Instant Online Personal Loan in Mysore
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How it Works!
Quikkloan made the effortless process for the customers. Apply Personal Loan Online, Compare the best personal loan offer from the various Banks & NBF, upload the documents online, get disbursal in 24Hrs.
Eligibility Criteria
Salaried Individuals between 21 to 58 years, Minimum Net Monthly Salary of Rs. 20,000 and Employed for at least 1-2 years
Get ready with Documents
PAN & Aadhaar Card, Latest 3 month Bank statement, Two latest salary slip / latest Form 16, Cancelled Cheque
Get Disbursal in 1 Day*
Personal Loan up to 25 Lakh, Instant approval and Fast Disbursal through Partnered Banks / NBFC, No Collateral and Minimum Documentation
Top Banks
Offering Lowest Personal Loan Interest Rates in Mysore
|
Lenders |
Interest Rates |
Loan Amount |
Tenure |
Processing Fee |
Apply Online |
|
SBI |
9.60% to 13.60% per annum |
Up to 15 Lakh |
Up to 5 Years |
Nil – 1% of the Loan Amount + GST |
|
|
ICICI |
11.25% to 22.00% per annum |
Up to 20 Lakh |
Up to 5 Years |
Up to 2.25% of loan amount+GST |
|
|
HDFC |
10.75% to 21.30% per annum |
Up to 15 Lakh |
Up to 5 Years |
Up to 2.50% of the loan amount |
|
|
Axis Bank |
12%-24% per annum |
Up to 15 Lakh |
Up to 5 Years |
As applicable by the bank |
|
|
Kotak Bank |
10.99%-24% per annum |
Up to Rs.15 Lakh |
Up to 5 Years |
Upto 2.50% of loan amount + GST |
|
|
YES Bank |
10.99% per annum |
Up to Rs.40 Lakh |
Up to 5 Years |
Up to 2.50% of the loan amount +GST |
|
|
Tata Capital |
10.99% per annum |
Up to Rs.25 Lakh |
Up to 6 Years |
Up to 2.50% of the loan amount+GST |
|
|
IDFC Bank |
As applicable by the bank |
Up to Rs.25 Lakh |
Up to 5 Years |
3.50% of the loan amount |
|
|
IndusInd Bank |
11.25% per annum |
Up to Rs.15 Lakh |
Up to 5 Years |
Up to 2.50% of the loan amount+GST |
|
|
DCB Bank |
10.22% per annum (one year MCLR) |
Up to Rs.5 Lakh |
Up to 5 Years |
2% of the loan amount+GST |
|
|
Bajaj Finserv |
12.99% per annum |
Up to Rs.25 Lakh |
Up to 5 Years |
Up to 4.13% of the loan amount+GST |
|
|
Aditya Birla Finance |
14%-26% per annum |
Up to Rs.50 Lakh |
Up to 5 Years |
Up to 2% of the loan amount+GST |
|
|
IIFL |
16% per annum |
Up to Rs.25 Lakh |
Up to 5 Years |
Up to 2% of the loan amount+GST |
|
|
HDB Financials |
Up to 36% per annum |
Up to Rs.20 Lakh |
Up to 5 Years |
Up to 2 % of the loan amount |
|
|
Fullerton India |
12.99%-36% per annum |
Up to Rs.25 Lakh |
Up to 5 Years |
Up to 3% of the loan amount |
Apply Now |
Personal Loan Eligibility in Mysore
|
Eligibility Criteria |
Salaried |
Self-employed |
|
Minimum Age |
21 |
24 |
|
Maximum Age |
58 |
65 |
|
Minimum Income |
Rs.35,000 monthly |
Rs.2 lakh(annual) |
|
Credit/Cibil Score |
Above 750(out of 900) |
Above 750(out of 900) |
|
Minimum Job/Business Stability |
1-2 Years |
2-3 Years |
|
Minimum Work/Business Experience |
1-2 Years |
3 Years |
|
Minimum Profit After Tax |
NA |
Rs.1-2 lakh(annual) |
Personal Loan In Mysore At A Glance
|
Particulars |
Details |
|
Interest Rates |
Starting at 10.99% per annum |
|
Loan Amount |
From Rs 1,00,000-Rs.25,00,000 |
|
Tenure |
Up to 5 Years |
|
Processing Fee |
1.50%-2.50% of the loan amount+GST |
|
Minimum Monthly Income |
Rs.35,000 |
|
Cibil Score |
Above 750 (out of 900) |
|
Prepayment/Foreclosure Charges |
2%-6% of the principal outstanding +GST |
Personal Loan in Mysore?
A personal loan is a short-term loan which could be used for any legitimate purpose. You won’t be required to pledge any form of collateral or security. It can be used to meet immediate personal expenses with instant approval and disbursal of the loan amount. A personal loan has several advantages including relatively simple documentation, flexible loan tenures and no restrictions on how you use the money.
This loan comes in handy to meet multiple needs such as:
- Medical Emergencies
- Wedding Expenses
- Debt Consolidation
- Home Renovation/Extension
- Higher Education
- Travelling Expenses
- Purchasing High End Consumer Durables Value
How to Apply for Personal Loan in Mysore?
An instant loan in Mysore can easily be availed online. With many banks and NBFCs, applying and finally availing this unsecured loan online is really convenient. The online process is really simple and fast hence saves a lot of your time, making personal loan journey a hassle-free affair. In just a few simple steps, you would be able to apply for a personal loan to cater your diverse needs.
Steps to Apply for Personal Loan in Mangalore
Step 1: Fill Loan Query Form
Step 2: Get the Quotes
Step 3: Submit the Required Documents
Step 4: Get Instant Approval & Disbursal
CIBIL Score Required for Personal Loan in Mysore
To get an instant cash loan in Mysore, a cibil score of 750 or above is considered to be good enough. Yes, an individual needs to have this score to enjoy a smooth sail. Talking about the score, a personal loan being an unsecured credit is risky for lenders to give. And, it can only be given to those who are having a good score. After all, a good score is an indication of fair credit history which means easy loan repayments. Thus, with the help of a credit score, it becomes easy for the lenders to know the credit profile of a borrower better. Hence, can decide whether the loan profile of a borrower is creditworthy or not.
Minimum Salary Required to Avail Personal Loan in Mysore
If you want to avail a personal loan in Mysore, your minimum monthly income should be Rs.35,000. Mysore being a hub of many working professionals is also home to numerous multinational companies. And, people working in those firms are receiving the monthly income which varies according to their profile. Thus, people of Mysore have a high living standard and in case they fall short of funds, personal loan is always there. Yes, with many leading banks, NBFCs and online lending marketplaces, it would be easy for you to get a personal loan online. Make sure you meet the required minimum income criteria to avail the loan easily.
Personal Loan EMI Calculator
When it comes to an EMI Calculator, it is considered to be a smart and easy-to-use online tool. This device with its well-designed algorithms lets you know the accurate calculations of your monthly installments. Well, not only EMI but Interest Outgo and Total Amount Payable can also be known by this smart tool. It starts to function, after you enter:
- Loan Amount
- Tenure
- Interest Rate
Soon you enter these credentials into the device, it will churn out the accurate results for you and that too in the least time frame. Hence, the device helps in taking calculative decisions, making your personal loan journey hassle-free.
Let’s understand the functioning of the device, with the help of an example. Suppose, a person has taken a personal loan of Rs.10 lakh at an interest rate of 14% per annum for a tenure of up to 5 years. Now it would be interesting to see the EMI calculations come out using a personal loan EMI calculator.
Table Showing EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|
Loan Amount (in Rs.) |
Interest Rate(per annum) |
Tenure (in Years) |
EMI (in Rs.) |
Total Interest Amount(in Rs.) |
Total Amount=Principal +Interest (in Rs.) |
|
10,00,000 |
14% |
1 |
89,787 |
77,445 |
10,77,445 |
|
10,00,000 |
14% |
2 |
48,013 |
1,52,309 |
11,52,309 |
|
10,00,000 |
14% |
3 |
34,178 |
2,30,395 |
12,30,395 |
|
10,00,000 |
14% |
4 |
27,326 |
3,11,671 |
13,11,671 |
|
10,00,000 |
14% |
5 |
23,268 |
3,96,095 |
13,96,095 |
Table Showing Principal, Interest and Balance Amoun
|
Year |
Principal (in Rs.) |
Interest(in Rs.) |
Balance Amount(in Rs.) |
|
1 |
1,48,508 |
1,30,710 |
8,51,491 |
|
2 |
1,70,687 |
1,08,531 |
6,80,803 |
|
3 |
1,96,178 |
83,041 |
4,84,625 |
|
4 |
2,25,476 |
53,743 |
2,59,149 |
|
5 |
2,59,417 |
20,070 |
0 |
Personal Loan Fee & Charges
When it comes to availing a personal loan, there are certain charges that you need to bear. Yes, charges like processing fee, prepayment and part payment are also a part of your personal loan journey. However, these charges vary from lender to lender. Thus, it would be advisable that you should check the same before going for it.
Apply for Personal Loan in Mysore
Located in the foothills of the Chamundi Hills, Mysore is the third most populous and largest city in the state of Karnataka. Being the major industry to tourism, the city attracts millions of tourists every year. The city also consisted of major companies like Infosys, Wipro, ArisGlobal and Larsen & Toubro Infotech. With its flourishing economy, banks and NBFCs are seen to be expanding their business by providing multiple loans to their customers at an attractive interest rate.
To get a personal in Mysore at a good terms and conditions, it is advisable to carry out in depth research before you settle with one financial institution.
Feature & Benefit Of Personal Loan
The Best feature and benefit Of a Personal loan
Competitive Interest Rates: Avail personal loan at a competitive interest rate and enjoy easy EMIs. Yes, personal loan interest rates are directly linked to monthly installments. The lower rates you have, the better it is for your monthly installments as you EMIs would be pocket-friendly.
Quick Approval & Disbursal: If your eligibility matches with the lender, you can easily get instant approval and disbursal of the loan. For a quick process, it is important that your personal loan eligibility matches as then only you would be able to get the loan instantly. Hence, in return expect the speedy approval and disbursal of the loan amount.
Simple Online Process: As far as applying is concerned, you can easily apply online. Yes, the online process is quite simple, safe and time-saving as well. You simply need to follow a few steps and you are done. The journey is quite easy and simple hence is preferred by many.
Complete Credit Assessment: When it comes to credit assessment, you won’t be able to get it at any other site than Quikkloan. Yes, this online marketplace not only makes your personal loan journey hassle-free but also provides you with complete assistance. Yes, the process involves the complete credit assessment that includes keeping a close eye on the credit score. Evaluating the same so that it will improve for the better. Not only this, checking the eligibility and then referring your loan application to an apt lender. Well, doing so ensures that the right profile reaches to the right lender, thus lowering the chances of rejection.
Easy Loan Repayment Tenures: The best thing about a personal loan is that it comes with flexible repayment tenures. Yes, one can easily repay his loan with the tenure options of up to 5 years to choose from. Talking about repayments, the longer tenure you have, the better it is. Yes, your monthly installments would become pocket-friendly hence easy loan repayments.
Documents Required For Personal Loan
Mentioned are the personal loan documents for salaried and self-employed.
Complete Online Application
Fillup the Online loan Application in just 2 minutes
Provide Identity Proof
Voter id/ Passport/ Driving License / Aadhaar Card
Address Proof
Aadhaar /Passport/ Telephone or Electricity Bill/ Ration Card
Bank Statement
Latest 3 Months Bank Statement or Passbook
Income Proof
For Salaried – Latest 3-month Salary Slip
For Self Employed – ITR and Current Bank Statement of 3 months
Frequently Questions
How long does a bank take to approve an application for a personal loan?
It depends from bank to bank as each lender has its own process. Usually a loan application is approved within 5-7 working days.
How is a personal loan repaid?
The personal loan can be repaid by paying the loan amount back to the bank in the form of Equated Monthly Instalments (EMIs). A borrower can opt for an auto-debit payment, wherein the EMI amount will automatically be debited from your bank account.
Can I get the balance transfer facility with my personal loan?
Availing a balance transfer facility depends on the bank. There are some banks that offer the balance transfer facility if the customer has made at least 12 EMI payments. It is advisable that you check with your bank before you apply for the loan.
Are there any additional charges that an applicant has to pay when he/she gets a personal loan from a bank?
Yes, there are a couple of different additional charges. Most banks charge an applicant an interest fee that ranges from 2% to 2.5% of the total amount that they wish to borrow. The fee is deducted from the amount that has to be disbursed to you.
Can I receive Tax Benefits on my personal loan?
Unless the personal loan is used for a home renovation project, tax benefits are not associated with personal loans. You can, however, avail tax benefits under Section 24 of the Income Tax Act on the interest that is paid on the loan but not on the principal amount that is paid.
What are the Factors That Can Influence Personal Loan Interest Rates?
These factors include your income, repayment potential, credit score, etc.
Is the GST Levied Over the Interest Rate on a Personal Loan?
No, the Goods and Services Tax (GST) is not levied over the interest rate on a personal loan.
What are the Types of Personal Loan Interest Rates That Lenders Offer to Borrowers?
Personal loans can be offered on a flat and reducing balance basis. In a flat rate, the interest will be charged on the principal outstanding all the time irrespective of which stage the loan is in. Whereas, in a reducing balance, the interest is charged on the principal outstanding left after the EMI payment.
What is an EMI?
An Equated Monthly Installment (EMI) is a sum of principal and interest payable every month to the lender. Greater the rate of interest, the higher will be the EMI amount and vice-versa.
How Soon Can You Apply for a Personal Loan?
Anyone working in a public or private entity can apply for a personal loan as soon as he/she attains the minimum age of 21 years. Self-employed, on the other hand, will need to be a minimum of 24 years at the time of loan application.
How Much Work Experience is Required to Get a Personal Loan in India?
You must have worked for a minimum of 2-3 years to get a personal loan in India. However, lenders also want you to have a minimum of 1-year work experience with the current organization.