loan, but it is a safe thing to do research before taking out a loan for a secure and transparent process.
Also Read : Why Adding Personal Loan In Belgaum Will Make A Difference In Your Life
In Conclusion
Life is full of surprises, and while living in India’s youth capital is thrilling, it can also be financially draining. These may be an immediate long-term demand as well as additional personal expenses. A personal loan will help you get out of any difficult financial situations and ease your financial tension.
In this regard, Buddy loan helps you reach the heights of your dreams by offering you the best personal loan in Sadashiv Nagar, Bangalore
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Frequently Asked Questions
Q. What is a credit score?
A. A credit score is simply a three-digit numeric representation of your credit history typically ranging from 300 to 900 based on credit rating and past payment behavior and ideally, it reflects your creditworthiness as a customer that you have duly paid off all your financial obligations efficiently on time.
Q. What significance does a credit score hold in one’s loan approval process?
A. A credit score has a significant impact on your future loan acceptance prospects and inquiries. It improves your chances of getting a loan request granted by making a strong image as a borrower who lenders can trust that they can repay the loan amount in decided tenure.
Q. How can I get a personal loan in Bangalore?
A. In Bangalore, there are many banks and non-banking financial institutions which offer personal loans. Buddy loan is one such place where you find personal loans with affordable interest rates starting from 11 % per annum and an easy repayment term of up to 5 years.
