10 Common Questions People Ask When Looking for a Personal Loan in Bangalore - MoneyTap Blog
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10 Common Questions People Ask When Looking for a Personal Loan in Bangalore

10 Common Questions People Ask When Looking for a Personal Loan in Bangalore

1. What are the possible ways of getting a personal loan in Bangalore?

There are various ways to get a personal loan in Bangalore. These are some of your options:  

  1. Traditional banks
  2. Online lenders or lending platforms
  3. NBFCs

Before applying for a personal loan with any of these lenders, check your eligibility criteria and choose a lender that fits your requirement. 

2. Which bank is the best for a personal loan in Bangalore?

Almost all banks provide personal loans in Bangalore. If you need a quick cash loan, traditional banks may not be the right lender for you as they take a lot of time to process the loans. 

It is always better to apply for a personal loan online. Fintech companies like MoneyTap make the process of personal loan application easy and convenient. 

You can easily download the app from the comfort of your home, fill in your details, submit your loan application and know the status of your application within a few minutes. 

3. Can I take a personal loan in Bangalore to fund my personal necessities?

Yes. When you find yourself in a situation where you need money urgently, personal loans are the fastest and the easiest way to get finance.  

A personal loan in Bangalore can be used for any reason you deem fit. Below are some of the common uses of a personal loan:  

  • Medical emergencies or any kind of emergencies
  • Debt consolidation 
  • Wedding expenses
  • Education expenses
  • Home renovation
  • Travelling 
  • Buying a new/used car or a two-wheeler
  • Buying a mobile, laptop or any other consumer durables 

4. Do banks provide personal loans in Bangalore for investment purposes?

Yes. A personal loan is an unsecured loan that can be used for any purpose of your life like investment, car, or even travelling around the globe. If you are able to meet the eligibility criteria of the banks/NBFCs you can get the personal loan to use it for investments without any hassles. 

5. Where in Bangalore can I buy a mobile on EMI without a credit card?

Some of the ways in which you can buy a mobile on EMI without a credit card are as follows:

  1. EMI cards

The banks/NBFCs offer EMI card, which is a pre-approved loan. You can use it to buy a mobile and then convert your purchase into easy EMIs. 

  1. Consumer durable loans

Banks have their helpdesk at most mobile stores or dealers. If you like a phone and don’t have the money to buy it, just walk up to the helpdesk and take a consumer durable loan with minimal documentation

  1. Startup lenders or lending platforms

Fintech startups have made finance easily accessible to people. Online lending platforms offer mobile loans at a low-interest rate, which you can repay in easy EMIs. 

  1. EMIs on debit cards

You can also use your debit card to buy a mobile on EMI without using your credit card. You just have to visit your bank’s partner outlet and check with them if they allow EMI option on a debit card. Swipe your card, buy the mobile, and repay the amount in affordable EMIs. 

6. How do I get an education loan in Bangalore? 

It depends on the course you want to pursue and the institution you want to pursue it from. Generally, the college/university/institution has tie-ups with certain banks, making it easy for you to get an education loan. You can also visit any nationalised banks/private banks/NBFCs. You can also get an education loan online through online platforms. 

7. Is it good to buy land in Bangalore on a personal loan?

You can use a personal loan to buy a piece of land in Bangalore. That’s the whole purpose of a personal loan – to provide finance when you need it. However, whether it is a good idea or not will depend upon a lot of factors. So, before buying the land, you may want to go through these tips: 

  • If you get an opportunity to buy property at a price lesser than the market rate, buy it with the help of a personal loan.
  • If the property price does not appreciate, and the price is cheaper than the cost of your personal loan, then it is not a good idea to take a personal loan to buy land in Bangalore. 
  • If you are in a good financial position to pay monthly instalments without affecting your lifestyle you can think about taking a personal loan to invest in property. 

8. What is the best way to get a personal loan of up to 3 to 4 Lakh in Bangalore? 

You can consider getting a personal loan online. Online lenders/lending platforms are quick and efficient to provide hassle-free cash loans. Fill up their online application form and submit it from the comfort of your house. It’s quite a relief from waiting in long queues in front of traditional banks. 

9. How do I get a personal loan on a low credit score in Bangalore?

Applicants having a credit score closest to 900 are offered the lowest interest rate on personal loans. A score of 750 and above also get a better interest rate. But if you have a credit score below 750, you may get a loan but with a high-interest rate. Most banks reject personal loan application of applicants who have a credit score below 550. That said, some banks/NBFCs/fintech lending companies may approve your loan even if you have a low credit score, but the interest rate can be as high as 30%. 

10. Where can I apply for a business loan in Bangalore?

Getting a business loan in Bangalore from banks is difficult as their eligibility criteria are too stringent. But, unlike traditional lending institutions, an online lending platform like MoneyTap can work out to be a good option to get a business loan or personal loan for business. These platforms ensure transparent and quick disbursal of business loans and offer flexible repayment facility. 

MoneyTap Personal Loan in Bangalore!

Looking for an instant online cash loan in Bangalore? Get instant loan approval and quick disbursal for a cash loan of up to ₹ 5 Lakh. Download MoneyTap now!

MoneyTap

India’s first app-based credit line, MoneyTap is a Bangalore based business that lends money with flexible interest rates, making credit quick and easy.

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