Thank you for your interest in Personal Loan from HDB FINANCIAL SERVICES. Unfortunately, we do not have a tie-up with HDB FINANCIAL SERVICES currently.
Talk to our experts to apply for a similar offer from our partner banks instead
Thank you for your interest in Personal Loan from HDB FINANCIAL SERVICES. Unfortunately, we do not have a tie-up with HDB FINANCIAL SERVICES currently.
Talk to our experts to apply for a similar offer from our partner banks instead
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Earn more than minimum income
Maximum allowed personal loan is Rs. 10K to Rs. 45 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 years
|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|
Personal loan is a popular financial loan instrument providing assistance for any immediate financial need. Personal loans are non-collateral loans offered by almost all public sector banks and private banks to leverage any financial crisis. Quick approval with minimal documentation and loan disbursal as quick as one day makes personal loan a widely popular financial instrument.Unlike in the past, a borrower seeking personal loan does not need to be physically present in the bank branch to request for a personal loan. With the use of technology and internet, personal loans can now be applied online with a quick approval process of less than one working day. Wide quantum of loan amount, flexible loan tenure and easy availability makes personal loans a viable financial instrument for people of all financial backgrounds when faced with a financial crisis.
A temporary financial crisis can happen to anyone irrespective of his or her overall financial status. Personal loans are a great way to offset any such temporary financial crisis as it allows the users to avail a loan without any pre conditions on the usage of funds. Personal loans have a quick approval mechanism with loans getting cleared as early as within 24-48 hours of the loan application submission.
BankBazaar.com, India's premier financial market place has collaborated with various public sector and private banks to offer customized personal loans for it's users. Users can apply for a personal loan online using BankBazaar.com online loan request tool.
Easy Eligibility Check: The loan calculator tool at BankBazaar.com checks for the user’s personal loan eligibility instantly. The tool also offers customized quotes for all eligible users as per their financial credit history and eligibility criteria.
Instant Quotes: The eligible loan applicants are offered instant quotes customized as per their profile and with a discounted interest rate.
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.
|Bank/NBFC||Rate of Interest||Loan Processing Charges||Prepayment/ Forclosure Charges||Cheque Bounce Charges|
|Axis Bank||15.50% to 24%||1.50% to 2.00% + Service Tax as applicable||Nil||Rs. 500 per cheque bounce + Service Tax as applicable|
|SBI||Personal Loans Scheme (SBI Saral): 8. 50% above Base Rate floating||2.02%-3.03% of the loan amount.||Nil||NA|
|HDFC Bank||15.75% to 20%||Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.||Salaried - 13-24 Months - 4% of Principal Outstanding, 25-36 Months - 2% of Principal Outstanding >36 Months - NIL||NA|
|Bajaj Finserv||16%||2% - 3% of the loan amount||Nil||Rs. 1,000 for every bounce|
|ICICI Bank||13.99% to 18.00%||Up to 2.25% of loan amount plus Service Tax||The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan.||NA|
HDFC Bank is a market leader in personal loans offering a Personal Accidental Cover of up to 8 Lakhs along with a Critical Illness cover of 1 Lakhs with each personal loan. HDFC Personal Loan starts as low as 15.75% interest rate for salaried individuals. HDFC Bank offers a high quantum of personal loan with a complete removal of any prepayment charges after a period of 36 months. HDFC Bank offers pre approved personal loans up to Rs. 3 Lakhs for women personal loan applicants along with free access to lifestyle diva products and services.
ICICI Bank personal loans are available for both salaried as well as self-employed individuals and professionals. Salaried individuals can get a maximum personal loan up to Rs. 15 Lakhs while self-employed individuals can get a loan up to Rs. 30 Lakhs. ICICI Personal Loan starts with as low as 13.99% interest rate.
Bajaj Finance Limited is one of the most popular non-banking financial companies offering personal loans up to Rs. 25 Lakhs for salaried individuals. Bajaj Finserv (Finance) Personal Loan starts from as low as 16% interest rate for salaried individuals. Bajaj Finserv allows prepayment up to 6 times in a calendar year with a minimum amount per prepay exceeding 3 EMIs. Bajaj Finserv offers a 24/7 customer support helpline including toll free number, emails and SMS allowing users to get in touch with the company to resolve their grievances at the earliest.
State Bank of India, the largest public sector bank of the country is one of the most preferred banks when it comes to personal loans. SBI offers personal loans for both salaried and self-employed individuals. State Bank of India offers a personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs. State Bank of India has streamlined it's personal loan division allowing for quick loan approval and disbursal. SBI Personal Loan schemes are offered at lucrative interest rates for various working professionals and salaried individuals from time to time.
Axis Bank is a popular choice for personal loans as the bank aims to give personal attention to each loan applicant. The quantum of personal loan amount for Axis Bank Personal Loan is highest in it's class fixed at an upper limit of Rs 15 Lakhs. Axis Bank offers personal loans at a competitive interest rate ranging from 15.5 to 24% with zero prepayment charges. Axis Bank offers eDGE loyalty points on Personal Loans which can be redeemed for cash surplus and discounts along with multiple repayment options. For any loan related query, Axis Bank has set up a dedicated helpline for loan services available round the clock at the bank's toll free numbers.
BankBazaar.com offers users the opportunity to choose from the best personal loan plans in India as per the borrower’s repayment capacity and choice of tenure. BankBazaar.com offers customized personal loan quotes from various banks and non-banking financial companies. Users can choose the most suited bank or NBFC for their personal loan requests as per it's charges and other features.
Different banks and NBFCs have different minimum documentation requirement for personal loans. The common documents required by most banks and NBFCs for individuals requesting a personal loan include :
Various banks and NBFC’s offer personal loans to all applicants fulfilling their basic eligibility criteria. While different banks have different minimum eligibility criteria, the criteria common for most banks and NBFCs for individuals requesting a personal loan include:
Different banks and non-banking financial companies offer different interest rates for personal loans. Most banks have their own unique different classification based on which interest rates are calculated. Personal loan interest rates of various banks vary from 10.85 to 18.50% depending on the eligibility criteria, the loan amount and the tenure period of the personal loan.
EMI calculation for personal loan is now made easy using the EMI calculator available at BankBazaar.com. The Personal Loan EMI Calculator tool allows users the option of changing the loan amount and tenure while calculating the EMI for the personal loan. EMI loan calculator tool is a great option allowing users to see their monthly installment for the loan, helping them to choose the most suitable loan as per their financial budget.
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 2016
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.
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.
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.
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.
This February, if you are planning to get a Personal Loan, let it be from BankBazaar. Through the February Flash Sale on Personal Loans at the website, you can opt for a Personal Loan product from any of the participating banks today and win big!
How to participate in the deal
How to use the gift voucher at the Amazon website
Important points to note
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
22nd August 2016
by BankBazaar posted on 20th February, 2017
In order to ramp up its retail loan portfolio, Bank of Baroda plans on building up a dedicated sales force of 2,000 people. The sales force will supplement the efforts of the bank branches to increase the sales of home, personal and vehicle loans. The team will help in identifying and acquiring more customers. Presently, out of the total domestic advances of BoB, retail loans make up only 19% whereas in State Bank of India, the retail loans amount to 30% of the total domestic advances. Managing Director and Chief Executive Officer PS Jayakumar said there is a significant opportunity to grow this sector. The process of building the sales force has already begun and the bank hopes to have a significant size by the end of two quarters. A leader of the outbound retail sales team has already been identified. The sales teams and the bank branches will have to work in a cohesive and coordinated way to enhance the sales of retail loans.
by BankBazaar posted on February 8th, 2017
Kotak Mahindra and IDFC bank have come up with a new scheme of providing loans even to those without credit scores. This is an area in the lending space that most banks refrain from entering. These banks have formulated credit algorithms to identify good and bad borrowers. According to Deepak Sharma, the Chief Digital Officer of Kotak Mahindra, lending is one of the greatest opportunities that arose after the demonetization move by the government. He also added that it’s unfair to deny loans to customers just because they don’t have a credit history. Kotak Mahindra is looking forward to serve both retail and MSME customers.
by BankBazaar posted on Febrarury 3rd, 2017
The Make in India campaign was stopped right in its tracks when demonetisation hit the manufacturing industry which is made up of micro, small, and medium scale enterprises. As a bulk of these units were using cash to make payments, they were hit hard by demonetisation. Now, the sector is looking at reviving their fortunes with the help of the Union Budget. With the forecast of bad loans on the horizon, Milind Kamble, Dalit Indian Chamber of Commerce & Industry (DCCI), has said that the classification for bad loans should be increased from 90 days to 180 days. Industry players are also looking at boosting the demand for the manufacturing sector. The auto industry has also suffered quite a bit post demonetisation seeing a drop in sales. Auto manufactures are now looking at ways to bring up their sale numbers. Giving incentives for the replacement of old vehicles is one plan that may bring out a positive result.
by BankBazaar posted on January 24th, 2017
The Chief Executive and Managing Director of Lakshmi Vilas Bank, Parthasarathi Mukherjee, has said that they will continue to focus on growing their retail and SME segment. Speaking to reporters, Mukherjee said that SME and retail have been identified as the core of the 90-year old institution and these segments will continue to be the focal point of growth. He further stated that the bank is looking to offer these segments in the digital channel also to help propel the business forward. Mukherjee has stated that growth in the SME segment has been reasonably flat which is why he is targeting a 15% growth in this segment. The bank had raised Rs.168 crore at the end of the last calendar year which places them comfortably to move forward for the next 15 to 18 months.
by BankBazaar posted on January 20th, 2017
South Indian Bank will focus on its SME business and retail through various processing and marketing centres. Along with these main focus points, South Indian Bank also wishes to keep the speeding up of sanctions for auto, home, and MSME loans and concentrate on opening additional branches. Applying and sanctioning of personal loans are said to get easier. The bank has also proposed to focus on housing loans. They intend on opening a retail hub in Kochi followed by one in South and one in North India. The company had reported that 807 housing loans were sanctioned between October and December last year.
by BankBazaar posted on January 18th, 2017
Chaired by Chief Minister Raghubar Das, the Tribal Advisory Committee (TAC) has approved suggestions made by the subcommittee. Headed by Neelkanth Singh Munda, Rural Development Minister, the subcommittee suggested sanctioning loans to the tune of Rs.15 lakh to SC/ST students who want to pursue their higher studies. Basically, the Central scheme which guarantees a tune up to Rs.7.5 lakh was reworked to allow students to avail a loan of up to Rs.15 lakhs as the latter would prove to be insufficient for pursuing higher studies. Mortgages for tribal lands was also extended by the TAC from 5 years to 30 years. This move makes SC/ST students to apply and receive personal loans a lot easier.
by BankBazaar posted on January 10th, 2017
Punjab National Bank (PNB) recently disbursed Rs.51.20 crore to 408 customers in a credit disbursement camp held at NIRD, Guwahati. PNB’s main aim was to target employment activities under Stand up India, Mudra, and other MSME schemes at the camp which was attended by entrepreneurs from various parts of the Northeast. PNB’s circle head, S.K. Dash, stated that their bank will be issuing loans to the tune of Rs.38.84 crore to 3656 customers in the Guwahati circle in this financial year. Krishan Kumar, an official with PNB, said that the bank will be offering a concession of 20% on processing fees to MSME customers who have applied for personal loans online under MSME.
by BankBazaar posted on January 5th, 2017
The Prime Minister in his address to the nation on New Year’s Eve announced that the government would bear the burden of interest payable for 60 days on farming loans acquired by farmers. Loans acquired from primary societies and district cooperative banks for farming needs this Rabi planting season are eligible for this benefit. Narendra Modi also declared that around 3 crore ‘Kisan Credit Cards’ will be changed in 3 months into RuPay Cards. An additional funding of Rs.20,000 crore will be extended to NABARD to support primary societies and district cooperative banks. Modi added that the farmers responded to those saying that demonetization has destroyed the agriculture sector by increasing Rabi sowing by 6% this season compared to the last. Fertilizer purchase has also increased by 9%. The Prime Minister assured that adequate measures are being implemented to make sure that the farmers’ requirements of credit, seeds and fertilizers are met.
by BankBazaar posted on December 27th, 2016
The recent demonetisation of high-value currencies by the Modi-led government has put the whole country in a tight spot. From the general public to farmers to banks, everyone has struggled after the demonetisation announcement by Prime Minister Narendra Modi on November 8. The RBI’s stringent disbursement rules have made situations even worse for banks and farmers. Farmers preparing for the Rabi crop season have suffered the brunt of this decision and mostly, the Rabi crop season could be delayed. In the district of Kolhapur, KDCC bank - also suffering from the cash crunch - has been able to disburse only Rs.11.52 crore from October to December for crop loans for the Rabi season. Just last year, in the same period, KDCC was able to disburse loans amounting to Rs.600 crore. The bank manager has blatantly stated that they do not have the money to disburse crop loans to farmers, and this has reflected poorly on the government’s credibility with regard to managing the cash crunch in the country.
by BankBazaar posted on December 26th, 2016
In a bid to raise awareness of digitization and cashless facilities of banks amongst students, the Punjab National Bank organized a camp that highlighted the needs to have a clean repayment track, a good CIBIL score and all the facets of credit facilities. To make a bigger impact, PNB offered credit loans, such that 1,010 borrowers were benefited from the camp held in Chennai. From the camp itself Rs.104.62 crore was sanctioned by PNB to borrowers. Overlooking the camp was Ved Mathur, General Manager (MSME division), and Vinod Joshi, zonal Manager of MSME.
by BankBazaar posted on December 22nd, 2016
In a bid to aid the rural sector and the underprivileged, the Punjab and Sindh bank launched the ‘priority sector loan campaign’. Under the ‘priority sector loan campaign’, loans such as education loan, housing loans, Pradhan Mantri Mudra Yojana, Agriculture loan and stand-up loans will be disbursed by the Punjab and Sindh bank. Ever since the launch of the campaign, the bank has disbursed loans amounting to a staggering Rs.9 crore. To aid customers looking to avail such loans, the banks have remained open even on holidays.