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I had taken a personal loan with Axis Bank. Interest rate offered by them was 14.5% which was very less. Preclosure options were very much available with Axis bank and there is no extra charges for that. Processing fee charged by them was just 1% which is normal. Customer service offered by them was good and the reason why I was looking for a balance transfer is because I can get a better rate and I was also in need of top up amount.
04:47 PM - Aug 01, 2015
Due to personal reasons I did not take my personal loan from HDFC Bank. The services were good from them. They also responded well. The rate of interest was pretty high from them. Not too sure on their processing charges.
04:36 PM - Aug 01, 2015
The way that Fullerton had followed me for personal loan application was fine but the rate and charges were not affordable. In market we can see the rate as 13.5% but here in Fullerton the rate is of 21%. In addition to that processing charge is also heavy.
04:05 PM - Aug 01, 2015
I have a personal loan from State Bank of India. the customer service is goos. They processed the application in just one day. They are trust worthy. They gave me a good offer with nominal interest rate. They allow part payments and pre closure with 0.5% charges.
04:46 PM - Aug 01, 2015
Processing the loan was very fast. processing of the loan and amount disbursal happened within 3-4 working days time. Documentation was minimal as I held a salary account in the same bank. However the rate of the interest that is charged is not acceptable. They should bring down the rate of interest that they charge so that the EMI that one has to pay is always affordable.
04:36 PM - Aug 01, 2015
Around 30 % is the rate of interest for the personal loan with the fullerton which is huge. Once I got the call with them after I applied for the personal loan, I asked their rate of interest and the processing charges like everything in the higher end. So I have requested them to close the application. I would like to suggest that they need to reduce the rate of interest.
04:01 PM - Aug 01, 2015
As, I am holding a salary account with ICICI Bank, I was expecting zero percent processing fee for the personal loan as other bank were not charing anything for the personal loan. However, ICICI bank was still charging me for that. Interest rate that I was expecting was 13.5%, however other banks were charging around 14.5%. I was planing to do a balance transfer from Axis bank to ICICI as I am expecting a better rate and I was also expecting a top amount from them.
04:45 PM - Aug 01, 2015
It was a good experience with the HDFC bank for the personal loan. The processing was very quick with this bank and it was also very fast. It took only a week time for the loan to get disbursed from the bank. Overall everything went on smooth and I did not face any hassle during the disbursement.
04:19 PM - Aug 01, 2015
The rate of interest charged is too high with the HDFC bank for the personal loan. It took a long time to process the application. I had submitted my cheque book with the bank long back after which there was no proper response.They had always demanded for different set of the documents. It took almost a month time for the bank to get back to me and so that is the reason I had not taken the loan from this bank. Overall it was a very bad experience with this bank.
03:58 PM - Aug 01, 2015
I did not take the personal loan from the HDFC bank as there was some issues with my scores. I had previously taken a loan from this bank and there was some issue in the payments where my cheque got bounced. Considering these reasons which had actually happened before 5 to 6 years back they had not approved me with the loan.
04:44 PM - Aug 01, 2015
Very much happy with Canara bank as the way they service their customer and kind of service is very fast. Canara bank never follow the customers over phone as they complete the process within a short span of time if we visit their branch. Manager of Canara bank is taking care of everything and he is resolving my queries instantly. Rate and charges for personal loan is par with the market.
04:06 PM - Aug 01, 2015
I have taken this personal loan with Bajaj Finserv and the customer service provided was really good.They are better than bank and they provide a EMI card through which its easy to get a loan.The service provided was fantastic even the rate are high.I will surely recommend Bajaj Finserv to others.
03:44 PM - Aug 01, 2015
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Minimum income required
Rs.17,500 per month
Maximum allowed personal loan is Rs. 50K to Rs. 30 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 Yr years
|Interest Rate (Monthly reducing balance)||13.49% - 34%|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% - 5%|
|Guarantor Requirement||No guarantor required|
Personal loan is a popular financial loan instrument providing assistance for any immediate financial need. Personal loans are non-collateral loans offered by almost all public sector banks and private banks to leverage any financial crisis. Quick approval with minimal documentation and loan disbursal as quick as one day makes personal loan a widely popular financial instrument.Unlike in the past, a borrower seeking personal loan does not need to be physically present in the bank branch to request for a personal loan. With the use of technology and internet, personal loans can now be applied online with a quick approval process of less than one working day. Wide quantum of loan amount, flexible loan tenure and easy availability makes personal loans a viable financial instrument for people of all financial backgrounds when faced with a financial crisis.
A temporary financial crisis can happen to anyone irrespective of his or her overall financial status. Personal loans are a great way to offset any such temporary financial crisis as it allows the users to avail a loan without any pre conditions on the usage of funds. Personal loans have a quick approval mechanism with loans getting cleared as early as within 24-48 hours of the loan application submission.
BankBazaar.com, India's premier financial market place has collaborated with various public sector and private banks to offer customized personal loans for it's users. Users can apply for a personal loan online using BankBazaar.com online loan request tool.
Easy Eligibility Check: The loan calculator tool at BankBazaar.com checks for the user’s personal loan eligibility instantly. The tool also offers customized quotes for all eligible users as per their financial credit history and eligibility criteria.
Instant Quotes: The eligible loan applicants are offered instant quotes customized as per their profile and with a discounted interest rate.
Instant e-Approval: The applicant gets an instant e-approval after successfully submitting his or her personal loan application.
Assured Privacy: All personal loan applications submitted with BankBazaar.com are sent electronically to the concerned bank department assuring complete privacy and transparency.
Applying for a personal loan at BankBazaar.com involves three simple steps :
Step 1: In the first step, the user must fill the personal loan eligibility form available online with required personal data. Once submitted the personal loan tool automatically checks for eligibility of the applicant and personalized personal loan options.
Step 2: In the second step, the applicant can compare various personal loan options offered by the tool interface and apply for the best suitable loan.
Step 3: The last step involves receiving an instant e-approval from BankBazaar.com after successful submission of personal loan application online.
The application is sent electronically to the selected bank. The loan department of the concerned bank gets in touch with the applicant directly. Users can check the status of their loan application through SMS alters as well as emails.
|Bank/NBFC||Rate of Interest||Loan Processing Charges||Prepayment/ Forclosure Charges||Cheque Bounce Charges|
|Axis Bank||15.50% to 24%||1.50% to 2.00% + Service Tax as applicable||Nil||Rs. 500 per cheque bounce + Service Tax as applicable|
|SBI||Personal Loans Scheme (SBI Saral): 8. 50% above Base Rate floating||2.02%-3.03% of the loan amount.||Nil||NA|
|HDFC Bank||15.75% to 20%||Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.||Salaried - 13-24 Months - 4% of Principal Outstanding, 25-36 Months - 2% of Principal Outstanding >36 Months - NIL||NA|
|Bajaj Finserv||16%||2% - 3% of the loan amount||Nil||Rs. 1,000 for every bounce|
|ICICI Bank||13.99% to 18.00%||Up to 2.25% of loan amount plus Service Tax||The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan.||NA|
HDFC Bank is a market leader in personal loans offering a Personal Accidental Cover of up to 8 Lakhs along with a Critical Illness cover of 1 Lakhs with each personal loan. HDFC Personal Loan starts as low as 15.75% interest rate for salaried individuals. HDFC Bank offers a high quantum of personal loan with a complete removal of any prepayment charges after a period of 36 months. HDFC Bank offers pre approved personal loans up to Rs. 3 Lakhs for women personal loan applicants along with free access to lifestyle diva products and services.
ICICI Bank personal loans are available for both salaried as well as self-employed individuals and professionals. Salaried individuals can get a maximum personal loan up to Rs. 15 Lakhs while self-employed individuals can get a loan up to Rs. 30 Lakhs. ICICI Personal Loan starts with as low as 13.99% interest rate.
Bajaj Finance Limited is one of the most popular non-banking financial companies offering personal loans up to Rs. 25 Lakhs for salaried individuals. Bajaj Finserv (Finance) Personal Loan starts from as low as 16% interest rate for salaried individuals. Bajaj Finserv allows prepayment up to 6 times in a calendar year with a minimum amount per prepay exceeding 3 EMIs. Bajaj Finserv offers a 24/7 customer support helpline including toll free number, emails and SMS allowing users to get in touch with the company to resolve their grievances at the earliest.
State Bank of India, the largest public sector bank of the country is one of the most preferred banks when it comes to personal loans. SBI offers personal loans for both salaried and self-employed individuals. State Bank of India offers a personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs. State Bank of India has streamlined it's personal loan division allowing for quick loan approval and disbursal. SBI Personal Loan schemes are offered at lucrative interest rates for various working professionals and salaried individuals from time to time.
Axis Bank is a popular choice for personal loans as the bank aims to give personal attention to each loan applicant. The quantum of personal loan amount for Axis Bank Personal Loan is highest in it's class fixed at an upper limit of Rs 15 Lakhs. Axis Bank offers personal loans at a competitive interest rate ranging from 15.5 to 24% with zero prepayment charges. Axis Bank offers eDGE loyalty points on Personal Loans which can be redeemed for cash surplus and discounts along with multiple repayment options. For any loan related query, Axis Bank has set up a dedicated helpline for loan services available round the clock at the bank's toll free numbers.
BankBazaar.com offers users the opportunity to choose from the best personal loan plans in India as per the borrower’s repayment capacity and choice of tenure. BankBazaar.com offers customized personal loan quotes from various banks and non-banking financial companies. Users can choose the most suited bank or NBFC for their personal loan requests as per it's charges and other features.
Different banks and NBFCs have different minimum documentation requirement for personal loans. The common documents required by most banks and NBFCs for individuals requesting a personal loan include :
Various banks and NBFC’s offer personal loans to all applicants fulfilling their basic eligibility criteria. While different banks have different minimum eligibility criteria, the criteria common for most banks and NBFCs for individuals requesting a personal loan include:
Different banks and non-banking financial companies offer different interest rates for personal loans. Most banks have their own unique different classification based on which interest rates are calculated. Personal loan interest rates of various banks vary from 13.50 to 18.50% depending on the eligibility criteria, the loan amount and the tenure period of the personal loan.
EMI calculation for personal loan is now made easy using the EMI calculator available at BankBazaar.com. The Personal Loan EMI Calculator tool allows users the option of changing the loan amount and tenure while calculating the EMI for the personal loan. EMI loan calculator tool is a great option allowing users to see their monthly installment for the loan, helping them to choose the most suitable loan as per their financial budget.
Q: What is the best way to apply for personal Loan?
A: The best way to apply for an personal loan is by using the online loan application tool at BankBazaar.com The tool can be accessed on this page allowing users to choose personal loan from various banks and NBFCS as per their selection.
Q: What is the minimum and maximum amount of Personal Loan that I can get?
A: Various banks and NBFC’s offer personal loans ranging from a minimum amount of Rs. 1000 to a maximum amount of Rs. 15 to Rs. 20 Lakhs. The maximum and minimum loan amount depends on the underlying bank as well as the personal financial details of the loan seeker.
Q: What is the tenure for which I can avail a Personal Loan?
A: Various banks offer different tenure for personal loans. The most common tenure period offered by majority of banks and NBFCs ranges between 12 to 60 months.
Q: Can I Track my Loan Application?
A: BankBazaar.com offers it's loan applicants an active tracking tool through both email and SMS allowing them to track daily updates of their loan application.
Q: Is my Data Safe with BankBazaar.com?
A: BankBazaar.com is India’s premier financial market place and takes utmost care in ensuring the all data is sent in electronic form with high level of encryption. BankBazaar.com does not share data with any third party other than the financial institution.
Q: Is BankBazaar.com Personal Loan Tool Free?
A: Yes BankBazaar.com personal loan calculator tool is totally free and the portal does not charge any fee for it's services from members.
by BankBazaar posted on July 15th, 2015
ICICI Bank has been having quite a sizeable footprint in the mobile banking sector, with around 50 lakh active users. Among the 110 functions available on the mobile banking application of the bank, personal loans are also included.
ICICI aims to double the number of active users, effectively bringing up the total tally to 1 crore mobile transactors. A planned 500% increase in transaction value over last year’s limit of Rs. 16,000 crores means better news for people looking to avail loans. Judging by the earlier RBI imposed cut in the repo rate and increased transaction value, it can only be said that ICICI is going in headlong to allow heftier and easier transactions on loans, transfers and payments through mobile banking.
by BankBazaar posted on July 7th, 2015
As a result of the RBI’s cut in the repo rate earlier this year, banks have also been offering reduced interest rates on consumer/personal loans.
Credit outstanding amounts are being taken over the threshold, which are a key indicator of the willingness to pay a higher interest rate, owing to a better rate of income. Following the same, unsecured lending has expanded 19%.
Reported salary hikes and the recent lower costs of borrowing might be the reason why people are more willing to pay higher EMIs. With signs of an improving economy, there just might be more of a reason to spend on that tablet or vacation you dream of.
by BankBazaar posted on July 7th, 2015
Kotak Mahindra Bank, one of the leading private sector banks in India, expresses its firm determination of retaining up to 20% growth in its corporate loan book in this financial year. According to KVS Manian, the president of corporate banking, Kotak Mahindra Bank, the bank would be able to sustain its corporate credit growth of 15-20 % this year as well due to its comparatively lower base rate. Recently, Kotak Mahindra Bank had cut its base rate by 0.10%, taking its aggregate cuts to 0.25 % during this economic year. The bank plans to divide its demand for loans equally between slightly longer duration loans as well as working capital loans. However, the bank has not revised its conservative approach towards sections like infrastructure which had reported problems previously.
by BankBazaar posted on July 7th, 2015
There has been quite a surge in the personal loans segment for the banking industry, following the recently imposed cut in the repo rate by RBI.
As opposed to a 14.8% growth last year, personal loans have increased 16.6% as of May 2015. Reportedly, increasing competition in the secured lending segment have forced the hands of many banks to explore and expand the portfolio of personal loans.
Data from credit bureaus and strict underwriting norms could be the cause behind the increased confidence in unsecured lending. Increased spending trends, lower interest rates and reported salary hikes may be a few of catalysts in furthering the cause of the personal loans’ growth.
by BankBazaar posted on July 6th, 2015
Non-banking financial company Fullerton is planning to go big on housing finance furthered by its success rates in personal loans, loans against property and SME lending.
The NBFC has a steady footprint in the loans market and personal loans accounting for the largest chunk of the advances. Now Fullerton is aiming to achieve a tenfold growth to Rs. 1000 crore in 3-4 years with an initial investment of Rs. 100 crore.
With an asset size of Rs. 8,669 crore, the company has been growing the yearly disbursal by over 35%. A majority of the customer base exists in the rural area and expansion plans include 40 more branches across the nation. With more investment and an increased disbursal rate, good things can be expected of loans from Fullerton.
by BankBazaar posted on July 2nd, 2015
The State Bank of India, one of the leading public sector bank in India announce to reward its customers for timely repayment of debts like home, auto, education and personal loans. By paying your loan installments or debts on time, customers will be able to earn points. Also, they will be able to earn rewards for opening an SBI account or transferring funds via internet banking. The bank recently launched an enterprise-wise loyalty program called State Bank Rewardz that will enable customers to earn reward points for a wide range of banking transactions. This is a part of its 60th Anniversary celebration.
Customers will get automatically enrolled for this loyalty program when they any one of the following services - debit cards, personal banking, alternate channels such as internet and mobile banking, rural banking , home loans, small and medium enterprises (SME) and demat accounts. The earned points can redeemed by the downloading the State Bank Rewardz mobile app. currently, the app is available for Android phones. In fact, you can earn 100 points by downloading the app. Likewise, one can earn 1 point by spending Rs 200 on SBI debit card, 200 points for registering for mobile banking, 20 points for not requesting for a cheque book, 100 points for opening a savings bank account online with Rs 1,000 as minimum balance and many more such benefits. The main purpose of introducing this reward program by the State Bank of India is to express gratitude to customers who pay their debts up on time.
by BankBazaar posted on July 2nd, 2015
Now, you can design your loan with HDFC Bank. The bank is allowing its customers to design their loans through its ‘loan against shares’ (LAS) offering. This is an entirely digitized process which aims to reduce the time involved in loan approval and disbursement. With this new scheme, it is expected that the time period taken in loan processing and disbursement will come down to 24 hours from its previous period of four to eight days.
Now, customers need not visit the bank to select their shares. They can go online and use their demat account to set their own limit by choosing various combination of shares. As per their select shares, the algorithm will help customers know their eligibility and design their loans. When a customer confirms the amount, HDFC bank will arrange for signing the documents physically. The bank aims to target small businessmen and proprietors who currently can use the LAS facility through this new initiative.
by BankBazaar posted on July 2nd, 2015
A 2014-15 budget announcement over an interest subsidy for loans availed by micro and Small Scale Industries (SSI) in Karnataka has recently come into fruition. As per that, a 6% cut has been imposed on loans availed by SMEs through the Karnataka State Financial Corporation (KSFC).
It seems the bid pursued by Mysore Industries Association (MIA) through pre-budget proposals and discussions had a thankful outcome. SSIs now can get loans from KSFC at 8% now. As of now, first generation entrepreneurs can avail a maximum of Rs. 70 lakh loan at this reduced interest rate. While the MIA is still endeavouring to avail the Rs. 5 crore loan limit at 6% interest rate, the present interest subsidy is a welcome change.
by BankBazaar posted on July 1st, 2015
Bank of Maharashtra and MUDRA Bank have teamed up in an agreement to help finance new entrepreneurs and small businesses.
Credit of up to Rs. 1 lakh crore is in the sights of the central government, aimed specifically at small businesses. The scheme termed MUDRA ((Micro Units Development and Refinance Agency) will be set in motion in the current year.
Three loans have come up as a part of this procedure - namely, ‘Shishu’, ‘Kishor’ and ‘Tarun’. Named interestingly after the stages of life of a human being; the first has a cap of Rs. 50,000, the second increases the range to Rs. 5,00,000 and finally, ‘Tarun’ caters to business needs that can be addressed within Rs. 10,00,000.
The Bank of Maharashtra has reportedly already started financing new entrepreneurs and small businesses. With this scheme, credit limits will certainly be given a further nudge uphill.
by BankBazaar posted on June 26, 2015
HDFC Bank has recently released its Chillr mobile application which aims to simplify the process of bill payments at various merchant outlets. The app works on proximity sensors that detect similar apps in the immediate vicinity, and the function is aptly called as Near Me. The merchant can simply detect the app in your smartphone and forward the bill to the app, from where the required amount may be deducted directly. And, customers can also opt for splitting their bills among themselves, whereby each of the buying party will get a bill of split the amount that they have to pay individually. Such a system aims to digitize all transactions and do away with cash and cards completely.
Another interesting app here is from the Axis Bank, which offers 24x7 Instant personal loan feature on its official app. Loyal customers can apply for and receive the sanctioned loan amount credited instantly into their bank accounts. Customers can select their required personal loan amount from a pre-approved list of amounts and tenures, and agree to the terms and conditions. The loan will then be sanctioned and money credited instantly. HDFC Bank has also released the instant personal loan feature, though it is not available on its mobile app platform just yet.
by BankBazaar posted on June 26, 2015
It can be disappointing to realise that you don’t have enough financial resource to buy your dream house. But how about owning it partially? Fractional ownership is the new thing in the real estate segment right now. This gives the middle class man a chance to have partial ownership of the property without having to break the bank. One can invest directly in the real estate with other investors to gain ownership of the property. The individual’s liability depends on their investment in the property. One can’t bank on a housing loan for investing in this but they can always take a personal loan if needed.
by BankBazaar posted on June 24, 2015
If you are an existing customer of HDFC’s then you might be in for a pleasant surprise. As per the new scheme that the bank is launching, getting a personal loan from HDFC could be done and dusted in as little as 10 seconds. The entire process of applying for the 10 second HDFC personal loan has been automated and now requires absolutely no paperwork. According to this scheme, existing customers will have an amount that is pre-approved and available to them at any time, day or night.
The new 10 second personal loan is part of the bank's initiative that is designed to bring in more digitisation of services under the campaign ‘GoDigital’. This program has been emboldened by the fact that, according to HDFC, 63% of all transactions conducted over 2014-15 were done using some digital channel or the other.
by BankBazaar posted on June 17, 2015
In a bid to expand its portfolio of small and medium enterprise lending, the leading public sector bank of India, State Bank is looking to lend more to small businesses. These new small businesses include e-commerce players, taxi aggregators and franchisees in health, beauty and food sector.
The bank has decided to streamline its processes and management to undertake risk mitigated lending to small enterprises. The bank plans to increase small business lending from 28.51 per cent in 2015 to 40 per cent by March 2016. Last fiscal has seen an SME lending decline in bank’s SME portfolio. The current market is rich with small businesses and as such it is a good time for the bank to step up and make full use of the opportunity to lend.
by BankBazaar posted on June 10, 2015
HDFC Bank has launched a digital initiative to quicken its loan approval process. The bank’s innovative measure will reduce costs related to paperwork as well as save time. In use for the last two months, the system captures a borrower’s profile. Future borrowings are weighed against this profile for quick approvals and minimal documentation. It was made more effective by introducing this at the dealer’s level. At showrooms, quick access to fund helps increase turnover and thereby the dealer’s profitability. It is especially useful in the rural and semi-urban markets. HDFC Bank’s initiative was successful.
by BankBazaar posted on May 28, 2015
SBI is organising a ‘Loan resolution week’ from May 25 to May 30 for all NPA borrowers. The announcement was made through an advertisement on print media. SBI customers who have overdue payments, loan defaults and are facing financial difficulties with their SBI accounts can drop in at the SBI branches during May 25 to May 30 to figure out a solution to their financial problems.This is not applicable to willful loan defaulters. Attending the loan resolution week can help you avoid legal action and penalties.
by BankBazaar posted on April 22, 2015
India is just beginning to emerge from 2 years of slow economic growth and banks are suffering as loans to companies have become sour. Therefore now banks are clamouring to balance a slow recovery in corporate lending by pushing into credit cards and personal loans. This is being actively done by using blanket advertising, cold call campaigns and also by sending employees to malls to engage potential customers. Customers are now having an easier time getting a new credit card than before because of the current status of lending.
by BankBazaar posted on March 13, 2015
As per the Companies Act, 2013, employees can now get all kinds of loans including personal loans at lower interest rates from companies. The government has softened the terms and conditions related to loan offerings by companies along with reducing rates of interest. Also, compliance requirements like approvals from the board of directors have also been removed in specific cases. The notification from the Ministry of Corporate Affairs says that loans and advances made by the companies to their employees, other than the managing or whole-time directors, are not ruled by the requirements of section 186 of the Companies Act, 2013. Now, employees will be able to borrow money from their respective companies based on the terms and conditions of employment agreed between the company and the employee.
by BankBazaar posted on February 20, 2015
To provide easier access to credit in rural areas, the government intends to establish a subsidiary of NABARD (National Bank for Agriculture and Rural Development). Through this personal loans and other credit will be extended to skilled segments of the rural population, mostly SMEs, in order for them to meet important needs like education and business establishment/promotion.
NABARD which is the central agricultural bank in India can better reach out and monitor credit offered to the rural segments of the economy which generally lack access to banking services of public banks. This move falls in line with the government’s intention to provide skill development and training to rural youths over the next few years.
Without access to regulated credit, rural skilled workers seek out alternate sources of financing including local moneylenders who charge higher rates of interest than banks. This acts as an impediment to growth of small and medium businesses in rural areas. Raising funds like personal loans or business loans at affordable rates is an issue which the government hopes to address by extending banking facilities through existing banks.
by BankBazaar posted on December 29, 2014
Working as a research scholar with Punjab University (PU) could make you eligible for a personal loan from the State Bank of Patiala (SPB). This proposal, currently in the pipeline, is awaiting to be tabled before the syndicate for approval as on November 22, and has rightfully gotten the PU scholar community excited. Selected research scholars who have earned the necessary nod from the University Grants Commission (UGC) are eligible for this loan- a stopgap arrangement that helps them meet their financial demands through the period between the commencement of the selected research and the official release of the corresponding grant by the commission. Aside from this, the other eligibility factors include an Indian citizenship, selection at PU for research and recommendation by the varsity for the UGC grant. The maximum loan amount of Rs.1.5 lakh will be disbursed in 12 instalments with a stipulation that Rs.12,500 be the maximum amount that can be disbursed in a month. SPB proposes to impose an interest rate of 13% per annum on the loan.