HDFC Bank personal loan is really good. I did not face any issues. They took about 4 days of time to process the loan. Rate of interest charged by them was 14% which was reasonable when compared with other banks. Processing fee charged by them was very low. The only thing is I have been promised that they would offer me around 1.5 lakhs however they have sanctioned only one lakh.
01:18 PM - Mar 26, 2015
It was a great experience with HDFC Bank for the personal loan I have taken. The best part about the Bank is their minimum rate of interest charged and also they provided a much faster service. All my documents were collected at a single go and my loan got disbursed within 4 to 5 days.
12:10 PM - Mar 26, 2015
ICICI bank is forwarding mails stating interest as 13% for personal loan but they approved the loan for interest rate of 18%. I am not satisfied with such discrepancies. Other banks are offering loan with low processing charge but ICICI bank charged me high. Since being customer of ICICI bank for 12 years, I like recommending others.
11:37 AM - Mar 26, 2015
Did not really like their promptness and follow up. No intimation or status update. I believe Bajaj Finserv must revert within the specified amount of time. They really need to improve their response time and also must understand the need of customer.
01:13 PM - Mar 26, 2015
In respect to customer service, ICICI bank is exceptional and it is more easier to transact with them. For any type of customer queries they come out of the box and support us. Second time I am availing personal loan with ICICI bank but the fact is that the pre closure is not much flexible as they have their own norms of 6 months of locking period.
12:02 PM - Mar 26, 2015
It was a very good experience with HDFC Bank for the personal loan I have taken. They were very frank enough to give the details about the loan their rate of interest charged and also they communicated well. If there is any kind of problem the Bank doesnt restrict themselves and in case of any documents missing they do a regular follow up with me.
11:30 AM - Mar 26, 2015
I am satisfied with whatever I got from ICICI bank for personal loan. I am holding salary account with ICICI bank so no issues in getting loan. I was in emergency to take loan so did not compare the interest rate with other banks. I approached with different banks but ICICI bank is the one who sanctioned loan so like to thank them personally. In time period of 25 days they sanctioned the loan.
01:05 PM - Mar 26, 2015
Everything went on smoothly with Bajaj Finserve. I would just say that I got a prompt response from them. They took about 4 days of time to process the loan. Interest rate offered by them was really good. Processing fee charged by them is at par or it is in line with the market rate. I would say that they can keep insurance as optional as other service provider were able to waive off the insurance. The best part here , I am allowed to make the part payment atleast 6 times a year
11:57 AM - Mar 26, 2015
Executive of ICICI bank came to my place to collect the documents and they did not let me run anywhere to complete paper works. Personal loan process was smooth. Online the mentioned interest rate was 13% but later they processed it for 14.5% stating my salary is eligible for 14.5% only.
11:20 AM - Mar 26, 2015
In the process of availing this PL with ICICI Bank I felt customer service executive who came to collect documents from my doorstep was not having enough knowledge about the process. He walked more than 4 times to my home for documentation because he was not aware of the signature collected in documents. I feel they should be trained in this and other than that everything was good I am happy with the service provided and interest rate as well.
12:28 PM - Mar 26, 2015
In process of getting this ICICI PL I felt there was certain disconnect between me and the customer service executive. Every time I call them I did not get a good response. The ROI which they promised me was 17% but in the documents which I got later it was mentioned as 17.99% which I never expected or informed. Other than that everything was good, Documentation process was easy.
11:51 AM - Mar 26, 2015
ICICI Bank personal loan process was really good, my opinion is it would be great if they work on their time scales. They took a lot of time to process the loan . I had called them several times but I did not get any proper response from them on time. They took more than 10 days of time to process the loan.
11:07 AM - Mar 26, 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 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.