Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Get your personal loan quote in just seconds

    We need a little info to see if you qualify for discounts.
    • I live in & work in .
      I make Rs. per month. I'd
      like a personal loan for Rs. .
    23,000,000+ Happy Customers with loans & cards
    YOUR SEARCH ENDS hERE
    Compare multiple options and choose the one that best suits you

    Compare the best personal loan offers in town and locate the lowest rates!

    Over 25 offers to compare!

    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

    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!

    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.

    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.

    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?

    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.

    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.

    Landing Previous Arrow
    Have a question? Leave your email here Thank You! Sorry! That looks invalid. Please try again.
    loading
    Bankbazaar Personal Loan

    We found 31 Personal Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 15.99% Fixed
    Up to 2%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    0 One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    2.25% (min. ₹1499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.70% - 11.70% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    14% - 33% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.75% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
     Loading your search... Loading your search...
  • Personal Loan Reviews

    • HDFC Bank Personal Loan
      "Charges are high"
      0.5 3.0/5 "Satisfactory"
      I did not take the personal loan from HDFC bank. As an old customer of HDFC bank, I should prefer HDFC bank for the loans but I preferred Capital first because the interest rate is very high with HDFC bank. Not only the rate of interest, processing fees and other charges also high.
      Was this review helpful? 0
      , surat
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Nice Experience"
      0.5 5.0/5 "Blown Away!"
      I am a new customer of bankbazaar. So it is my first experience with them. First impression was really good from bankbazaar. I use mobile application which is comfortable to use, web portal also good. In a simple word to say, it is an excellent service.
      Was this review helpful? 0
      , surat
      Reviewed on Aug 16, 2017
    • Capital First Personal Loan
      "Happy service"
      0.5 4.0/5 "Great!"
      It had been a month when I took the personal loan from Capital First. I do not have much experience with capital First. But during the loan process, the service was very good from Capital First. They have done everything in a proper way also the interest rate was the lowest one which is around 10.75%.
      Was this review helpful? 0
      , surat
      Reviewed on Aug 16, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan got disbursed form ICICI bank within 4 days of time. The customer service is good with ICICI bank. The rate of interest and the charges are very high when compared with others. The required loan amount has been disbursed and I am satisfied with the service.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The response is quick and fast with bank bazaar. The moment after giving the requirement in bank bazaar website I got the call form bank bazaar in 5 minutes of time. The website of bank bazaar is easy to use and user friendly . I am satisfied using the bank bazaar webportal.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 16, 2017
    • Standard Chartered Bank Personal Loan
      "Prompt service"
      0.5 4.0/5 "Great!"
      My profile was not eligible to get the personal loan from Standard Charted Bank so that was the reason I haven't processed with Standard Charted Bank personal loan . The rate of interest was low when compared with others. I would say prompt service from SCB .
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 16, 2017
    • HDFC Bank Personal Loan
      "Recommandable prodcuts"
      0.5 3.0/5 "Satisfactory"
      Though I don't have relationship with HDFC they gave me good response, I have reached the bank for the personal loan. They came and collected the documents its under process. HDFC lowers interest among all other banks and processing fee is also nominal as per the market.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar is the best portal which gives very good response in any product . The follow up with bank bazaar is very good. They helped me to get in touch with the bank partner. The website of bank bazaar is easy to use and the mobile application is very user friendly .
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "User friendly"
      0.5 4.0/5 "Great!"
      Bank Bazaar is good, as a intermediator website its showcasing the offers in the market. I am really happy with Bank Bazaar service, the response is too much. They called me frequently to check the application status. The site is also good to browse for the financial updates, but I would like to suggest them to give multiple offers in different banks.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 16, 2017
    • Citibank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have arranged the required amount with other source, so that was the reason I have not processed with CITIBANK personal loan. Other than Citibank gave good service and better response in regards to my personal loan application. The follow up is also very good with Citibank. The rate of interest can decreased in future.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • ICICI Bank Personal Loan
      "Term and condition should be flexible to all"
      0.5 1.0/5 "Really Bad"
      There was out going loan running with Bajaj finserv because they charged me high rate of interest. So I thought to go with balance transfer with ICICI but they closed the application because they not ready to transfer entire amount. Even I do have salary account with ICICI but they didn't consider it.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 16, 2017
    • HDFC Bank Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      Due to some personal issues I haven't proceed with HDFC bank personal loan. The banking service is very good with HDFC bank. The response is good with HDFC bank. The rate of interest is nominal with HDFC bank. I got average service from HDFC bank.
      Was this review helpful? 0
      , varanasi
      Reviewed on Aug 16, 2017
    • Tata capital Personal Loan
      "Satisfied with the services"
      0.5 5.0/5 "Blown Away!"
      Three year ago I took a personal loan from Tata Capital and even that process was good. I got the loan without any issues and on time. The disbursement was also as required. The rate of interest was a bit higher than my current loan. It was around 14%.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The bank bazaar gives a prompt response and the regular follow to their customers The customer service and the response was good. The bank bazaar web site is easy to use and user friendly there were no issues in applying and it was a hassle free experience in all.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • Standard Chartered Bank Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I got an immediate response in concern to my personal loan with Standard Charted bank. They have disbursed my personal loan aftre 3 weeks of time there a delay in the documentation part. The rate of interest offered by them was 11%, when compared with the others tis is fine. The expected loan amount I have got a tenure of 5 years and EMI is around 6000 rupees approximately.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Awesome Services"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been excellent. They have done a great job and I am overall happy with the whole experience. The process was very swift and the website is good and very much helpful and it has a lot of details which is useful to a customer in need of any financial product.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 16, 2017
    • Tata capital Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      It was a good experience at Tata Capital for the personal loan. I got the loan in a week. The process was good and the interest rate was around 12% and the processing charges was waived off. The customer support was good as they were very responsive in the process.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Awesome service"
      0.5 5.0/5 "Blown Away!"
      Bank bazaar has very good web site to find the financial products. Bank bazaar was helpful to get in touch with the bank partner. The website of bank bazaar is easy to use and user friendly. I am satisfied using bank bazaar web portal. I would say bank bazaar gives Awesome service.
      Was this review helpful? 0
      , agra
      Reviewed on Aug 16, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I haven't got the personal loan from ICICI bank. I thought I will get personal loan with low interest rate from ICICI bank but unfortunately I got the home credit services so that was the reason I haven't proceed with ICICI bank personal loan.
      Was this review helpful? 0
      , agra
      Reviewed on Aug 16, 2017
    • Bank Bazaar Customer Support
      "Good Process"
      0.5 5.0/5 "Blown Away!"
      I had received a very good service from bankbazaar. I done everything online like submitting the application, uploading the documents like that. On my application, they provided a good response and properly followed up my application in a good manner.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    Common Loader Icon

    Personal Loan is Rated as "Great!" by 78112 Users

    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

    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

    01
    02
    03

    Earn more than minimum income
    required

    Maximum allowed personal loan is Rs. 10K to Rs. 45 lakhs

    EMIs of other loans lower
    your eligibility


    Boost your eligibility by

    01
    02

    Pay off your credit card bills

    Choose longer tenure loan up to 5 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 17 Aug 2017

    Personal Loan Details
    Interest Rate (Monthly reducing balance) 10.85% - 37.00%
    Processing Fees Varies with bank
    Loan Tenure 1 year to 5 years
    Pre-closure Charges Varies with bank
    Guarantor Requirement Varies with bank

    What is Personal Loan?

    A Personal Loan is a form of unsecured loan availed by individuals on the basis of specific criteria, such as level of income, employment history, credit score, and scope for repayment. The loan is usually taken for the fulfillment of personal needs from a banking institution or a non-banking financial company (NBFC). Borrowers can use online tools available at neutral financial websites, such as the Personal Loan EMI Calculator, to assess the interest payout throughout the tenure before applying for a personal loan.

    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.

    Apply for Personal Loan
    • 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.

    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.

    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% + GST as applicable Nil Rs. 500 per cheque bounce + GST 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 GST 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 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.

    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 :

    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.

    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:

    Personal Loan Eligibility Details

    Particulars Salaried Self-Employed
    Age(Min-Max) 23 years to 58 years 28 years to 65 years (25 years for doctors)
    Income Rs.17,000 (Rs.25,000 for metro cities)
    • Minimum turnover of Rs.40 lakhs for non-professionals
    • Minimum turnover of Rs.15 lakhs for professionals
    CIBIL Score Above 750 Above 750
    Minimum Loan Amount Rs.75,000 Rs.75,000
    Maximum Loan Amount Rs.20,00,000 Rs.15,00,000
    • 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:

    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 10.85 to 18.50% depending on the eligibility criteria, the loan amount and the tenure period of the personal loan.

    Personal Loan Interest Rates Table

    Bank Name Interest rates
    SBI 12.5% to 16.5% p.a.
    ICICI 11.59% to 18.49% p.a.
    Axis Bank 15.50% to 24% p.a.
    HDFC Bank 15.75% to 20% p.a.
    Citibank 14.25% to 19.99% p.a.
    Standard Chartered 11.99% to 17% p.a.
    TATA Capital 13.99% to 17.5% p.a.
    Oriental Bank 11.20% to 12.95% p.a.
    Capital First 13% to 18.45% p.a.
    IndusInd Bank 11.25% to 26% p.a.
    Fullerton India 21% to 40% p.a.
    Kotak Mahindra 11.5% to 24% p.a.
    Aditya Birla 14% to 16% p.a.

    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.

    Every organisation or company in the world requires one key ingredient in order to make profits – Money, and the lack of it can hamper the growth of not just a company but also an entire nation. Banks and lending institutions cater to a large chunk of the financial needs in the country, helping players establish themselves. Getting a loan, is however not as easy for someone who does not have access to banks, especially in rural areas. This is where the concept of Microfinance comes into the picture, ensuring that deserving candidates who require small to medium range loans get sufficient amounts to fund their dreams.

    With a majority of the Indian population residing in rural areas, access to banks is limited, with microfinance institutions catering to millions. The concept of inclusive growth has made them a reliable ally, contributing towards the development of the community and thereby the nation. These Microfinance Institutions offer loans to people from the lower income group, people who would generally not be in a position to avail loans from major players. The number of Microfinance Institutions in the country is steadily increasing, ensuring that finance isn’t out of reach for members of the society.

    Top 10 Microfinance Companies in India 2017

    With the number of microfinance institutions increasing on a steady basis, customers are spoilt for choice, with each MFI bringing something unique to the sector. Listed below are the top 10 MFIs in the country.

    1. SKS Microfinance - SKS Microfinance has been catering to the needs of the underprivileged community for over 18 years now, offering small loans ranging between Rs 2,000 and Rs 50,000 to such members. Apart from financial assistance, it also offers training programs to uplift the overall condition of it borrowers. A wide variety of products coupled with their vision to empower women have made SKS Microfinance the preferred choice for thousands.
    2. Sahayog Microfinance – Established in 2009, Sahayog Microfinance today has over 75 branches spread across the states of Gujarat, Chhattisgarh, Maharashtra and Madhya Pradesh. Offering loans under three categories, one can get financial aid ranging from Rs 8,000 to Rs 1 lakh, with the interest computed on a reducing basis.
    3. Ujjivan Financial Services – With a history of close to 12 years, Ujjivan Financial Services is one of the largest MFIs in the country, with a presence in over 200 districts across India. It caters primarily to women from underprivileged backgrounds, offering collateral free small loans for both groups and individuals. Individuals can avail loans ranging between Rs 2,000 and Rs 10 lakh, depending on their requirement.
    4. Madura Microfinance – Madura Microfinance is a popular name in South India, catering to Tamil Nadu and Karnataka. This MFI has the unique distinction of being named one of the most cost efficient MFIs in the world. Low interest rates combined with ease of access have ensured that deserving members get the financial aid they require. Apart from microfinance, it also concentrates on educating people, aiming to provide inclusive growth.
    5. Bandhan Financial ServicesBandhan Financial Services is one of the biggest success stories in the MFI sector, and within just 15 years of its establishment finds itself among the best in the country. It has a special interest in Eastern and North-Eastern India, aiming to provide financial assistance to develop this region. Loans ranging from Rs 1,000 to Rs 5 lakh can be availed from Bandhan, which also offers pension schemes and insurance, making it a complete service provider.
    6. Cashpor Micro Credit – With its headquarters in Varanasi, Cashpor Micro Credit provides microfinance solutions to the downtrodden across the states of Bihar, Uttar Pradesh and Chhattisgarh. Offering loans to meet multiple contingencies, one can avail financial assistance ranging from Rs 1,000 to Rs 15,000. Competitive interest rates and an onus on the needs of people have made it an extremely popular choice in this region.
    7. ESAF Microfinance – Established in 1992 in Kerala, ESAF Microfinance has been catering to the underprivileged society for over 24 years. With a presence in over 6 states and offering financial assistance to close to 7 lakh families, ESAF offers microcredit and social security services to its members. With 14 products designed to cater for different purposes, ESAF ensures that financial aid doesn’t become an impediment towards the growth of an individual.
    8. Annapurna Microfinance – Set up in 2007 with an aim to provide financial assistance to the economically weaker section, Annapurna Microfinance is one of the major players in the MFI segment today. With a worth of over Rs 100 crore and over 150 branches in 7 states, it offers financial aid to around 6 lakh people, with an aim to empower 10 lakh individuals in the next 2 years.
    9. Utkarsh Microfinance – One of the late entrants into the microfinance sector, Utkarsh Microfinance has grown to become a popular name in certain parts of the country. With over 300 branches across India, it offers a diverse range of products for both individuals and groups. Loans up to Rs 3 lakh can be availed from Utkarsh, which also offers pension assistance to uplift backward communities.
    10. Equitas MicrofinanceEquitas Microfinance was set up in 1994 with an aim to offer financial assistance to those who didn’t have access to banking products. With an onus on transparency and financial inclusion, it has grown into one of the most popular MFIs in the country, offering products for multiple purposes. The company has expanded to 7 states and has over 350 branches to ensure that financial aid isn’t too far away.

    Borrowers can take a personal loan against Mutual Funds or similar debt instruments. In case your income is lower, the mutual fund investment will make up for the lower income and it also enhances your loan eligibility. The debt instruments are a safer option and less volatile. The rate of interest charged on the loan will be lower than the rates provided for unsecured personal loan. To avail a loan against mutual fund, an application has to be filled by the joint holders of the mutual fund portfolio to seek for a loan. The loan amount sanctioned is a percentage of the value of the units held in the folio on the date of giving the loan. If the borrower defaults on the loan, then the lender can ask for the units in the portfolio to be redeemed. The proceeds will be used to pay the lender.

    Q. What is Personal loan?

    A. Personal loan is an unsecured loan that is given without any security. The end use of the money is not monitored either.

    Q. What can I use the Personal loan for?

    A. You can take a personal loan to meet any personal financial requirement or to repay your credit card bill, to buy electronic items, to take a vacation or to even meet the expenses of a wedding or any other function.

    Q. Who can apply for a personal loan?

    A. A salaried individual, self-employed professionals and self-employed non-professionals can apply for a personal loan.

    Q. What is the minimum tenure of a personal loan?

    A. Most banks will provide personal loan for a minimum of 1 year.

    Q. What is the maximum tenure of a personal loan?

    A. Most banks will provide personal loan for a maximum of 5 years.

    Q. What is the eligibility criteria to avail personal loan?

    A. The minimum age of the applicant must be not less than 21 years and the maximum age of the applicant at loan maturity must be 65 years.

    Q. Will the banks charge me a processing fee?

    A. Yes, usually the banks charge a processing fee of 2-3 percent on the loan amount. You can however negotiate with the bank to reduce the fee.

    Q. How can I repay my personal loan?

    A. Personal loan can be repaid in equal monthly instalments or EMI. You can provide a post-dated cheque or can give a standing order with your bank or through electronic transfer. Q. What is an EMI?

    A. EMI or Equal Monthly Instalment includes principal and interest.

    Q. Is part- prepayment allowed on my personal loan?

    A. Personal loans can be prepaid in parts or fully at any stage. Some banks might charge a prepayment penalty whereas some banks will not. Some banks will not allow the part-prepayment. So, check all the documents before finalising with the bank.

    Q. Will I need a guarantor to take a personal loan?

    A. No, you will not need a guarantor to take a personal loan.

    Q. Can I club my income with my spouse to take a personal loan?

    A. Yes, you can club the income of your spouse to boost your eligibility to avail a personal loan.

    Q. How much personal loan can I take?

    A. The banks do not usually let you take a loan exceeding 30- 40 percent of your net salary.

    Q. What is the minimum loan limit offered for personal loan?

    A. Generally, the minimum amount limit that one can take a personal loan is Rs.1,000.

    Q. What is the maximum loan limit offered for personal loan?

    A. Generally, the maximum loan limit is Rs.15 lakhs.

    Q. Do I need to submit any security or collateral to take a personal loan?

    A. No, you don’t have to provide any security or collateral to take a personal loan.

    Q. Do I get to choose between a fixed and a floating rate of interest for the personal loan?

    A. Yes, you have the option to choose either the fixed or floating rate of interest.

    Q. What is the rate of interest that will be charged on my personal loan?

    A. The interest rate varies from banks to banks and it is within 14-26 percent depending on your profile and the scheme that you opt for.

    Q. How many days does it take for the bank to disburse the personal loan amount?

    A. Banks disburse the loan within 72 hours to 7 working days provided all the documents are in place.

    Q. Will the banks check my CIBIL score while reviewing my application?

    A. Yes, banks refer your CIBIL score and credit report and the minimum CIBIL score requirement is 750+.

    Q. Will the CIBIL score affect my personal loan interest rate?

    A. Yes, the CIBIL score affects the interest rate offered to you. If your CIBIL score is high and if you have a good repayment history, then the bank will offer you a lower interest rate.

    Q. How will I be eligible for a relationship discount?

    A. If you have been a customer for a particular bank for a while, then the bank might reduce the personal loan interest rate or other such charges. Some banks will also provide you additional services.

    Q. What are the documents required to seek a personal loan application approval?

    A. You need to submit an identity proof as well as residence proof, your latest salary slip, form no. 16, last 6 months bank statement and a passport sized photograph that is to be affixed on the application form.

    Q. Do I need to open a bank account to service my personal loan?

    A. If you don’t have a bank account with the bank, it is not mandatory to apply for one. But, if you apply for a loan with your existing banker, then you will be eligible for a relationship discount.

    Q. How do I stop executives from calling me to let me know about other loans?

    A. Some banks let you register yourself for ‘Do Not Disturb’. The executives will not disturb you with cold sales calls.

    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.

    Personal Loan Checklist

    Do you look at only interest rates to choose your Personal Loan? Uh-oh! There’s a lot more to it than that. Know how to choose a Personal Loan already?

    Process It

    Processing fees are a part of your loan. Higher the processing fee, more expensive the loan.

    Pro Tip:

    Get loans with zero processing fees.

    Payback

    Some lenders may not provide a pre-payment option while some may charge a penalty.

    Pro Tip:

    Get loans that allow prepayment and have low charges.

    Stretch It

    The longer the tenure, the lower the EMI.

    Pro Tip:

    Personal Loan tenures can stretch up to 7 years so use that to your advantage.

    Close to Save

    There’s often a waiting period to close your loan.

    Pro Tip:

    Choose a loan with a short waiting period to save on interest.

    We have loans with zero processing fee, low prepayment charges, higher tenure and shortwaiting period for foreclosure. Ready to explore?

    Personal Loan Tips for you

    So you’ve decided to go for that Personal Loan, eh? Hold on there. You’ve probably done everything you need to and that’s great. However, here’s what not to do:

    1. Resist Temptation

    The temptation with loans, particularly if they’re being actively sold to you, is to go for an even bigger sum than you first thought. Not a good idea. Take what you need.

    2. You’re spending the Money on What?

    A Personal Loan to fulfill your whims and fancies – not such a good idea. Save up for that kind of thing. ‘Need’ over ‘want’ is the way to go.

    3. Definite Rejection

    If you know that your Credit Score is low, do not apply just to ‘take a chance’. That’s the most important criteria for getting your loan approved. Another rejected application might just hurt your Credit Score more.

    4. Don’t pull it

    A very long tenure may not be a good idea since this means you pay higher interest. Get your finances in order and pay more every month. Before you know it, the EMIs have been taken care of.

    We’ve got your back, always. If you’re ready, take a look at our offers.

    How to avoid a Personal Loan rejection

    Personal Loans are so easy to get that people have fairy tale notions about it. Here are a few things to keep in mind to avoid rejection of your application.

    Poor Credit Score = No Loan

    Don’t believe whoever says this. If you have a poor credit score, you can still apply for a secured Personal Loan. It means you can take a loan against the security of a collateral.

    Amount = No Limit

    Just like with all loans, there is a limit on the Personal Loan amount you can borrow. The maximum amount will depend on your eligibility factors, such as income, age etc.

    Personal Loan Will Worsen Your Debt

    No, it does so otherwise. A Personal Loan is an excellent way to consolidate your debts under one interest rate. Personal Loan rates are cheaper than Credit Card interest rates.

    Tedious Approval Process

    We are living in the 21st century – technology, internet. You can now apply for a Personal Loan online and get approval the very same day. Disbursal follows soon.

    Don’t fear applyingfor a Personal Loan if you really need one. It is easy to get one and will help with your financial problems.

    Super Duper Deals: Apply for Personal Loan from BankBazaar & Get Rs.1000 Amazon Gift Voucher

    BankBazaar is offering you an attractive deal on Personal Loan that you simply should not miss! Select any one of the Personal Loan products from participating banks on the BankBazaar.com website and win an Amazon gift voucher worth Rs.1,000.

    How to participate in the deal

    • The customer will have to apply for a Personal Loan (marked with the badge Rs.1,000 Amazon voucher) through the website BankBazaar.com, between 1st August, 2017 and 31st August, 2017.
    • If the Personal Loan product is disbursed on or before 15th Oct, 2017, the customer receives an Amazon gift voucher worth Rs.1,000.
    • The voucher will be sent to the email ID provided by the customer at the time of purchase of the Personal Loan.
    • Customers can visit the amazon website or use the Amazon app for redemption of the gift voucher.

    How to use the gift voucher at the Amazon website

    • The customer can log in to the Amazon website or use the Amazon app in order to redeem the voucher.
    • The user selects the merchandise that he/she would like to redeem and applies the coupon code on the voucher at the time of billing.
    • It is important to check the coupon e-mailer for the validity of the code.
    • The customer can visit the website www.amazon.com for detailed terms and conditions.

    Important points to note

    • The redemption process and directions for use of the voucher are solely governed by the terms and conditions set by the merchant.
    • The shipment and tracking options for the redeemed product are also based on the terms and conditions of the merchant company. BankBazaar is not liable for the same.
    • Voucher requests for Personal Loan products that are disbursed after the expiry of the suggested timelines will not be honoured.
    • The gift voucher is applicable only to Personal Loan products offered by select partners.
    • The customer should be 18 years of age or more to be eligible for this offer.
    • Disbursal of the Personal Loan will be at the sole discretion of the partner bank.
    • If the voucher is lost or damaged after issuance, BankBazaar will not be liable for the same. Vouchers cannot be cancelled or replaced after issuance.
    • The offer is valid for 1 order for Personal Loan per participant, during the program period of 1st Aug, 2017 to 31st Aug, 2017.
    • The voucher cannot be exchanged for credit or cash alternative.
    • Resale, reproduction, trade, or alteration of the voucher is not allowed.
    • The voucher cannot be reused after the first usage.

    *Partnering banks include:

    The gift vouchers will be dispatched on approval of a Personal Loan application made through BankBazaar portal in any of the participating banks:

    • IndusInd Bank
    • Fullerton India (for tier-3 & tier-4)
    • Kotak Mahindra Bank
    • ICICI Bank
    • Tata Capital
    • Citibank
    • Capital First
    • Aditya Birla Finance Ltd.
    • Standard Chartered Bank
    • HDB Financial Services
    • HDFC (Paperless only)

    Happy Shopping!

    Disclaimer: BankBazaar reserves the right to modify, add or discontinue the terms and conditions at any time without any notice.

    • Everything You Need To Know About Personal Loans

      Struck by a financial emergency and are looking for a Personal Loan? You can borrow a minimum of Rs. 10,000 and a maximum of Rs. 30 Lakhs, depending on your bank and eligibility. The loan tenure ranges between 12 to 60 months. If you are a salaried applicant, you need to be at least 21 years of age and no older than 58 years at loan maturity, with at least 1 year of service with the current employer and earning at least Rs. 17,500 per month. Self-employed individuals have to be at least 24 years of age and no older than 65 years at loan maturity, with at least 3 years of experience in your current profession, earning at least Rs. 17,500 per month. Keep these documents handy: Proof of Identity (Passport, Pan Card, and Voter ID), Proof of Residence (Passport or utility bills), Bank Statement for the last 6 months, Salary Slip for the last 3 months and Form 16 or proof of Income Tax Returns. If you’re self-employed, you will need: Proof of IT Returns for the last 3 years and Audited balance/income sheet from the last 3 years. Now that you’re a Personal Loan Ninja, compare multiple offers and apply!

      Stay up to date! Daily finance news at your fingertips. Explore Personal Loans on Mobile App

    Read Personal Loan news or Enjoy it on the go Google Play

    • Rs.2.04 Lakh Crore worth of Corporate Loans restructured in FY17

      Responding to a question in Rajya Sabha asking for names of companies which had their loans restructured, the Finance Minister said that the amount of restructured corporate loans has been declining in the last 3 fiscal years. As per the data tabled by Arun Jaitley, in FY 2014-15 corporate loans worth of worth Rs.3,70,279 crore and in FY 2015-16, loans worth Rs.2,99,111 crore were restructured. The amount reduced to Rs.2,04,884 crore in the 2016-17 financial year. Jaitley said that all restructuring is done in accordance with RBI issued guidelines like Strategic Debt Restructuring (SDR), Joint Lenders’ Forum (JLF), and Scheme for Sustainable Structuring of Stressed Assets (S4A) on restructuring. He also added borrowers’ names and other details are protected under Section 45E of RBI Act, 1934, prohibiting financial institutions to disclose details about the affairs of their customers. Jaitley mentioned farm loans restructuring is also allowed in case of natural calamities, which includes conversion of short-term loan to long term ones, or rescheduling the payment time-frame with farmers getting benefit of retaining their assets. For farm loans impaired for reasons besides natural calamity, restructuring is permitted under RBI guidelines on Income Recognition and Asset Classification (IRAC).

      8th August 2017

    • Canara Bank Ventures into Paperless Banking with First Digital Branch

      Canara Bank, which is targeting to move to ‘paperless’ form of banking before long, launched its first branch for Digital Banking. The branch has come up at Spencer Towers on MG Road in Bengaluru, open from 8:00 a.m. to 8:00 p.m. on business days. Named ‘CANDI’, the digital branch is set to provide complete digital banking experience to its customers. As part of its foray into all things digital, Canara Bank has introduced mobile apps which help its customers get almost all account-related information at their finger-tips, without actually visiting the branch. The eyeball grabbing feature of this Digital Branch is a humanoid robot that addresses customer’s basic questions on banking services and products. This is the first such initiative by a public sector bank in India. The devices and tools in this digital branch include Customer On-Board Application facilitating opening of Savings Bank account instantly by the customer themselves, using fingerprint/IRIS authentication registered with Aadhaar database, printing personalised debit cards, requesting for cheque book, registration for internet/mobile banking, generating e-Passheet and issuing virtual welcome kits. The queue management system is also digitised with an app dispensing tokens. There’s a cloud technology based paperless appointment system. Challan system is digitised for services such as fund transfer, cash deposit and cheque clearing to help customers file challans online at their convenience. Video banking is present to interact with Subject Matter Experts at remote-sites on various categories of corporate advances and retail loans.

      2nd August 2017

    • Disbursement of Mudra Loans exceed Rs.1.8 Lakh Crore

      Mudra loans or loans under PMMY (Pradhan Mantri Mudra Yojna) crossed its target of Rs.1.8 lakh crore for the fiscal year 2015-16 to reach Rs.1,80,528 crore, Ministry of Finance said on Tuesday. The Finance Ministry data showed that for the financial year 2015-16, the government had a target of disbursing Rs.1,22,188 crore Mudra loans but actually sanctioned Rs.1,37,449 crore worth of loan. The target then rose to Rs.1,80,000 crore but the government ended up sanctioning Rs.1,80,528 crore. Mudra (Micro Units Development Refinance Agency) loans have been extended by banks, Non-Banking Financial Companies (NBFCs) and Microfinance Institutions (MFIs) to small/micro business enterprises since 08 April, 2015, with the objective of ‘Funding the unfunded’ through institutional finance by providing loans up to Rs.10 lakh for manufacturing, processing, trading, services and activities allied to agriculture. However, it hasn't been easy for citizens to avail these Mudra loans for their small businesses. 8194 complaints have been forwarded regard to implementation of PMMY from time to time including difficulties in obtaining loans to respective Banks for redressal. Central Public Grievance Redress and Monitoring System (CPGRAMS) has received 8352 complaints against various banks in respect of the Scheme. Mudra loans are expected to be the last mile financiers of small and micro businesses as they are generally cut off from banking system.

      24th July 2017

    • Software to provide Loan waiver in Maharashtra

      by BankBazaar posted on 19th July 2017

      The state government in Maharashtra has decided to develop collate the list of farmers who are eligible for waiver of crop loans. The move comes as a way to minimize human interference in preparing the list, check malpractices during the process and to make sure that only the eligible farmers receive the loan waiver benefits. The government under Devendra Fadnavis has announced an Rs.34,000 crore waiver on farm loans, capped at Rs.1.50 lakh per farmer. Subhash Deshmukh, the Cooperation Minister, said the move comes in the view of previous experience of loan waiver scheme in 2008, when many farmers not eligible for the benefits walked away with it. Then all the documents related of the loans, eligibility and bank accounts were handled manually by officials of cooperative banks. Under influence from local politicians, these bank officials favoured non-eligible farmers for loan waiver. Deshmukh said that around Rs.9,000 crore worth of outstanding loans were waived in 2008 under the UPA government’s relief package. Out of which almost Rs.180 crore went to non-eligible farmers, according to a CAG report. The Maharashtra government tried to recover that amount, but so far they could recover around Rs.150 crore only. The new software will contain a database of farmers, their bank accounts and land holdings, along with Aadhaar number and PAN details, if available. Once ready, this database can be used for cropping pattern assessment, change in landholding patterns and crop yield, on a regular basis. There are around 1.34 crore farmers in Maharashtra, out of which almost 90 lakh have accessed crop loans. The state government claims that almost 89 lakh farmers will benefit from the loan waiver scheme.

    • Indian Bank provides loans to self-help groups in Tamil Nadu

      by BankBazaar posted on 18th July 2017

      Indian Bank disbursed loans recently at Microsate Vellore, Walajapet, and Pennathur branches exclusively for self-help groups (SHGs). The bank has offered loans of Rs.2.3 crore to these groups. The bank started lending to SHGs in the year 1989 when it collaborated with IFAD projects. It was the first bank in India to offer loans to SHGs. Indian Bank offered Rs.52.68 crore to SHGs in 2016-17 against its target of Rs.21.43 crore. This special loan disbursement camp was inaugurated by Collector S.A. Raman on July 12. In Tamil Nadu, the bank has established good relations with more than 6,000 SHGs.

    • Finance Minister urges banks to provide more loans to SHGs

      by BankBazaar posted on 14th July 2017

      Finance Minister Arun Jaitley said that banks should focus on diverting more loans to self-help groups (SHGs) for the betterment of the nation. He mentioned that the increased availability of loans in the unorganised sector will generate more employment in India. He also stated that people seeking employment in the unorganised sector are larger in number than those in the organised sector. With the growth in the economy, there has been a definite improvement in cities, large businesses, and the organised sector. The people living in the margins or tribal areas have not received much benefits from the economic growth. Jaitley mentioned that self-help groups were created 25 years ago with the purpose of bringing about growth in this sector. So, the provision of more loans by banks would assist greatly in achieving this vision.

    • Yes Bank partners with start-ups to lend student loans using AI

      by BankBazaar posted on 12th July 2017

      Yes Bank has tied up with various start-ups including FRS Labs, Anytime Loans, and Redcarpetup to disburse loan, detect fraud, and offer customer service using innovative technology. While Yes Bank brings in a large scale of customers and banking experience, these start-ups can bring in the latest technologies in the banking world. Redcarpetup and Yes Bank together plan to lend loans to students based on their college, course type, social circle, and education background. Students can pay back the loan in small instalments over a loan tenure of 1 to 9 months. Anytime Loans, an automated P2P lending platform uses Artificial Intelligence (AI) to disburse personal loans. Its partnership with Yes Bank will give an additional Rs.6 crore for MSMEs and personal loan lending. FRS Labs helps Yes Bank customers to open bank accounts remotely through selfies.

    • Nationalised banks disbursed 47% of crop loans in Nagpur district

      by BankBazaar posted on 11th July 2017

      Sachin Kurve, Nagpur district collector said in a review meeting held on July 5th that 47% (Rs.391 crore) of the crop loan out of the Rs.830.99 crore has been disbursed so far. He appealed to the bankers at the meeting to meet the target by July 15th. The meeting was attended by Bank of Maharashtra's district deputy registrar and lead bank manager, and Bank of India's regional manager. Kurve has asked the bankers to simplify the loan application process for the farmers and to implement the farm loan waiver scheme by organising camps. He has instructed the bankers to prepare the list of beneficiaries under the farm loan waiver scheme. He also requested them to provide fresh credit to the farmers for the new season in addition to clearing up to Rs.1.50 lakh in old loan amount dues.

    • Crop Loans up to Rs.50,000 to be waived in Karnataka

      by BankBazaar posted on 30th June 2017

      Giving some respite to the farmers in the state, the Karnataka Government has waived crop loans up to Rs.50,000. The Chief Minister of Karnataka, announced that crop loans of up to Rs 50,000 borrowed by 22,27,506 farmers from cooperative banks in the state will be waived. The minister, said that Crop loans that farmers took from cooperative banks are only 20 per cent of the total borrowings, including 80 per cent from Grameen (rural banks), nationalised (state-run) and other banks owned by the central government and its agencies. He concluded by saying that waiving crop loans of up to Rs 50,000 is not a big achievement. We expected the Karnataka government to waive loans of up to Rs 1 lakh. Had Siddaramaiah decided earlier, he would have saved the lives of 1,197 farmers who committed suicide due to debt.

    • Crop Loans with shorter terms will continue to get interest subsidy

      by BankBazaar posted on 22nd June 2017

      The Government has approved the extension of interest subsidy to short-term crop loans in a Cabinet meeting, headed by the Prime Minister. Farmers can continue to avail crop loans up to Rs.3 lakh at 7% interest rate. Individuals who repay promptly will receive the loan at an interest rate of 4%. The decision also mentioned that farmers can avail loans for the storage of their produce post-harvest. The interest rate on this will be 7% for 6 months. Farmers who have been affected by natural calamities will receive an interest subsidy of 2% for the first year as well. The Government stated that this move will encourage farmers to avail institutional credit as opposed to non-institutional loans that have high interest rates. The interest subvention scheme will continue for this fiscal and will be implemented by the Reserve Bank and the National Bank for Agriculture and Rural Development (Nabard).


  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.