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User reviews
  • Everything was timely in manner with HDFC bank in applying personal loan. There was a immediate response provided in terms of documentation submission. The loan approval was too faster as within 3-4 days the loan was disbursed.
    06:43 PM - Nov 24, 2014

    , chennai
    0.5 3.5/5 "Pretty good"
  • " No one has contacted me from ICICI Bank personal loan for the document collection. I initially got a mail from them asking me to keep my documents ready . Later, a person called me stating that he will come for the documents pickup the next day. However, no one turned up for the same. Even now I am not sure what happened to my application. "
    06:57 PM - Nov 22, 2014

    , bangalore
    0.5 4.0/5 "Great!"
  • I have applied for a personal loan at ICICI Bank. There is no response from them. I only a got a text message from them stating that my application has been declined. I would request the Bank to provide proper explanation why my application has been rejected otherwise its ok.
    06:50 PM - Nov 22, 2014

    , bangalore
    0.5 1.0/5 "Really Bad"
  • Compared with other banks, I would say HDFC bank is quite different and good. The customer service team is too quick always and the response is always faster. There was continuous interaction with them and I felt it good.
    06:41 PM - Nov 24, 2014

    , pune
    0.5 4.5/5 "Excellent!"
  • The personal loan which I availed from HDFC bank is very good. Its been 2 years by now but so far I have never faced any issues with them. The loan was processed within 3 days which was quick and fast. They provided me with an interest rate of 14% to 15% with a reasonable processing fees. Comparing to others banks in the market HDFC serves the best.
    06:55 PM - Nov 22, 2014

    , thiruvananthapuram
    0.5 4.0/5 "Great!"
  • " I am happy to say that I have taken a loan with ICICI Bank, however I have requested for 30 lakh whereas the amount which was offered is only 9 lakh. I would suggest this bank to re-consider the eligibility , try to offer better loan amount to satisfy the customers. This is my first experience with this Bank and its quite satisfactory. They offer door to door services and every thing was good"
    06:49 PM - Nov 22, 2014

    , kolhapur
    0.5 3.0/5 "Satisfactory"
  • Processing of personal loan with HDFC was too good. In terms of rate of interest and processing fees, I would say its quite ok when compared with other banks.
    06:40 PM - Nov 24, 2014

    , bangalore
    0.5 5.0/5 "Blown Away!"
  • Frankly speaking, I did not receive any calls from ICICI Bank for the personal loan. I am still waiting for the person to turn up, as not even the verification part was completed. I would love to take a loan from them. I would be happy if they take remedial measures and ensure that the complete procedure is being followed. Interest offered by them was incredible."
    06:54 PM - Nov 22, 2014

    , hyderabad
    0.5 2.0/5 "Expected more"
  • The reason why I have not taken a personal loan from ICICI bank is because the rate of interest offered by them was very high which is 18.5% so I was giving a second thought about it. Moreover, the executive of ICICI showed a lot of interest before collecting the documents. After collecting the documents they did not show any interest on my application.
    06:48 PM - Nov 22, 2014

    , chennai
    0.5 3.0/5 "Satisfactory"
  • The services provided by ICICI bank was not satisfactory. Inspite of not availing the loan I feel that initially they responded well but they did not revert back later. After they collected the documents their response was nil. I would suggest them to follow up with their customers regularly.
    07:01 PM - Nov 22, 2014

    , chennai
    0.5 1.0/5 "Really Bad"
  • " I am holding a personal loan with Axis Bank. The process was very simple, the executives guided me , they gave me the steps and the entire process was smooth. They gave the exact loan amount which I required . The total tenure is 3 years and the customer service offered by them is exemplary. "
    06:53 PM - Nov 22, 2014

    , bangalore
    0.5 4.0/5 "Great!"
  • Actually, I am in need of a personal loan for 2 lakh rupee that is the reason why I have applied at ICICI Bank . I already hold a personal loan with ICICI for 1.5 lakhs . On top of that I require 2 lakhs as well. To be honest, in the last one year I have applied twice or thrice however my application has been rejected I wonder why. Good, if Bank can update me on this.
    06:45 PM - Nov 22, 2014

    , bhubaneshwar
    0.5 4.0/5 "Great!"
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BankBazaar Personal Loan is Rated as " Great!" by 5319 Users
 4.0 / 5.0   by 5319 users
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Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

Personal Loan BYTES FROM OUR KITCHEN

You're eligible for a Personal Loan if you:

01
02
03
04
That's 21 years old, same time that everything besides milk becomes legal too

Are legally adult enough to handle it

Less than 65 years of age, because sanguine golden years are for playing golf

Have still got it

Salaried or self-employed - whatever puts food on your table

Get a regular pay check

There's a minimum amount for that regular pay check

Make more than a basic buck


Your eligibility depends on

01
02
03
Personal Loan Minimum Salary

Minimum income required
Rs.17,500 per month

Personal Loan Maximum Loan Funded

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

Personal Loan EMI

EMIs of other loans lower
your eligibility


Boost your eligibility by

01
02
Personal Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

Personal Loan Tenure

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 24 Nov 2014

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 bankbazaar.com?

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.
Real time Loan Comparison: BankBazaar.com 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 BankBazaar.com are sent electronically to the concerned bank department assuring complete privacy and transparency.

How to apply for a personal loan on bankbazaar.com?

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.

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

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.

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 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.

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 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.

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This is our forte- helping you compare the finest deals. Additionally, we'll handpick offers that suit your profile and present the best rates from several banks, so you can make a thoroughly-informed decision.

Breaking Down Offers
Breaking down offers

We're obsessed with giving you a 365 degree view of offers. So, we'll break it down for you - EMIs, eligibility, maximum amount that can be borrowed, fees, hidden charges... no more getting fooled by the fine print!

Why Apply Online
Emergency, Marriage or Travel

Be it a marriage, higher education, a personal emergency, shopping needs or just need extra cash - instant cash with the best rates & timely handheld support.

Cheaper then Dealer
Why apply online?

You don't have to fight for parking space! Jokes apart, applying online will help you save time and money; plus, you'll be able to use the services of our super-friendly customer service team at anytime and get all your queries answered.

Comparing Best Loans
Done comparing! Now what?

We showcase the best loan offers and help you compare them... what next? Well, we'll aid you in applying to the bank of your choice and work with you right up to the delivery of the loan!

Still have a gazillion questions?
Still have a gazillion questions?

Think of BankBazaar as your loan-savvy buddy! Our customer support team is at your service to clear doubts on eligibility, offers, procedures and documentation, and help you apply. They'll even co-ordinate with the bank to get you your loan on time.

Connect to the Bank
We'll connect you to the bank

We know the bank guys really well! So, if you want to talk to a bank representative or get help on your loan application, we won't just connect you to them; we'll also do the follow-up on your behalf.

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