5 Easy Steps For People in Bangalore to Avail Personal Loan

5 Easy Steps For People in Bangalore to Avail Personal Loan

Bangalore is one of the best cities to live in, especially as a young salaried employee. Filled with numerous opportunities. However, big city life usually comes with high, and more often than not, unexpected, expenses. This is why taking a personal loan in Bangalore is such a perfect solution for meeting your financial requirements.

If you’re about to apply for a personal loan, you’ll be glad to discover that the process is extremely simplified and efficient, as compared to what used to be over a decade ago. New-age lenders are offering personal loans to salaried employees with quick approval and disbursal- in just 48 hours or less!

Read on to know more about how you can get your personal loan in Bangalore, in just five easy steps.

Personal Loan

How to Get a Personal Loan in Bangalore

1.Assess your requirements

The first step you need to take is to make sure you’re aware of how much you need to borrow. This sounds too obvious, and we know- however, it’s worth mentioning again for a reason.

Borrowers sometimes overestimate the actual loan amount they need for their situation. This increases their loan burden and can affect repayment ability. Therefore, whatever your needs may be for the emergency funds, it’s best to apply for only what you need.

It’s also worth knowing that in case you do end up needing more money, you can always apply for a top up loan from the same lender, without having to apply for a fresh loan from scratch.

2.Check the lender’s eligibility and documents required

When you apply for a personal loan, you want to avoid getting immediately rejected simply because you don’t meet the lender’s basic eligibility criteria. Every lender has a set of parameters based on which a person can qualify for a loan. These parameters include factors such as age, income, location, credit score, and so on.

When you apply for a loan, ensure that you only apply to a lender whose criteria you match, otherwise your application can get rejected immediately.

Also, remember to have the required documents ready for KYC verification. Therefore, narrow down your choices to only 2-3 lenders where you have a good chance of approval, as per their basic eligibility criteria.

3.Know your finances and CIBIL score beforehand

One of the things a lender will assess when they receive a borrower’s application is their finances and CIBIL score. Applying for a loan that is far beyond your repayment capacity (based on your salary and fixed financial obligations) will likely result in your application getting rejected.

Also, your CIBIL score can determine whether you have a chance to avail a loan, since it is essentially a score by which lenders determine your creditworthiness. If your CIBIL score is very low (below 600), try to work on slowly improving your score before applying for a large loan. You can do this by borrowing smaller loan amounts and consistently repaying them on time.

4.Understand all terms and fees

Digital lenders strive to maintain transparency with their borrowers. Information on the terms and conditions of availing a loan, as well as any other charges (such as processing fees, late payment penalties, and foreclosure charges) will be mentioned on the lender’s website. Ensure to read the fine print carefully, so you aren’t confused about why a lender charged you a particular fee.

5.Fill the application form carefully

Just like the first point, you’d think this is another obvious step. But you’d also be surprised to find out exactly how many times a loan application gets rejected, simply because of silly mistakes.

It’s best to thoroughly read the entire application form twice, before you fill it out. Make notes about anything you aren’t sure about, and seek clarification from the lender. Avoid falsifying information of any kind- this include income details and fake bank statements or KYC documents. This will get you blacklisted immediately!

Even if all your details are in order and you have a stronger chance to get approved because of your CIBIL score and finances, something as small as a signature mismatch can get your application rejected. You’ll only be able to re-apply again after 3 whole months, so take extra care with filling your application form.


Getting a personal loan in Bangalore has never been easier than it is today. With just a little bit of research and preparation, you can significantly improve your chances of getting your loan approved, in just 5 easy steps!

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