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User reviews
  • The services offered by Standard Chartered Bank for the personal loan is very good. The best part about the banks was they had asked for only less number of documents to be submitted and they had disbursed the loan quickly. They were able to respond to all my queries. There is also part payment facility available with this bank.
    03:10 PM - Jun 30, 2015

    , bangalore
    0.5 5.0/5 "Blown Away!"
  • Its been a satisfactory experience with ICICI bank. since I need I just went with ICICI. I find the way they valuated the eligibility, I feel they need to keep the customers informed, its like saying the right hand does not know what the left hand is doing. Interest rate was raised from what I was offered. I did not get proper response even from the relationship officer .I did not feel like I was valued by the customer service. I suggest they need to have a very clear valuation process, should be more transparent. Interest rate and processing fee has to be reduced.
    02:09 PM - Jun 30, 2015

    , new delhi
    0.5 3.5/5 "Pretty good"
  • The sanctioning of the amount is very good by the IndusInd bank and I had taken a personal loan for the first time with this bank and it was a great experience. The response is very good from the bankâ??s end also the rate of interest charged is very less comparatively. The processing was simple and it took only 7 days for the loan to get disbursed.
    12:46 PM - Jun 30, 2015

    , new delhi
    0.5 4.5/5 "Excellent!"
  • The personal loan from HDFC Bank is good and its been 3 years since I have taken this loan. The services offered by this bank is the best when compares among all. It is a very minimum documents asked and the response is very quick among all the banks. There is foreclosure charges in case if I want to foreclose it.
    03:09 PM - Jun 30, 2015

    , bangalore
    0.5 5.0/5 "Blown Away!"
  • I would say it was a average experience with HDFC while I got the personal loan because the loan process took long time they have taken around 15days for the loan to be disbursed.The interest rate offered was really good because there was some discount on the rate for the company where I work.I am really fed up with the response I got from the executive who was arranged for the loan process because every time I tried to contact them they provide very poor response.
    01:37 PM - Jun 30, 2015

    , pune
    0.5 3.0/5 "Satisfactory"
  • The personal loan from ICICI bank is good. I do almost 90% of the transactions with this bank and they are good. I am an existing customer of this bank for the past 15 to 16 years and so it is the best bank I would say. One drawback about this bank is they only sanction a less amount of loan. Overall I did not face any issues with the bank.
    12:45 PM - Jun 30, 2015

    , new delhi
    0.5 4.5/5 "Excellent!"
  • I have taken a personal loan from SBI bank .After submitting the documents the disbursement took 20-25 days. I paid the 70% of the loan amount in bulk but there was no any extra charges.Interest rate charged was normal but the processing fee was little bit high. I went directly to the bank to complete the process as i was in a urgent for the loan. Service and response was good as they are performing well.
    02:49 PM - Jun 30, 2015

    , bangalore
    0.5 5.0/5 "Blown Away!"
  • Based on the experience I had with Tata Capital in the personal loan the only draw back I faced was with the interest rate.The interest rate which they initially offered was not correct and I dint get the same instead I received excuses stating my company is not covered in the plan.The customer service provided was really good and the loan disbursement took around weeks time.
    01:36 PM - Jun 30, 2015

    , pune
    0.5 3.0/5 "Satisfactory"
  • It was a very good services offered by HDFC Bank for the personal loan. They provide the maximum requirement of the customers and the best part about the bank is the sanctioning as they are ready to sanction even for a higher amount of loan. The disbursement of the loan and also the response is very good by the bank.
    12:42 PM - Jun 30, 2015

    , new delhi
    0.5 4.5/5 "Excellent!"
  • Rate of interest is very high for personal loan in Bajaj Finserv but they sanction the loan very fast. So people want to take loan instantly can go for Bajaj Finserv. Actual amount that I availed was 3lakhs but totally I paid around 4lakhs. Otherwise got good guidance from the executive and paper works were minimal.
    02:22 PM - Jun 30, 2015

    , hyderabad
    0.5 3.0/5 "Satisfactory"
  • I found that the interest rate is very low and only minimum processing fee were collected. The documents everything was submitted in the nearest branch. Your staff is great. Kind and helpful!They have helped me out of a bind and provided a loan when no one else would. So much better facilities than ever get it from this bank.
    01:03 PM - Jun 30, 2015

    , mumbai
    0.5 4.0/5 "Great!"
  • From ICICI bank i took a personal loan in which the interest was very high and they had hidden charges also which was not disclosed during the signing the documents for the process..The disbursement took 25-30 days and the documentation process was slow. Processing fee charged was also high comparing with other bank.
    12:17 PM - Jun 30, 2015

    , lucknow
    0.5 2.0/5 "Expected more"
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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 01 Jul 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 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.

News About Personal Loan

  • 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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