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Customer Reviews

    • Personal Loan
      "Too much charges but easy to get a loan"
      0.5 3.0/5 "Satisfactory"
      Its really easy to get a loan with Axis Bank mainly a personal loan.The interest rate applied is really high and they do deduct charges in high amount.They deduct around 2-3% as charges for the loan.The response provided by customer service is really good and they process the application within a days time.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 27, 2015
    • Personal Loan
      0.5 4.5/5 "Excellent!"
      KOTAK Bank offered personal loan with 16.7% rate of interest I am satisfied with that but the only thing which is loan process its took long time almost 10days. Processing fee and charges are normal its 3000rs over all I am really satisfied with their service its good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 27, 2015
    • Bank Bazaar Customer Support
      0.5 4.0/5 "Great!"
      I like the Bankbazaar web page its easy to access and I am happy with their customer service and their responsiveness was good. Their coordination was really excellent, no issue with their service. I am using mobile application its good not bad.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 27, 2015
    • Personal Loan
      0.5 3.5/5 "Pretty good"
      Actually the process was very fast with FULLETRON compare to other Banks because when I applied for the personal loan, process was done by within a week and customer service was excellent only thing is interest rate offered by them is 17.5% and Processing fee and charges are normal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 27, 2015
    • Personal Loan
      "Quickly Done"
      0.5 5.0/5 "Blown Away!"
      I closed my Personal Loan with IDBI bank. They have quickly processed my loan amount which I have taken 3-4 lakhs from them. Since I am holding my saving account with them there was no much documents collected from me. The bank executive has visited me for signing my papers and I just given 2 photo copies of mine.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 27, 2015
    • Personal Loan
      "Will recommend but the have to reduced the charges "
      0.5 4.0/5 "Great!"
      Interest rate and processing fee are very high in icici bank for the personal loan which has to be reduced . With the minimal documentation they disbursed the loan within 4 days.They are very cooperative with the customers.When ever need a loan statement they have given without any charges.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 27, 2015
    • Personal Loan
      "Not recommendable"
      0.5 2.5/5 "Just OK"
      Axis bank disbursed my personal loan within 4 days but the rate of interest is very high.They are not deducting the emi on timely because of them my credit score went down. Not happy with their service as they are not transparent to the customers.Processing fee charged for the loan amount was more than kotak mahindra.It would be good if they customer service and the response.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 27, 2015
    • Bank Bazaar Customer Support
      " I am happy with bankbazzar."
      0.5 4.5/5 "Excellent!"
      It is very easy to understand the information available on Bankbazaar better than other website. The feature are very simples. They have responded in to me on time and given a proper informations very promptly.I would like to say that them have to keep the same service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 27, 2015
    • Personal Loan
      "Can be recommendable to others"
      0.5 4.0/5 "Great!"
      The manager of Kotak mahinfdra bank in the kolkata branch is very proactive in his service. But the loan process is little bit longer than other banks as they took nearly 10 days. Interest rate and processing fee charged were as good as per the market rate.They should improve the loan process in a short period of 5 days which will be good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 27, 2015
    • Personal Loan
      "Happy With The Services..."
      0.5 5.0/5 "Blown Away!"
      I am pretty much happy with the services provided by axis bank. They process was very quick with 3 or 4 days, I got the loan from them. Best things is they delivered the service which I asked for. The rate of interest was pretty much high but it was not an issue since their services were on time. It will be good if they can decrease the charges.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Aug 27, 2015
    • Bank Bazaar Customer Support
      "Excellent service.."
      0.5 5.0/5 "Blown Away!"
      Bankbazaar site was very much helpful and I am very much happy with the customer service provided by Relationship manager, because When I applied for the personal loan they guided me well. I am completely satisfied with Bankbazaar and the entire team coordination was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 27, 2015
    • Personal Loan
      "Need Improvment.."
      0.5 2.0/5 "Expected more"
      FULLETRON offered Personal loan with 18.5% rate of interest and processing charges is rs 5000 to 6000 its really higher when I compare to other bank. Insurance is not optional so they deduced 2000 to 3000rs for that and there is no coordination between bank and the customer service. Over all it was not so good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 27, 2015
    BankBazaar Personal Loan is Rated as " Great!" by 12775 Users
     4.0 / 5.0   by 12775 users
    Used this product? Write a review >>

    Fees & Charges

    Promised Interest Rate

    Customer Service



    You're eligible for a Personal Loan if you:


    Are legally adult enough to handle it

    Have still got it

    Get a regular pay check

    Make more than a basic buck

    Your eligibility depends on


    Minimum income required
    Rs.17,500 per month

    Maximum allowed personal loan is Rs. 50K to Rs. 30 lakhs

    EMIs of other loans lower
    your eligibility

    Boost your eligibility by


    Pay off your credit card bills

    Choose longer tenure loan up to 5 Yr years

    Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary - slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Personal Loan Interest RatesUpdated on 28 Aug 2015

    Personal Loan Details
    Interest Rate (Monthly reducing balance) 13.49% - 34%
    Processing Fees 0.5-2.5%
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% - 5%
    Guarantor Requirement No guarantor required

    About Personal Loans

    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.

    Why choose a Personal Loan?

    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.

    • Easy Availability: Easy availability is one of the biggest advantages of a personal loan. Almost all banks and on banking financial companies offer personal loans for it’s customers. Personal loans are not very expensive and are available at reasonable interest rates making them a lucrative option to overcome any immediate financial need.
    • Minimal Documentation: Getting a personal loan does not warrant any long process of asset verification and require minimal documentation. Personal loans are quickly disbursed due to the fact that they seek minimal documentation for loan approval.
    • Quick Loan Approval: Personal loans today come with a quick loan approval mechanism. Loans are approved almost instantly for online personal loan requests. Users requesting for a personal loan can expect a loan disbursal within one or two working days making the whole loan process swift and hassle free.

    Features and Benefits of Personal Loans

    • Flexibility to Use Funds: Unlike other loan options, the funds raised through a personal loan can be used freely as per the needs of the individual borrower. Personal loans can be used to overcome any financial hardships, marriage or medical related expenses, house renovation or any other financial need of the borrower without any preconditions.
    • No Security: Personal loans are approved based on the income details and financial history of the borrower and not over any fixed asset as security or collateral. Since personal loans do not require any collateral or security to be mortgaged with the bank for loan approval, they are easy to use for a vast majority of people.
    • Flexible Quantum of Loan: Based on the borrower’s financial history and credit report, personal loans are available for requirements as low as Rs. 10,000 to as high as Rs. 15 Lakhs or 20 lakhs, depending on the bank or NBFC concerned.
    • Flexible Tenure: The tenure of a personal loan is also quite broad depending on the bank and the loan amount. Personal loans are available for a tenure period ranging from 12 months to 60 months, making it an ideal financial instrument compared to other options like credit card loan or gold loan.

    Why to apply for a personal loan on, 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 online loan request tool.

    Easy Eligibility Check: The loan calculator tool at 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.

    Real time Loan Comparison: also offers a simple online personal loan comparison tool allowing users to compare the loan offers of various banks. Feedback shared by previous successful personal loan applicants acts as a helpful tool for new applicants to get the best personal loan deal.

    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 are sent electronically to the concerned bank department assuring complete privacy and transparency.

    How to apply for a personal loan on

    Applying for a personal loan at 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 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.

    Compare Personal Loans from different banks

    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

    Top Banks Providing Personal Loans in India

    • HDFC Personal Loan:
    • 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 Personal Loan :
    • 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 Finserv (Finance) Personal Loan :
    • 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.

    • SBI Personal Loan :
    • 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 Personal Loan:
    • 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.

    Choosing the right Personal Loan 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. 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.

    Documentation needed to apply for a personal loan:

    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 :

    Documents for Salaried Individuals:

    • Proof of Identity: Passport, Driving License, Voters ID or PAN Card
    • Proof of Residence:-Passport or utility bills
    • Latest 3 months Bank Statement of Salary Account
    • Salary slips for last 3 months.

    Documents for Self-Employed:

    • Proof of Identity: Passport, Driving License, Voters ID or PAN Card
    • Proof of Residence:-Passport or utility bills
    • Income proof: Audited financials for the last two years.
    • Last 6 months Bank statement.
    • Office address proof.

    Personal Loan Eligibility:

    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:

    Eligibility Criteria for Salaried Individuals:

    • Minimum age of applicant: 21 years
    • Maximum age of applicant at loan maturity: 58 years
    • Minimum Service Period With Current Employer: One Year

    Eligibility Criteria for Self Employed Individuals:

    • Minimum age of applicant: 24 years
    • Maximum age of applicant at loan maturity: 65 years
    • Minimum Work Experience in Current Business/Profession: Three Years

    Personal Loan Application Checklist

    • One or Two Passport size color photographs
    • Photo Identity Proof
    • Residence Address Proof
    • Residence Ownership Proof
    • Income Proof for Self-employed Individuals
    • Job Continuity Proof for Salaried Individual
    • Last Six Months Bank Statement:

    Personal Loan Interest Rates

    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.

    How to calculate EMI for Personal Loans?

    EMI calculation for personal loan is now made easy using the EMI calculator available at 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.

    Personal Loan FAQ’s

    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 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: 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

    A: 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. does not share data with any third party other than the financial institution.

    Q: Is Personal Loan Tool Free?

    A: Yes personal loan calculator tool is totally free and the portal does not charge any fee for it's services from members.

    First in India!! BankBazaar offers Flash Sale on Personal Loans

    The end of summer brings cheer to some and gloom for others. BankBazaar is giving a chance at cheer to everyone with a #FlashSale of personal loans! Sounds crazy, right? Well, it is and it’s also amazing.

    Now, apply for a personal loan through our website and receive a gift voucher of Rs.2,000 from Amazon! The voucher can be redeemed for products on one of India’s largest eCommerce platform, The E-Gift vouchers are available for all applicants on the BankBazaar website, subject to conditions.

    Apply before 8th August 2015 to get assured Amazon E-Gift cards and buy the things you like most, for free! The E-Gift cards will be dispatched to your registered e-mail address once the loan gets approved before 30th September 2015.

    Participating banks:

    • Capital First
    • Tata Capital
    • ICICI Bank
    • IndusInd Bank
    • Kotak Mahindra
    • Fullerton India

    Keep checking this space for more updates and awesome offers from BankBazaar.

    *terms and conditions apply

    News About Personal Loan

    • MSEs to be supported by banks for security-free loans

      by BankBazaar posted on August 26th, 2015

      Honourable Chief Minister of Gujarat, Anandiben Patel has urged banks to help in supporting micro and small enterprises avail unsecured loans. These security-free loans will range between loan amounts Rs.50,000 and Rs.10,00,000. Anandiben also emphasized the role of banks in popularization and distribution of U-WIN cards which have been designed to offer multiple benefits to labourers of the unorganized sector.

      The Chief Minister reiterated and stressed the role of banks in taking the various state and central government schemes to the masses. Banks, especially those from the public sector are extremely crucial agents that ensure benefits rolled out by governments actually reach customers on ground. The Gujarat government, under Anandiben Patel has launched various welfare schemes for people in order to promote inclusive growth and t enhance the economic status of people below poverty line. She urged nationalized banks to be quick and supportive in sanction of loans to customers from economically weaker sections of the society.

    • SBI to digitize more banking processes and concentrate on SME lending with Project Vijay

      by BankBazaar posted on August 25th, 2015

      In move directed at improving the loan sanction process and detecting non-performing assets early, SBI has assigned relationship managers to accounts that have turnovers in the general range between Rs.50 lakhs and Rs.50 crores, under Project Vijay. Through this project, the bank also expects to generate new leads for advances through digital analytics and hopes to record a 10% - 12% growth in its small and medium enterprise (SME) lending portfolio.

      SBI has so far financed over 1,500 drivers through its tie-up with Ola. Its smart repayment policy of 20% of income of every journey going towards loan repayment has made it easy to detect default and easier management of the loan itself.

      SBI also plans to digitize all banking processes, from loans against fixed deposits to shares. The bank plans to focus heavily on the digitization of processes for the next two years.

      The bank also plans on increasing the attention given to funding the entire e-commerce value chain, digitally. The tie-ups that SBI has with PayPal, Amazon and Ola will probably be used as a launching pad for this heavy potential funding.

    • RBI urges banks to boost lending to small businesses

      by BankBazaar posted on August 14th, 2015

      Reserve Bank of India said that the MSME segments are a safer bet than large companies and urged the banks to boost lending to the small businesses. RBI Deputy Governor, S S Mundra believes that the potential segment for credit growth is MSME sector. He said that the gross NPA number of loan for the MSME sector may be bigger when compared to the number of loans to large companies, but cases of restructuring is smaller and results in lower overall stress.

      Mundra also added that there is an inherent fear among the bankers as they have issues regarding collaterals with MSME sector and issues regarding KYC and recovery but he also said that he MSME sector has a strong potential of growth and cannot be ignored. He also said that the Trade Receivables Discounting System is a work in progress and that they have received 7 applications to set it up.

    • FICO requests SBI to open loan centres for MSMEs

      by BankBazaar posted on August 12th, 2015

      The Federation of Industrial and Commercial Organization has demanded State Bank of India to open a loan centre for micro, small and medium sized enterprises in Ludhiana. SBIs deputy general manager, Arun Kumar Yadav and FIC president Gurmeet Singh Kular said that the loan centre will help the MSME sector to avail loans without any hassle.

      The FICO also requested the State Bank of India to provide collateral-free loans to the MSME sector. SBI charges interest rates based on the credit ratings and FICO requested the bank to exempt MSME industry from credit ratings. Kular also demanded for travel cards for the FICO members as they are always participating in international exhibitions.

    • Banks are agreeing to give collateral-free loans

      by BankBazaar posted on August 12th, 2015

      Tamil Nadu Small Industries Development Corporation has signed MoU with 4 banks to provide collateral-free loans to micro, small and medium enterprises during the financial crunch to kick-start their operations. The banks are Indian Overseas Bank, Syndicate Bank, Bank of India and Bank of Travancore.

      One of the MoU will give the MSMEs an option to use up to Rs.1 crore as a collateral-free loan. This move came into light as the Chief Minister was focusing on boosting MSMEs fortunes in Tamil Nadu. The officials added that the interest rates on the loans will be low. If the enterprise needs more than Rs.1 crore funding, then they will have to provide collateral.

      The focus of the fund will be to buy land allotted from SIDCO, construct units, purchase machinery and working capital. TNSIDCO has signed up MoU with venture firm capital IFCI Venture Capital to provide equity lending to the MSME startups. the other MoU was signed to e-commerce majors and Trade India to conduct training and sensitisation program for the state’s small industries so that the SMSEs will make the best use of e-commerce.

    • IDBI goes tech savvy! Digitizes loan processing!

      by BankBazaar posted on August 6th, 2015

      IDBI, an Indian government owned bank has good news for its customers. The tech savvy bank digitized loan processing by enforcing a new digital system for the processing of loans including loans such as personal loan, education loan. The old loan processing system will continue to exist and the new system is just an addition. The new digitized system is expected to improve the loan processing time thus making the customers happy.

    • State Bank of Mysore looking forward to Focus on Personal loan

      by BankBazaar posted on August 5th, 2015

      State Bank of Mysore has been able keep its asset quality stable and has been directed to focus on retail and personal loans by its Managing Director, Sharad Sharma. The bank expects a growth in the asset quality for the year’s second quarter. State Bank of Mysore showed an increased net profit of Rs.94 crore for the first quarter of the financial year and a 9.6% growth in the net interest income.

      The reduction in requests for corporate loans has driven the bank to focus more on personal loan; and retail loans. Since the loan market in the region of Karnataka is far better as compared to other parts of the country and since SBM has a good network of branches and huge customer base in this region, it plans to leverage the same.

      State Bank of Mysore is a subsidiary bank of the financial giant State bank of India. The bank enjoys similar public sector status as its parent organization and is a favorite among customers when it comes to products such as loans and fixed deposits.

    • Low interest personal loans offered to salaried employees by Federal Bank

      by BankBazaar posted on August 5th, 2015

      Federal Bank is offering Fed Premia Scheme which promises low interest rates and quick processing of personal loans for salaried employees. Salaried employees can borrow up to Rs.10 lakh with a repayment period extending up to 48 months.

      Individuals who don’t maintain an account with Federal Bank can also avail the Fed Premia loan after submitting the required KYC and income documents. Fed Primea will be available at select cities namely Mumbai, New Delhi, Pune, Chennai, Bangalore, Ernakulam and Thiruvananthapuram.

      Babu K A, Head of Retail Business said that the bank is focusing on the young, salaried class. And that Fed Premia is the latest offer in this range. The loan can be used to finance your personal requirements like meeting education needs or to even take a family trip. Federal Bank is offering the Fed Premia at a very competitive interest rate.

    • Microfinance from State Bank of Hyderabad

      by BankBazaar posted on August 4th, 2015

      In a bid to increase microfinance lending, State Bank of Hyderabad is targeting to disburse Rs.2500 crore as microcredit to small and medium enterprises. The task would be a part of special campaign called Shubh Labh which will commence from August 1st. Small and medium enterprise owners can directly contact any of the 1829 branches of State Bank of Hyderabad and apply for SME loans. Rate of interest charged on these loans is attractive as well as competitive and stands at a base lending rate of 9.95% per annum.

      Customers can also enjoy processing fee waivers which the bank is offering as part of this special scheme. Micro enterprises thus get to avail 100% fee waiver on their loans while small and medium business houses are being offered a 50% cut in their loan processing fees.

      State Bank of Hyderabad is a subsidiary of the largest bank in India, State Bank. The bank is spread across the whole length and breadth of the country with branches in urban as well as rural regions.

    • Your Mobile can now Help in Getting a Loan

      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.

    • Spending sees an Upward Trend hinting at a possible Economy Boost

      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.

    • Kotak Mahindra Bank to sustain its Corporate Credit Growth.

      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.

    • Personal Loans gain a boost as Banks reduce Borrowing Costs

      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.

    • Fullerton going big on Loans: Personal and Otherwise

      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.

    • SBI announces rewards for its customers

      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.

    • HDFC Bank helps you design your own loan

      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.

    • Reduced Interest Rates for Small and Medium Enterprise Loans

      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.

    • A Trifecta of New Loans for Small Businesses

      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.

    • Banks Moving on to Digital Apps for Better Services

      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.

    • Fractional ownership! The new trend in residential projects!

      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.

    • HDFC to Provide Personal Loans in 10 Seconds

      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.

    • SBI Planning to Lend More to Small Businesses

      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.

    • HDFC Bank speeds up loan approval process with latest digital initiative

      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.

    • Loan Resolution week by SBI

      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.

    • Banks Turn to Consumer Loans to Counter Corporate Slowdown

      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.

    • Employees to Get Personal Loans at Lower Interest Rates from Companies

      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.

    • NABARD Subsidiary to Extend Credit to Rural Segments

      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.

    • Research Scholars at PU to get Personal Loans

      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.

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