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Overview of Personal Loans in Bangalore

Bangalore is known as India’s Silicon Valley, is a big metropolis with lot of opportunities. Bangalore is also well known for its R&D labs, aviation, and public sector enterprises.

Living in Bangalore can be expensive, and personal loans are a popular option for many IT employees who need financial assistance. Despite earning high salaries, they often find it necessary to take out loans due to the high cost of living in the city.

With the best part of salaries being used for buying a good vehicle, finding the right clothes to wear, entertainment, or housing, navigating a fast-paced life in Bangalore does throw up unexpected expenses. This is where short-term personal loans in Bangalore come in handy and are a convenient solution to fulfill financial emergencies like medical, home renovation, vehicle repair, or leisure trips.

Convenient Process

100% Digital and No Paperwork

Apply on the Go

PAN India Serviceable

Lightning Fast

Disbursal Within 2 Hours

Secure Transactions

Global Standards of High-level Data Encryption

Overview of Online Loan Apps:

Over the past few years, Bangalore’s financial landscape has undergone a remarkable transformation matching the lifestyle of the people in the tech city. Technological advancements and changing customer requirements have made banking institutions and money lenders jump into the online personal loan segment. There has been a mushrooming of online loan apps catering to the ever-increasing demand for loans in Bangalore.

Unique Features of Online Loan Apps

Using these loan apps, a customer can easily apply for a personal loan, upload minimal documents digitally, and experience a streamlined and secure loan approval process. The approval is instant, and you get flexible loan repayment options.

InstaMoney- Your Reliable Personal Loan Lender

InstaMoney is part of Innofin Solutions Pvt Ltd, which is RBI-registered. With over 1 crore registered users, 14000 crores in loan disbursements, 20 million app downloads, and services available across India, the online app is the go-to online personal loan lending app.

Eligibility Criteria for Personal Loans in Bangalore

As with all online loan apps, the InstaMoney online loan app has certain eligibility criteria for you to avail of a loan in Bangalore.

To avail of a personal loan in Bangalore, you need to be an Indian citizen between 21 and 45 years of age and should earn a consistent minimum salary of Rs. 12000 every month.

Personal Loans In Bangalore for Low CIBIL Score

InstaMoney is a peer-to-peer lending platform that disburses short-term personal loans in Bangalore to people with low CIBIL scores. In general, customers who have a low CIBIL score are considered a red flag by banks and they would hesitate to approve loans.

However, online loan apps disburse personal loan amounts based on the consistent salary of the customer. Taking a personal loan in Bangalore through online apps like InstaMoney is also an excellent way to improve your credit score.

Personal Loan Without Income Proof in Bangalore

InstaMoney offers personal loans in Bangalore only with proper proof of income as these loans are unsecured (offered without collateral).

Documents Required for Personal Loans in Bangalore

You need to upload the scanned copies of the following documents for availing personal loan in Bangalore:

  • Know Your Customer (KYC) Documents – Aadhar Card and PAN Card
  • Bank statement of the previous 3 months with your salary reflected in these statements.
  • National Automated Clearing House (NACH) forms or e-NACH forms

How to Apply for Personal Loan in Bangalore

Applying for a Personal Loan in Bangalore through these online loan apps is quite simple. Follow this step-by-step process: 

  1. Visit the InstaMoney website or download the free InstaMoney online loan app and enter the details requested.
  2. Find out your eligibility status within 2 mins.
  3. Select your loan amount and loan duration.
  4. Upload all the required documents for verification purposes. Pay the verification fees applicable. 
  5. Once your loan agreement is submitted and documents are verified, your personal loan in Bangalore will be disbursed to your bank account.

FAQ

1. I am a self-employed professional in Bangalore. Can I still avail of a personal loan from the online loan app InstaMoney?

No, at present InstaMoney offers personal loans in Bangalore up to Rs. 50000 only for salaried individuals with a minimum and consistent salary of at least Rs. 12000 every month.

2. I want to close my loan with InstaMoney earlier than my decided tenure. Are there any preclosure penalties that I will incur if I do so?

There are no charges associated with foreclosing or preclosing the loan. However, at present, there is no option to partially close the personal loan in Bangalore.

 3. Why is my NACH amount higher than my loan amount?

The NACH amount is always approved for the maximum amount of EMI that you are eligible for to avoid the resubmission of the NACH forms every time you apply for a loan. However, only the EMI applicable for the loan disbursed will be deducted from you.

4. How I can pay the EMI for my personal loan in Bangalore?

You can either pay the EMI amount through the InstaMoney online loan app or you can set up an auto debit option in your bank account.

5. Do I need to mention the purpose of my loan? Can I use it for purposes other than the ones I originally intended it for?

There is no need for you to mention the purpose of the loan. You can use it for any purpose, even if it’s something other than what you intended it for. 

Conclusion:

Online loan apps offer a lot of flexibility and convenience when it comes to availing of personal loans in Bangalore. You get your money from the comfort of your home.

However, you need to check a lot of factors before choosing the right online loan app for your personal loan in Bangalore. You need to be wary of the fine print, hidden charges, terms and conditions of your loan, and the reputation of the online loan app.

You can make this process easier and secure by downloading the InstaMoney online app to your mobile device. Considered as one of the best online loan apps you can be assured of a hassle-free and safe loan application process. Get up to Rs. 50000 personal loans in Bangalore through the InstaMoney app.

What are you waiting for? Download the user-friendly loan app and you are steps away from financial freedom.

Customer Support

Dedicated customer support is one of the important requirements of an online loan app to help customers through the loan approval process. InstaMoney has dedicated borrower support wherein the customer can raise an inquiry ticket online if he has not found his answers in the comprehensive FAQs on the website.

You can alternatively email them with your queries at cs@instamoney.app. The online loan app also has a dedicated grievance redressal forum.

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