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Customer Reviews

    • Citibank Personal Loan
      "Happy with them..."
      0.5 5.0/5 "Blown Away!"
      I have applied directly. I am happy with CITI Bank in terms processing and every thing. I just given the details to them based on my personal loan. They have proper followup. They updated every thing through on line. Even I am okay with them in terms of charges also.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 30, 2015
    • Bank Bazaar Customer Support
      "Great site..."
      0.5 5.0/5 "Blown Away!"
      Really u guys are working good. I have taken 2 loan through banks. I used to get proper updates. Their follow up was really good and I got good support from them. Great site they have which is perfect and I have no issues with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 30, 2015
    • Tata capital Personal Loan
      0.5 3.0/5 "Satisfactory"
      I actually wants to go with tata capital but I did not get proper response from them based on my personal loan application. They are good in interest rate. There is no proper commitment even though I am okay with them. I got the loan from CITI Bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 30, 2015
    • Bank Bazaar Customer Support
      "Prompt response...."
      0.5 5.0/5 "Blown Away!" is really good site. They are connecting he people to banks in terms of loans. They tried their best but due to cibile score I did not get the loan from bank. Even I never heard about the Tata capital. Their verification part was good and Prompt response.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 30, 2015
    • Tata capital Personal Loan
      "Okay with them..."
      0.5 4.0/5 "Great!"
      They did their work properly. I am okay with their process also. I got proper response from Tata capital in terms of Home loan. But due to less cibile score I did not get the loan from them. Interest rate and other charges also I am fine with them. I have no issue with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 30, 2015
    • Fullerton Personal Loan
      0.5 3.0/5 "Satisfactory"
      I visited their office for personal loan. No did came to collect the documents. There was no communication from their end. Customer service is not that good Fullerton, I feel they have to improve in their services. In 7 to 10 days they have processed my personal loan. When a customer is approaching for loan they should have a proper communication, they should respond to their customer query.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 30, 2015
    • Bank Bazaar Customer Support
      "Very good"
      0.5 5.0/5 "Blown Away!" website is very good and am using it from the last three to four months of time. Customer service and the responsiveness are very good with the and I received the welcome call quite faster with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 30, 2015
    • HDFC Bank Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I dint submitted the documents to the HDFC bank for the personal loan which I applied, so I have not taken the personal loan with them and the services are quite good with them. In December I would like to go ahead with the HDFC bank for the personal loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 30, 2015
    • ICICI Personal Loan
      0.5 3.0/5 "Satisfactory"
      I got the personal loan with the ICICI bank and the rate of interest was around 14%. The services are good with them and the loan amount got disbursed to my account within a week of time. I am comfort with the Eeasy monthly installments.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 30, 2015
    • Bank Bazaar Customer Support
      "Easy to access"
      0.5 4.0/5 "Great!"
      Bankbazaar is a very good website and the service provided was good.They do respond properly to the customer application being submitted.I came to know about the website through other sites.The website is quite easy to access in desktop but I have not tried their application.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 30, 2015
    • Tata capital Personal Loan
      "happy with service "
      0.5 5.0/5 "Blown Away!"
      I am happy with the service provided by Tata Capital based on the personal loan application.I have arranged the amount from different source.The interest rate applied was around 14% for the loan.The service provided was good and I will recommend the service to others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 30, 2015
    • HDFC Bank Personal Loan
      "Best in service"
      0.5 5.0/5 "Blown Away!"
      The service provided by HDFC Bank was very good based on the personal loan application.They have completed the process within 3-4days which is really good.The interest rate applied for the loan was around 12.99% for the personal loan with HDFC Bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 30, 2015
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    BankBazaar Personal Loan is Rated as " Great!" by 18870 Users
     4.0 / 5.0   by 18870 users
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    Fees & Charges

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    Customer Service



    You're eligible for a Personal Loan if you:


    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


    Minimum income required
    Rs.17,500 per month

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

    EMIs of other loans lower
    your eligibility

    Boost your eligibility by


    Pay off your credit card bills

    Choose longer tenure loan up to 5 Yr years

    Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary - slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Personal Loan Interest RatesUpdated on 01 Dec 2015

    Personal Loan Details
    Interest Rate (Monthly reducing balance) 13.49% - 34%
    Processing Fees 0.5-2.5%
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% - 5%
    Guarantor Requirement No guarantor required

    About Personal Loans

    Personal loan is a popular financial loan instrument providing assistance for any immediate financial need. Personal loans are non-collateral loans offered by almost all public sector banks and private banks to leverage any financial crisis. Quick approval with minimal documentation and loan disbursal as quick as one day makes personal loan a widely popular financial instrument.Unlike in the past, a borrower seeking personal loan does not need to be physically present in the bank branch to request for a personal loan. With the use of technology and internet, personal loans can now be applied online with a quick approval process of less than one working day. Wide quantum of loan amount, flexible loan tenure and easy availability makes personal loans a viable financial instrument for people of all financial backgrounds when faced with a financial crisis.

    Why choose a Personal Loan?

    A temporary financial crisis can happen to anyone irrespective of his or her overall financial status. Personal loans are a great way to offset any such temporary financial crisis as it allows the users to avail a loan without any pre conditions on the usage of funds. Personal loans have a quick approval mechanism with loans getting cleared as early as within 24-48 hours of the loan application submission.

    • Easy Availability: Easy availability is one of the biggest advantages of a personal loan. Almost all banks and on banking financial companies offer personal loans for it’s customers. Personal loans are not very expensive and are available at reasonable interest rates making them a lucrative option to overcome any immediate financial need.
    • Minimal Documentation: Getting a personal loan does not warrant any long process of asset verification and require minimal documentation. Personal loans are quickly disbursed due to the fact that they seek minimal documentation for loan approval.
    • Quick Loan Approval: Personal loans today come with a quick loan approval mechanism. Loans are approved almost instantly for online personal loan requests. Users requesting for a personal loan can expect a loan disbursal within one or two working days making the whole loan process swift and hassle free.

    Features and Benefits of Personal Loans

    • Flexibility to Use Funds: Unlike other loan options, the funds raised through a personal loan can be used freely as per the needs of the individual borrower. Personal loans can be used to overcome any financial hardships, marriage or medical related expenses, house renovation or any other financial need of the borrower without any preconditions.
    • No Security: Personal loans are approved based on the income details and financial history of the borrower and not over any fixed asset as security or collateral. Since personal loans do not require any collateral or security to be mortgaged with the bank for loan approval, they are easy to use for a vast majority of people.
    • Flexible Quantum of Loan: Based on the borrower’s financial history and credit report, personal loans are available for requirements as low as Rs. 10,000 to as high as Rs. 15 Lakhs or 20 lakhs, depending on the bank or NBFC concerned.
    • Flexible Tenure: The tenure of a personal loan is also quite broad depending on the bank and the loan amount. Personal loans are available for a tenure period ranging from 12 months to 60 months, making it an ideal financial instrument compared to other options like credit card loan or gold loan.

    Why to apply for a personal loan on, 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 online loan request tool.

    Easy Eligibility Check: The loan calculator tool at 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: 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 are sent electronically to the concerned bank department assuring complete privacy and transparency.

    How to apply for a personal loan on

    Applying for a personal loan at 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 after successful submission of personal loan application online.

    The application is sent electronically to the selected bank. The loan department of the concerned bank gets in touch with the applicant directly. Users can check the status of their loan application through SMS alters as well as emails.

    Compare Personal Loans from different banks

    Bank/NBFC Rate of Interest Loan Processing Charges Prepayment/ Forclosure Charges Cheque Bounce Charges
    Axis Bank 15.50% to 24% 1.50% to 2.00% + Service Tax as applicable Nil Rs. 500 per cheque bounce + Service Tax as applicable
    SBI Personal Loans Scheme (SBI Saral): 8. 50% above Base Rate floating 2.02%-3.03% of the loan amount. Nil NA
    HDFC Bank 15.75% to 20% Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers. Salaried - 13-24 Months - 4% of Principal Outstanding, 25-36 Months - 2% of Principal Outstanding >36 Months - NIL NA
    Bajaj Finserv 16% 2% - 3% of the loan amount Nil Rs. 1,000 for every bounce
    ICICI Bank 13.99% to 18.00% Up to 2.25% of loan amount plus Service Tax The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan. NA

    Top Banks Providing Personal Loans in India

    • HDFC Personal Loan:
    • HDFC Bank is a market leader in personal loans offering a Personal Accidental Cover of up to 8 Lakhs along with a Critical Illness cover of 1 Lakhs with each personal loan. HDFC Personal Loan starts as low as 15.75% interest rate for salaried individuals. HDFC Bank offers a high quantum of personal loan with a complete removal of any prepayment charges after a period of 36 months. HDFC Bank offers pre approved personal loans up to Rs. 3 Lakhs for women personal loan applicants along with free access to lifestyle diva products and services.

    • ICICI Personal Loan :
    • ICICI Bank personal loans are available for both salaried as well as self-employed individuals and professionals. Salaried individuals can get a maximum personal loan up to Rs. 15 Lakhs while self-employed individuals can get a loan up to Rs. 30 Lakhs. ICICI Personal Loan starts with as low as 13.99% interest rate.

    • Bajaj Finserv (Finance) Personal Loan :
    • Bajaj Finance Limited is one of the most popular non-banking financial companies offering personal loans up to Rs. 25 Lakhs for salaried individuals. Bajaj Finserv (Finance) Personal Loan starts from as low as 16% interest rate for salaried individuals. Bajaj Finserv allows prepayment up to 6 times in a calendar year with a minimum amount per prepay exceeding 3 EMIs. Bajaj Finserv offers a 24/7 customer support helpline including toll free number, emails and SMS allowing users to get in touch with the company to resolve their grievances at the earliest.

    • SBI Personal Loan :
    • State Bank of India, the largest public sector bank of the country is one of the most preferred banks when it comes to personal loans. SBI offers personal loans for both salaried and self-employed individuals. State Bank of India offers a personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs. State Bank of India has streamlined it's personal loan division allowing for quick loan approval and disbursal. SBI Personal Loan schemes are offered at lucrative interest rates for various working professionals and salaried individuals from time to time.

    • Axis Bank Personal Loan:
    • Axis Bank is a popular choice for personal loans as the bank aims to give personal attention to each loan applicant. The quantum of personal loan amount for Axis Bank Personal Loan is highest in it's class fixed at an upper limit of Rs 15 Lakhs. Axis Bank offers personal loans at a competitive interest rate ranging from 15.5 to 24% with zero prepayment charges. Axis Bank offers eDGE loyalty points on Personal Loans which can be redeemed for cash surplus and discounts along with multiple repayment options. For any loan related query, Axis Bank has set up a dedicated helpline for loan services available round the clock at the bank's toll free numbers.

    Choosing the right Personal Loan 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. offers customized personal loan quotes from various banks and non-banking financial companies. Users can choose the most suited bank or NBFC for their personal loan requests as per it's charges and other features.

    Documentation needed to apply for a personal loan:

    Different banks and NBFCs have different minimum documentation requirement for personal loans. The common documents required by most banks and NBFCs for individuals requesting a personal loan include :

    Documents for Salaried Individuals:

    • Proof of Identity: Passport, Driving License, Voters ID or PAN Card
    • Proof of Residence:-Passport or utility bills
    • Latest 3 months Bank Statement of Salary Account
    • Salary slips for last 3 months.

    Documents for Self-Employed:

    • Proof of Identity: Passport, Driving License, Voters ID or PAN Card
    • Proof of Residence:-Passport or utility bills
    • Income proof: Audited financials for the last two years.
    • Last 6 months Bank statement.
    • Office address proof.

    Personal Loan Eligibility:

    Various banks and NBFC’s offer personal loans to all applicants fulfilling their basic eligibility criteria. While different banks have different minimum eligibility criteria, the criteria common for most banks and NBFCs for individuals requesting a personal loan include:

    Eligibility Criteria for Salaried Individuals:

    • Minimum age of applicant: 21 years
    • Maximum age of applicant at loan maturity: 58 years
    • Minimum Service Period With Current Employer: One Year

    Eligibility Criteria for Self Employed Individuals:

    • Minimum age of applicant: 24 years
    • Maximum age of applicant at loan maturity: 65 years
    • Minimum Work Experience in Current Business/Profession: Three Years

    Personal Loan Application Checklist

    • One or Two Passport size color photographs
    • Photo Identity Proof
    • Residence Address Proof
    • Residence Ownership Proof
    • Income Proof for Self-employed Individuals
    • Job Continuity Proof for Salaried Individual
    • Last Six Months Bank Statement:

    Personal Loan Interest Rates

    Different banks and non-banking financial companies offer different interest rates for personal loans. Most banks have their own unique different classification based on which interest rates are calculated. Personal loan interest rates of various banks vary from 13.50 to 18.50% depending on the eligibility criteria, the loan amount and the tenure period of the personal loan.

    How to calculate EMI for Personal Loans?

    EMI calculation for personal loan is now made easy using the EMI calculator available at The Personal Loan EMI Calculator tool allows users the option of changing the loan amount and tenure while calculating the EMI for the personal loan. EMI loan calculator tool is a great option allowing users to see their monthly installment for the loan, helping them to choose the most suitable loan as per their financial budget.

    Personal Loan against Mutual Funds

    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.

    Personal Loan FAQ’s

    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 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: 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

    A: 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. does not share data with any third party other than the financial institution.

    Q: Is Personal Loan Tool Free?

    A: Yes personal loan calculator tool is totally free and the portal does not charge any fee for it's services from members.

    BankBazaar Personal Loan Flash Sale is Back!!

    The end of 2015 is nigh so let BankBazaar make it more memorable for you! A #FlashSale of personal loans is being offered on the website – yes you heard it right, the personal loan sale is back and it’s going to put an icing on the cash that just got sanctioned.

    Apply for a personal loan through BankBazaar’s application portal at select banks* and you will receive an assured coupon of Rs.2,000 from Amazon when your loan gets sanctioned by the bank. The Amazon portal has one of the largest collections of items on display and you are free to buy anything that tickles your fantasy, for free!

    The offer is valid for applications made on or before 5th December 2015, and on those loans that have been sanctioned latest by 31st January 2016. So hurry up, your chance to get rewarded will be ending soon!

    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
    • Kotak Mahindra Bank
    • ICICI Bank
    • Tata Capital

    Happy shopping!

    *terms and conditions apply

    News About Personal Loan

    • Loan Transactions for SKS Microfinance now through Mobile

      by BankBazaar posted on November 30th, 2015

      SKS Microfinance Limited, in successful collaboration with IBM, has developed IBM MobileFirst solution for loan transactions. SKS has partnered with IBM to transform its operations from paper-based processes to a mobile solution. According to a statement released by the company, this will result in enhanced customer service and productivity gains. The solution will include provision and deployment of 7,000 tablets across India, a help desk to manage these devices & software, and services.

      SKS Microfinance Limited deploys 5,456 loan officers who are based out of 1,135 branch offices, to acquire new members, disburse loans, ensure loans are well utilised, and also to collect repayment. Loan officers earlier used manual, paper-based processes to keep track of loans and enter information into a shared branch computer, which was very time consuming. Upgrading to an online portal will save all the hassles and get the work done in a short span of time.

      BankBazaar News About Loan
    • Mudra Bank, Start up India launch spells good news for MSMEs

      by BankBazaar posted on November 26th, 2015

      With the opening of Mudra Bank and Start up India, credit issues faced by micro, small and medium enterprises (MSMEs) will be solved. According to the director of the Institute of Small Enterprise and Development (ISED) steps taken by the government in 2015, for setting up Mudra Bank and Start up India have helped to broaden base credit in the Indian economy, especially for MSMEs and other micro-level economic activities.

      The international data also shows that small business loans on the balance sheets of banks slipped by about 20% since the 2008 global financial crisis. Loans to larger businesses have seen an increase by about 4% during the same period. Bank loans to SMEs are shrinking in the US and European countries. However, in India, crowd funders, online lenders and non-profit lenders are stepping up. Lenders, these days, have become tech savvy leveraging technology to access creditworthiness, service loans, unlike traditional lenders.

      "Fortunately, in India, non-profit lenders, crowd funders, and other online lenders are stepping up to fill the gap. These lenders are often leveraging technology to access creditworthiness, underwrite, and service loans while traditional lenders can't or don't want to service anymore,"

      BankBazaar News About Loan
    • Rajasthan Government launches Rajasthan MSME Policy 2015

      by BankBazaar posted on November 24th, 2015

      The Government of Rajasthan recently launched a policy for Small and Medium Enterprise on last Friday. The policy was launched on the last day of the 'Resurgent Rajasthan Partnership Summit 2015’ by the MSME Minister Kalraj Mishra together with Rajasthan Chief Minister Vasundhara Raje. The major intention behind the launch of this policy is to encourage development in the MSME sector.

      Besides, the Rajasthan Government also plans to set up an "incubation centre" in 33 districts of the state so as to promote the Micro, Small and Medium Enterprises in Rajasthan. These incubation centres will be set up to provide hands-on training on the use of small machinery for people.

      The newly launched Rajasthan MSME Policy 2015 would mainly focus on focuses helping sick unit rehabilitation and providing loans and support in quality improvement. Besides, it will also help in doing business, fiscal benefits smoothly and provide incentives and marketing aids.

      BankBazaar News About Loan
    • Moneylenders rule the loan market for MSMEs

      by BankBazaar posted on November 24th, 2015

      Delays in loan disbursement by government financial institutions has led to the micro, small and medium enterprises to borrow from private lenders. These enterprises are caught up in serious cycle of debt due to the failure of government to rehabilitate sick industries.

      Mysore Industries Association has revealed that almost 90% of the MSME entrepreneurs have taken loans from small time lenders rather than reaching out to government operated financial agencies or banks. This is mainly because of the easy and fast loan processing with private lenders as compared to the other formal agencies. Although availing loans is easy, the sky-high rates of interest puts these industries in further distress since the repayment of these loans becomes a long and burdensome process.

      BankBazaar News About Loan
    • 25% growth in Personal Loans

      by BankBazaar posted on November 19th, 2015

      There was a healthy growth rate of 22% in credit card outstanding for the year till September According to the latest Reserve Bank of India data, personal loans also saw a growth rate of 23%. The growth is a result of banks pushing credit cards and personal loans in the absence of corporate credit demand, besides the e-commerce surge.

      A number of banks have tied up with e-commerce sites to offer discounts. As a result of this, the credit card base of the country crossed the 20 million mark, before the 2008 financial crisis. As per the data released by the RBI, around 22.45 million credit cards were in circulation by end September. The overall credit in the banking system, around the same period, was around 8.5%.

      BankBazaar News About Loan
    • Improve NPA management’ RBI tells banks

      by BankBazaar posted on November 13th, 2015

      Though Jharkhand banks registered a good credit-debit (CD) ratio of 60.71% in the first two quarters of financial year 2015-16, RBI has directed them to improve the position of non-performing assets (NPA). Speaking at the 53rd meeting of the State-level Bankers' Committee (SLBC), regional director of the Reserve Bank of India, M K Varma said that increased NPA various banks across the state is a matter of concern.

      He also asked banks to concentrate on lending advances to micro, small and medium enterprises. The total NPA of banks stands at more than 6.20% of the total advances in the state.

      BankBazaar News About Loan
    • Kotak Mahindra Overtakes Axis Bank

      by BankBazaar posted on November 13th, 2015

      Kotak Mahindra Bank has India's fourth largest bank in terms of market capitalization overtaking its larger rival Axis Bank. This is because its asset quality is less susceptible to deterioration.

      The lender's market capitalization increased to Rs 1.20 lakh crore on Wednesday as against Rs 1.14 lakh crore of Axis Bank. Kotak has higher market capitalization in spite of its loan book at Rs 1.11 lakh crore being one third the size of the Rs 2.98 lakh crore loan book of Axis Bank. According to analysts, Kotak Mahindra’s market capitalisation accelerated after its acquisition of Bangalore-based ING Vysya Bank a year ago.

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    • Now apply for ICICI bank loans through app

      by BankBazaar posted on November 11th, 2015

      ICICI Bank, the country’s largest private sector lender has planned to launch a new app that will allow a customer to apply for loans through its app. Not only can the customer apply for a personal loan through the mobile device but also receive sanctions of the same.ICICI Bank’s mobile banking, has helped it earn 61% of total savings account customers transacting on the digital platform, be it Internet and mobile. Around 10% of the transactions happen at the branches. According to a statement released by Chanda Kochhar, ICICI Bank’s MD and CEO, the lender had around 32% market share in mobile banking, as on June 2015. The bank has also planned to increase mobile banking transactions to approximately ?80,000 crore by end of this fiscal year.

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    • Specialised Personal Loans for Farmers from Syndicate Bank

      by BankBazaar posted on November 06th, 2015

      The agricultural sector in India has been under dire circumstances over the past quarters of 2015 and situations from across the nation suggest things will not go smoothly unless proper measures are taken. Perhaps with a view to help out, Syndicate Bank has launched a new loan program meant for farmers.

      This farm loan is meant for helping out in activities related to agriculture development such as silk production, gardening, forestry, animal husbandry, fishery development, land and water conservation, irrigation, renewable energy, agriculture food processing and grading. The loans will also be available for NGOs and joint liability groups. The program will be active for the month of November 2015 from the 1st to the 30th and all branches of Syndicate Bank will remain open during the period to allow interested customers to avail of this special scheme. Aimed at the farming community, the loans will be offered at reduced interest rates.

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    • Narikuravar Community given business loans

      by BankBazaar posted on November 02nd, 2015

      The Narikuravar community beneficiaries received around Rs. 20 lakhs as business loan, on Friday October 30, 2015. This loan is listed under the Pradhan Mantri MUDRA Yojana Scheme. Around 80 beneficiaries got the loan amounts that were distributed by the Chief Minister of Puducherry, N Rangasamy. The amounts were provided without claiming guarantees.

      The chief minister, addressing the function held at Gandhi Nagar, encouraged the gathering to start small business using the loan amount. He also asked them not to spend the loan on any other purposes and advised to promptly repay the loan. Welfare Minister P Rajavelu, Indian Bank Regional Manager Parthasarathy, other bank officials were also present at the function.

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    • MUDRA sanctions refinance for SKS

      by BankBazaar posted on November 02nd, 2015

      Micro Units Development & Refinance Agency Limited (MUDRA) has sanctioned a refinance of around Rs. 100 crore to SKS Microfinance Ltd (SKS). Launched by the Union Government for financing micro entrepreneurs engaged in small business activities, MUDRA will be charging around 10% interest per annum for the loaned amount.

      This development, which is the first refinance limit sanctioned to SKS, is expected to bring down the interest-bearing liabilities of the micro finance company. With effect from October 01, 2015 SKS will be charging around 20.75% on all its disbursements. In a press statement released on Friday, Mr. Jiji Mammen, Chief Executive Officer of MUDRA, said that SKS Microfinance Limited, will be using the amount to cut down its micro loan costs.

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    • Microfinance Industry’s Fate Secure for Now

      by BankBazaar posted on October 29th, 2015

      Underprivileged individuals can apply for loans with microfinance organisations to elude poverty. Loans from microfinance institutions help these individuals start and operate small business to earn the income necessary for respectable living. Repayment of the loan must be done every week and the interest rate associated with loans like these is usually less than 20%.

      In a nation like India that faces issues with basic amenities like net/phone connectivity, roads, etc., banks may find it hard to gain traction immediately, making it crucial for microfinance organisations to devise innovative ideas that can penetrate much further. Moreover, they will also have to focus on helping clients with regards to the marketing of products if they are to continue warding off competition from small finance banks.

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    • With weak demand targets may be missed by MUDRA Bank

      by BankBazaar posted on October 26th, 2015

      The MUDRA or Micro Units Development and Refinance Agency Bank, have sanctioned only 30% of their loan target for this fiscal year of Rs. 1.22 lakh crore. With the demand of the loans being low, there are doubts on if the bank can achieve this target this year. The biggest hindrance with meeting the target is the missing suitable products from banks itself, and hence slowing down the process. In the first half the year more than 60 lakh entrepreneurs have received almost Rs. 38, 000 crore. MUDRA or Micro Units Development and Refinance Agency Bank, was set up by the Prime Minister as a subsidiary of the Small Industries Development Bank of India or SIDBI, with the intention to finance initial investment or refinancing of small entrepreneurs to create more employment and sustenance.

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    • MUDRA may miss loan targets

      by BankBazaar posted on October 21st, 2015

      Micro Units Development and Refinance Agency Bank has sanctioned about 30% of its annual target in the first half of the fiscal year and doubts have been arising if they can meet the government’s target of achieving Rs.1.22 lakh crore. An official from the bank said that the absence of suitable products are hindering the bank to achieve the target. MUDRA has sanctioned Rs.1000 crore under refinancing scheme in the first 6 months. It has also tied up an additional Rs.600 crore with a few banks in the month of September.

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    • Swiss investment bank Credit Suisse says loan demand could get a boost with the MUDRA scheme

      by BankBazaar posted on October 20th, 2015

      The lending targets of the government’s lending target of Rs 1.22 lakh crore, MUDRA if met would give the demand for loans from non-banking and microfinance a big boost. The MUDRA scheme was launched early this year in February 2015, Banks have already lent out an amount of Rs. 20,000 crore under this scheme. Credit Suisse says lending by target number always has an impact with big financial lending institutions meeting the mark, hence giving the smaller financial and non-financial institutions to see the demand and meet their targets.

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    • Mudra Yojana has disbursed over Rs. 494 crore as loan in Odisha

      by BankBazaar posted on October 15th, 2015

      Many banks in Odisha has given out loans of Rs. 494.25 crore under the Pradhan Mantri Mudra Yojana Scheme as of 5th October 2015 into almost 1,05,856 accounts. Pradhan Mantri Mudra Yojana Scheme is a government initiative from the government to provide finance to a vast segment of the country who do not have formal banking accounts and rely on others sources of finance at high costs of interest. The Pradhan Mantri Mudra Yojana Scheme has 3 categories for loans they are, Shishu for an amount of up to Rs 50,000, Kishore loans for an amount of above Rs 50,000 and up to Rs 5 lakh and Tarun for an amount of Rs 5 lakh and up to Rs 10 lakh. The Odisha government intends to add at least 1 lakh new enterprises in a year's time under the yojana scheme.

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    • Fullerton India, has a new Personal Loan product women customer only

      by BankBazaar posted on October 14th, 2015

      Fullerton India launches a new Personal Loan product called ‘Nari Shakti’. This will be an unsecured personal loan exclusively for salaried woman with an amount of up to Rs. 10 lakhs. . The product has been unveiled with the intention of providing women with financial independence, to follow their dreams. Fullerton India is also offering personal loans against property, SME, business loans and other loans. The company also has a presence in the rural sector as Gram Shakti for villages across India and provide loans for rural livelihood and rural mortgages.

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    • Prime Minister’s Mudra Yojana mela at Bagh Bandipora

      by BankBazaar posted on October 6th, 2015

      A huge loan camp was set up in Bagh Bandipora for the Prime Minister’s Mudra Yojana wherein 150 eligible applicant were handed their loan sanction letters. These loans are provided to unemployed youth to get a business venture up and running to get some sort of livelihood. The amount of the loans range between Rs. 50,000 to Rs.5, 00, 000 to start their own business units Along with the Mudra scheme, there are also Shishu and Kishore schemes.

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    • Loans to SMEs will remain costly despite RBI rate cuts

      by BankBazaar posted on October 6th, 2015

      Despite the Reserve Bank of India cutting the key interest rate by almost 50 basis points, the borrowing rates for SMEs still remain to be on the higher side of the spectrum. The mod term loans range between 18% - 22% interest.

      Unlike their larger counterparts most small businesses are dependent on debt, they tend to use their savings, and they may take loans to meet running expenses of other requirements from family and friends. They are able to take loans against a guarantee of some kind generally against property for a tenure ranging from 10-15 years.

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    • Distribution on loan under the PM Mudra Yojana to be done by the PM himself

      by BankBazaar posted on October 6th, 2015

      Prime Minister Narendra Modi will distribute loans worth Rs 212 crore in Jharkhand tomorrow, to more than 1 lakh applicant under the PM Mudra Yojana. These loans will be provided to small and cottage industries hence the name Micro Units Development & Refinance Agency (MUDRA). Under the Food Security Act, over one lakh families will be given free LPG connections as well this fiscal year.

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    • The Prime Minister Mudra Yojana has reached 31.8 lakh borrowers

      by BankBazaar posted on October 5th, 2015

      The Prime Minister Mudra Yojana has extended loans of amounting to Rs. 20, 395 crore to a whopping 31.8 lakh applicants. These loans ranged from a minimum Rs 10,000 to a maximum Rs 10, 00,000 and was meant for youth who are unemployed, vendors of the street, small and cottage industries, and household industries to set up business. The SIDBI or the Small Industries Development Bank of India will officiate as the nodal bank for the loans provided.

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    • 13 lakh borrowers benefit from State Bank of Travancore rate cut

      by BankBazaar posted on October 5th, 2015

      Following in the footsteps of the RBI the State Bank of Travancore has also decided to reduce the base rate of interest by 20% resulting in the rate change from 10.15% to 9.95%. This change in the lending rate will now automatically benefit 13 borrowers of various types of loans from the bank, loans like SME loans, Personal loans and more. The new rates are effective immediately.

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    • Financing MSMEs make great business sense says RBI Governor

      by BankBazaar posted on September 29th, 2015

      The Governor of the RBI Raghuram Rajan said that lending to Micro Small and Medium Enterprises makes very good business sense for banks with the changing dynamics of the economy. With handholding the entrepreneurs of the MSMEs the banks can help them reach a larger market without having a brick and mortar presence. Financing these MSMEs will see rapid growth in the sector and also create great awareness on banking facilities.

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    • Allahabad bank offers the first loans of the Pradhan Mantri Mudra Yojana

      by BankBazaar posted on September 28th, 2015

      The first loans of the Pradhan Mantri Mudra Yojana were offered by Allahabad Bank in a loan mela in Mumbai. The event was inaugurated by the Chief Minister himself. By offering loans Allahabad Bank hopes to increase the micro and small units in the state. The loans will be given over the 1000 branches of Allahabad Bank. These loans can be availed of with no collateral as a part of the Pradhan Mantri Mudra Yojana.

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    • Credit Mela organised by Andhra Bank

      by BankBazaar posted on September 25th, 2015

      Andhra Bank is planning a huge loan mela in Coimbatore from September 25 to October 2. This camp is conducted for the disbursal of the loans under the Prime Minister Mudra Yojana scheme, the loans are Shishu loans. For these loans there will be no collateral or guarantee if applied for during the camp. The Mudra loans to be disbursed in Tamil Nadu is targeted to be Rs. 65 crore in this fiscal. In addition Andhra Bank has also launched 2 schemes called the AB Emerald Plus and AB Super Salary with great features.

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    • 10 companies to set up Microfinance Banks

      by BankBazaar posted on September 24th, 2015

      Reserve Bank of India has selected 10 financial institutions to set up separate small banks to lend to the small businesses and farmers. Ujjivab Financial services Pvt Ltd and Janalakshmi Financial Services Pvt Ltd were among the 10 granted approval. Small banks will enable microfinance firms to increase their loan ticket size but they must ensure that the loan book will not constitute loans more than Rs.25 lakhs.

      Jananlakshmi’s investors are Morgan Stanley Private Equity Asia and TPG. Ujjivan’s investors are Sequoia Capital and the World Bank arm IFC.

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    • Nano Second Loans on offer from HDFC Bank

      by BankBazaar posted on September 23rd, 2015

      Getting a loan might no longer be a long and arduous process, thanks to HDFC Banks’ Nano second loan. This new initiative will allow one to avail a top-up on their existing loans, offering a quick and simple alternative to personal loans. All one needs to do is log on to the website via mobile/internet banking and submit a few details, post which the loan will be disbursed, all in approximately 5 seconds. The interest rate on these loans are expected to be lower than the interest rates on personal loans, offering a unique chance to avail great benefits.

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    • MSMEs potential engines for economic growth

      by BankBazaar posted on September 15th, 2015

      MSMEs or Micro, Small and Medium enterprises in India have the potential to generate returns as well as employment. A series of measures have been initiated by the RBI as well as the government of India to boost the growth of MSMEs. However, most of these efforts have been supply side efforts while the lack is in the demand side of these units.

      The need of the hour is to nurture more young entrepreneurs who would appreciate the difference between risk and opportunity and pave way for the growth of MSMEs in India. MSMEs are generally labor-driven units thus employing a host of individuals from both the urban as well as the rural sector. Also, MSMEs tie the closest with the Make in India program launched by the Central government under the able leadership of honourable Prime Minister Shri. Narendra Modi. Commercial banks in India are mandated to lend loans to the MSMEs. However, mis-selling of loans to this sector and mistreatment by banks are common complaints. Although, success of projects such as Jan-Dhan Yojana can contribute to direct financial resources to the targeted MSMEs in need.

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    • Mudra Loan Plan by Andhra Bank

      by BankBazaar posted on September 14th, 2015

      Mumbai Circle of Andhra Bank has drawn up a plan to lend loans to 4000 first-time borrowers who want to undertake small business activities under the Pradhan Mantri Mudra Yojana's Shishu scheme. The upper limit of these loans will be Rs.50,000 per borrower and these will be offered without demanding any collateral as security or any third party guarantee. Each borrower under the Mudra Loan scheme will be given a Mudra debit card. During the campaign period from 25th September to 2nd October, bank officials will launch a drive to identify needy borrowers for this loan.

      Andhra Bank is one of the oldest nationalized banks of the country with branches throughout the entire geographical spread that covers urban as well as village areas.

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    • PNB’s ‘Festival Season Bonanza’ to boost Personal loan sales

      by BankBazaar posted on September 10th, 2015

      Punjab National Bank (PNB) kickstarted its ‘Festival Season Bonanza’ on September 1st, 2015 to promote its loans i..e personal loans, auto loans, home loans etc. The offer will run until December 31st, 2015 and is expected to generate higher loan sales for the bank during the upcoming festival season.

      Key features of the offer are personal loans ,home loans at base rates, processing fees and charge waivers or discounts on processing and documentation. These offers will apply depending on the type of loan availed.

      The offer is supplemented by the bank’s focus on efficient systems for speedy loan approvals and disbursals including providing an online option for loan applicants.

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    • SBI to strengthen its digital platform and undertake more e-commerce initiatives

      by BankBazaar posted on September 9th, 2015

      SBI has shown keen interest in developing its digital platform, gearing towards e-enabled processes across its product and services portfolio. SBI’s director, Sriram, indicated that digitizing its operations will be an area of focus for the country’s largest bank over a two year timeline. SBI also launched touch-screen branches earlier. The bank is also looking at funding ventures in the e-commerce arena.

      SBI is also focussing on low-risk loans and SME lending. It hopes to engage with SMEs through Project Vijay which will enable quick loan approvals and NPA monitoring. Growth up to 12% is expected from the SME segment through such initiatives.

      SBI is the country’s largest lender with a huge loan portfolio of home loans, personal loans, auto loans etc. These initiatives will definitely make the bank’s lending processes more effective and efficient and add both depth and width to their loan customer base.

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    • Instant loans from Corporation Bank to offer relief to farmers

      by BankBazaar posted on September 8th, 2015

      Corporation Bank has announced instant loans up to Rs.1 lakhs to farmers. These personal loans can be availed to meet either farming or non-farming needs. Corporation Bank extends this facility to farmers, recognising them as creditworthy clients who largely default on payments only as a direct result of crop failures that cannot be prevented.

      Farmers generally deal with local moneylenders who charge exorbitant rates on loans that are hard to repay. The instant loans on offer from Corporation Bank can be utilised by the farmers to consolidate and repay debt.

      The facility is available at any of its bank branches. Instant loans to farmers follows a prior initiative by the bank viz. the Kisan Credit Cards launched for small businesses. The bank has plans to launch similar pre-approved cards to provide quick credit up to Rs.50,000 to farmers.

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    • Yes Bank to focus on retail and SME segments

      by BankBazaar posted on September 2nd, 2015

      Yes Bank which primarily focuses on corporate dealings has indicated it will increase attention on its SME and retail segments to drive business. Corporate loans currently forms a large part of Yes Bank’s loan book while SME and retail lending constitutes only about 35%. CEO of Yes Bank indicated that the bank hopes to boost growth in the latter segments to so as to have it represent about 55% of total loans within a year. Yes Bank also aims to position itself as the third largest retail bank by 2020.

      The retail segment caters to a variety of banking needs including fixed deposits, current and savings accounts, home loans, personal loans etc. among others. Yes Bank will have to compete with established players such as SBI and ICICI Bank in this segment.

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    • Indian Bank’s mobile banking initiative, IndPay launched

      by BankBazaar posted on September 2nd, 2015

      Indian Bank geared up its mobile banking platform with the launch of its new mobile app called IndPay. Available to iOS, Android and Windows users, customers can now access their accounts using their smartphones providing greater convenience and ease of operation than traditional banking modes.

      Indian Bank caters to a large retail audience through a range of products and services including savings, current and fixed deposit accounts and personal loans, home loans and car loans among others.

      The IndPay app lets users transact via their mobile phones. This includes checking account balances, transferring funds to accounts etc. at their convenience.

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    • Federal Bank Focuses On SME Loan Growth

      by BankBazaar posted on August 31st, 2015

      Federal Bank’s loan diversification and technologically advanced services are intended to stay focused at the SME loan sector along with the retail sector.

      According to Shyam Srinivasan, MD & CEO of Federal Bank, corporate sector is considered as a ‘wild card’ or bonus. He believes that a great amount of fundraising is being practiced by corporates from the bond and commercial paper market. However, he also believes that this would not sufficient enough for raising money in the unsecured market.

      The year-on-year corporate loans has gained by 9% while in the previous financial year the company grew the corporate loan book consciously by Rs. 2,000 crore. The company growth is expected between 16 to 18% by the end of 2015, based on the performance in the last 4 months.

      The mid-corporate or SME segment is targeted in their Rs. 25-60 crore clientele base.

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    • Federal Bank’s Loan Portfolio Diversified

      by BankBazaar posted on August 27th, 2015

      The Kerala-based, Federal Bank has unveiled a series of initiatives such as e-maintenance facilities for commercials, online hospital registration instant bank account opening with a picture in August.

      This private sector bank has made initiatives in the loan sector as well to improve its return on assets with a target of 20 basis points with the help of their initiatives by the 2017 fiscal year. the initiatives are being made to drive revenue optimisation as well as reducing operational costs as expressed by Shyam Srinivasan, MD & CEO, Federal Bank.

      According to Srinivasan their entire loan book has various new loans being offered that include personal loans, retail, MSME and corporate loan profile. However, they have avoided to make them too heavy to handle.

      The loan focus mainly remains on SMEs and personal loans. It is not just the local (retail) community who are potential personal loan consumers but the company also intends to serve the mid-corporate segment. They are henceforth targeting the ?25-60 crore clientele base.

      Personal, agriculture and SME loans are expected to grow continuously at 25-30%. Corporate business is being perceived as a wild card.

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    • MSEs to be supported by banks for security-free loans

      by BankBazaar posted on August 26th, 2015

      Honourable Chief Minister of Gujarat, Anandiben Patel has urged banks to help in supporting micro and small enterprises avail unsecured loans. These security-free loans will range between loan amounts Rs.50,000 and Rs.10,00,000. Anandiben also emphasized the role of banks in popularization and distribution of U-WIN cards which have been designed to offer multiple benefits to labourers of the unorganized sector.

      The Chief Minister reiterated and stressed the role of banks in taking the various state and central government schemes to the masses. Banks, especially those from the public sector are extremely crucial agents that ensure benefits rolled out by governments actually reach customers on ground. The Gujarat government, under Anandiben Patel has launched various welfare schemes for people in order to promote inclusive growth and t enhance the economic status of people below poverty line. She urged nationalized banks to be quick and supportive in sanction of loans to customers from economically weaker sections of the society.

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    • SBI to digitize more banking processes and concentrate on SME lending with Project Vijay

      by BankBazaar posted on August 25th, 2015

      In move directed at improving the loan sanction process and detecting non-performing assets early, SBI has assigned relationship managers to accounts that have turnovers in the general range between Rs.50 lakhs and Rs.50 crores, under Project Vijay. Through this project, the bank also expects to generate new leads for advances through digital analytics and hopes to record a 10% - 12% growth in its small and medium enterprise (SME) lending portfolio.

      SBI has so far financed over 1,500 drivers through its tie-up with Ola. Its smart repayment policy of 20% of income of every journey going towards loan repayment has made it easy to detect default and easier management of the loan itself.

      SBI also plans to digitize all banking processes, from loans against fixed deposits to shares. The bank plans to focus heavily on the digitization of processes for the next two years.

      The bank also plans on increasing the attention given to funding the entire e-commerce value chain, digitally. The tie-ups that SBI has with PayPal, Amazon and Ola will probably be used as a launching pad for this heavy potential funding.

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    • RBI urges banks to boost lending to small businesses

      by BankBazaar posted on August 14th, 2015

      Reserve Bank of India said that the MSME segments are a safer bet than large companies and urged the banks to boost lending to the small businesses. RBI Deputy Governor, S S Mundra believes that the potential segment for credit growth is MSME sector. He said that the gross NPA number of loan for the MSME sector may be bigger when compared to the number of loans to large companies, but cases of restructuring is smaller and results in lower overall stress.

      Mundra also added that there is an inherent fear among the bankers as they have issues regarding collaterals with MSME sector and issues regarding KYC and recovery but he also said that he MSME sector has a strong potential of growth and cannot be ignored. He also said that the Trade Receivables Discounting System is a work in progress and that they have received 7 applications to set it up.

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    • FICO requests SBI to open loan centres for MSMEs

      by BankBazaar posted on August 12th, 2015

      The Federation of Industrial and Commercial Organization has demanded State Bank of India to open a loan centre for micro, small and medium sized enterprises in Ludhiana. SBIs deputy general manager, Arun Kumar Yadav and FIC president Gurmeet Singh Kular said that the loan centre will help the MSME sector to avail loans without any hassle.

      The FICO also requested the State Bank of India to provide collateral-free loans to the MSME sector. SBI charges interest rates based on the credit ratings and FICO requested the bank to exempt MSME industry from credit ratings. Kular also demanded for travel cards for the FICO members as they are always participating in international exhibitions.

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    • Banks are agreeing to give collateral-free loans

      by BankBazaar posted on August 12th, 2015

      Tamil Nadu Small Industries Development Corporation has signed MoU with 4 banks to provide collateral-free loans to micro, small and medium enterprises during the financial crunch to kick-start their operations. The banks are Indian Overseas Bank, Syndicate Bank, Bank of India and Bank of Travancore.

      One of the MoU will give the MSMEs an option to use up to Rs.1 crore as a collateral-free loan. This move came into light as the Chief Minister was focusing on boosting MSMEs fortunes in Tamil Nadu. The officials added that the interest rates on the loans will be low. If the enterprise needs more than Rs.1 crore funding, then they will have to provide collateral.

      The focus of the fund will be to buy land allotted from SIDCO, construct units, purchase machinery and working capital. TNSIDCO has signed up MoU with venture firm capital IFCI Venture Capital to provide equity lending to the MSME startups. the other MoU was signed to e-commerce majors and Trade India to conduct training and sensitisation program for the state’s small industries so that the SMSEs will make the best use of e-commerce.

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    • IDBI goes tech savvy! Digitizes loan processing!

      by BankBazaar posted on August 6th, 2015

      IDBI, an Indian government owned bank has good news for its customers. The tech savvy bank digitized loan processing by enforcing a new digital system for the processing of loans including loans such as personal loan, education loan. The old loan processing system will continue to exist and the new system is just an addition. The new digitized system is expected to improve the loan processing time thus making the customers happy.

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    • State Bank of Mysore looking forward to Focus on Personal loan

      by BankBazaar posted on August 5th, 2015

      State Bank of Mysore has been able keep its asset quality stable and has been directed to focus on retail and personal loans by its Managing Director, Sharad Sharma. The bank expects a growth in the asset quality for the year’s second quarter. State Bank of Mysore showed an increased net profit of Rs.94 crore for the first quarter of the financial year and a 9.6% growth in the net interest income.

      The reduction in requests for corporate loans has driven the bank to focus more on personal loan; and retail loans. Since the loan market in the region of Karnataka is far better as compared to other parts of the country and since SBM has a good network of branches and huge customer base in this region, it plans to leverage the same.

      State Bank of Mysore is a subsidiary bank of the financial giant State bank of India. The bank enjoys similar public sector status as its parent organization and is a favorite among customers when it comes to products such as loans and fixed deposits.

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    • Low interest personal loans offered to salaried employees by Federal Bank

      by BankBazaar posted on August 5th, 2015

      Federal Bank is offering Fed Premia Scheme which promises low interest rates and quick processing of personal loans for salaried employees. Salaried employees can borrow up to Rs.10 lakh with a repayment period extending up to 48 months.

      Individuals who don’t maintain an account with Federal Bank can also avail the Fed Premia loan after submitting the required KYC and income documents. Fed Primea will be available at select cities namely Mumbai, New Delhi, Pune, Chennai, Bangalore, Ernakulam and Thiruvananthapuram.

      Babu K A, Head of Retail Business said that the bank is focusing on the young, salaried class. And that Fed Premia is the latest offer in this range. The loan can be used to finance your personal requirements like meeting education needs or to even take a family trip. Federal Bank is offering the Fed Premia at a very competitive interest rate.

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    • Microfinance from State Bank of Hyderabad

      by BankBazaar posted on August 4th, 2015

      In a bid to increase microfinance lending, State Bank of Hyderabad is targeting to disburse Rs.2500 crore as microcredit to small and medium enterprises. The task would be a part of special campaign called Shubh Labh which will commence from August 1st. Small and medium enterprise owners can directly contact any of the 1829 branches of State Bank of Hyderabad and apply for SME loans. Rate of interest charged on these loans is attractive as well as competitive and stands at a base lending rate of 9.95% per annum.

      Customers can also enjoy processing fee waivers which the bank is offering as part of this special scheme. Micro enterprises thus get to avail 100% fee waiver on their loans while small and medium business houses are being offered a 50% cut in their loan processing fees.

      State Bank of Hyderabad is a subsidiary of the largest bank in India, State Bank. The bank is spread across the whole length and breadth of the country with branches in urban as well as rural regions.

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    • Your Mobile can now Help in Getting a Loan

      by BankBazaar posted on July 15th, 2015

      ICICI Bank has been having quite a sizeable footprint in the mobile banking sector, with around 50 lakh active users. Among the 110 functions available on the mobile banking application of the bank, personal loans are also included.

      ICICI aims to double the number of active users, effectively bringing up the total tally to 1 crore mobile transactors. A planned 500% increase in transaction value over last year’s limit of Rs. 16,000 crores means better news for people looking to avail loans. Judging by the earlier RBI imposed cut in the repo rate and increased transaction value, it can only be said that ICICI is going in headlong to allow heftier and easier transactions on loans, transfers and payments through mobile banking.

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    • Spending sees an Upward Trend hinting at a possible Economy Boost

      by BankBazaar posted on July 7th, 2015

      As a result of the RBI’s cut in the repo rate earlier this year, banks have also been offering reduced interest rates on consumer/personal loans.

      Credit outstanding amounts are being taken over the threshold, which are a key indicator of the willingness to pay a higher interest rate, owing to a better rate of income. Following the same, unsecured lending has expanded 19%.

      Reported salary hikes and the recent lower costs of borrowing might be the reason why people are more willing to pay higher EMIs. With signs of an improving economy, there just might be more of a reason to spend on that tablet or vacation you dream of.

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    • Kotak Mahindra Bank to sustain its Corporate Credit Growth.

      by BankBazaar posted on July 7th, 2015

      Kotak Mahindra Bank, one of the leading private sector banks in India, expresses its firm determination of retaining up to 20% growth in its corporate loan book in this financial year. According to KVS Manian, the president of corporate banking, Kotak Mahindra Bank, the bank would be able to sustain its corporate credit growth of 15-20 % this year as well due to its comparatively lower base rate. Recently, Kotak Mahindra Bank had cut its base rate by 0.10%, taking its aggregate cuts to 0.25 % during this economic year. The bank plans to divide its demand for loans equally between slightly longer duration loans as well as working capital loans. However, the bank has not revised its conservative approach towards sections like infrastructure which had reported problems previously.

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    • Personal Loans gain a boost as Banks reduce Borrowing Costs

      by BankBazaar posted on July 7th, 2015

      There has been quite a surge in the personal loans segment for the banking industry, following the recently imposed cut in the repo rate by RBI.

      As opposed to a 14.8% growth last year, personal loans have increased 16.6% as of May 2015. Reportedly, increasing competition in the secured lending segment have forced the hands of many banks to explore and expand the portfolio of personal loans.

      Data from credit bureaus and strict underwriting norms could be the cause behind the increased confidence in unsecured lending. Increased spending trends, lower interest rates and reported salary hikes may be a few of catalysts in furthering the cause of the personal loans’ growth.

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    • Fullerton going big on Loans: Personal and Otherwise

      by BankBazaar posted on July 6th, 2015

      Non-banking financial company Fullerton is planning to go big on housing finance furthered by its success rates in personal loans, loans against property and SME lending.

      The NBFC has a steady footprint in the loans market and personal loans accounting for the largest chunk of the advances. Now Fullerton is aiming to achieve a tenfold growth to Rs. 1000 crore in 3-4 years with an initial investment of Rs. 100 crore.

      With an asset size of Rs. 8,669 crore, the company has been growing the yearly disbursal by over 35%. A majority of the customer base exists in the rural area and expansion plans include 40 more branches across the nation. With more investment and an increased disbursal rate, good things can be expected of loans from Fullerton.

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    • SBI announces rewards for its customers

      by BankBazaar posted on July 2nd, 2015

      The State Bank of India, one of the leading public sector bank in India announce to reward its customers for timely repayment of debts like home, auto, education and personal loans. By paying your loan installments or debts on time, customers will be able to earn points. Also, they will be able to earn rewards for opening an SBI account or transferring funds via internet banking. The bank recently launched an enterprise-wise loyalty program called State Bank Rewardz that will enable customers to earn reward points for a wide range of banking transactions. This is a part of its 60th Anniversary celebration.

      Customers will get automatically enrolled for this loyalty program when they any one of the following services - debit cards, personal banking, alternate channels such as internet and mobile banking, rural banking , home loans, small and medium enterprises (SME) and demat accounts. The earned points can redeemed by the downloading the State Bank Rewardz mobile app. currently, the app is available for Android phones. In fact, you can earn 100 points by downloading the app. Likewise, one can earn 1 point by spending Rs 200 on SBI debit card, 200 points for registering for mobile banking, 20 points for not requesting for a cheque book, 100 points for opening a savings bank account online with Rs 1,000 as minimum balance and many more such benefits. The main purpose of introducing this reward program by the State Bank of India is to express gratitude to customers who pay their debts up on time.

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    • HDFC Bank helps you design your own loan

      by BankBazaar posted on July 2nd, 2015

      Now, you can design your loan with HDFC Bank. The bank is allowing its customers to design their loans through its ‘loan against shares’ (LAS) offering. This is an entirely digitized process which aims to reduce the time involved in loan approval and disbursement. With this new scheme, it is expected that the time period taken in loan processing and disbursement will come down to 24 hours from its previous period of four to eight days.

      Now, customers need not visit the bank to select their shares. They can go online and use their demat account to set their own limit by choosing various combination of shares. As per their select shares, the algorithm will help customers know their eligibility and design their loans. When a customer confirms the amount, HDFC bank will arrange for signing the documents physically. The bank aims to target small businessmen and proprietors who currently can use the LAS facility through this new initiative.

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    • Reduced Interest Rates for Small and Medium Enterprise Loans

      by BankBazaar posted on July 2nd, 2015

      A 2014-15 budget announcement over an interest subsidy for loans availed by micro and Small Scale Industries (SSI) in Karnataka has recently come into fruition. As per that, a 6% cut has been imposed on loans availed by SMEs through the Karnataka State Financial Corporation (KSFC).

      It seems the bid pursued by Mysore Industries Association (MIA) through pre-budget proposals and discussions had a thankful outcome. SSIs now can get loans from KSFC at 8% now. As of now, first generation entrepreneurs can avail a maximum of Rs. 70 lakh loan at this reduced interest rate. While the MIA is still endeavouring to avail the Rs. 5 crore loan limit at 6% interest rate, the present interest subsidy is a welcome change.

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    • A Trifecta of New Loans for Small Businesses

      by BankBazaar posted on July 1st, 2015

      Bank of Maharashtra and MUDRA Bank have teamed up in an agreement to help finance new entrepreneurs and small businesses.

      Credit of up to Rs. 1 lakh crore is in the sights of the central government, aimed specifically at small businesses. The scheme termed MUDRA ((Micro Units Development and Refinance Agency) will be set in motion in the current year.

      Three loans have come up as a part of this procedure - namely, ‘Shishu’, ‘Kishor’ and ‘Tarun’. Named interestingly after the stages of life of a human being; the first has a cap of Rs. 50,000, the second increases the range to Rs. 5,00,000 and finally, ‘Tarun’ caters to business needs that can be addressed within Rs. 10,00,000.

      The Bank of Maharashtra has reportedly already started financing new entrepreneurs and small businesses. With this scheme, credit limits will certainly be given a further nudge uphill.

      BankBazaar News About Loan
    • Banks Moving on to Digital Apps for Better Services

      by BankBazaar posted on June 26, 2015

      HDFC Bank has recently released its Chillr mobile application which aims to simplify the process of bill payments at various merchant outlets. The app works on proximity sensors that detect similar apps in the immediate vicinity, and the function is aptly called as Near Me. The merchant can simply detect the app in your smartphone and forward the bill to the app, from where the required amount may be deducted directly. And, customers can also opt for splitting their bills among themselves, whereby each of the buying party will get a bill of split the amount that they have to pay individually. Such a system aims to digitize all transactions and do away with cash and cards completely.

      Another interesting app here is from the Axis Bank, which offers 24x7 Instant personal loan feature on its official app. Loyal customers can apply for and receive the sanctioned loan amount credited instantly into their bank accounts. Customers can select their required personal loan amount from a pre-approved list of amounts and tenures, and agree to the terms and conditions. The loan will then be sanctioned and money credited instantly. HDFC Bank has also released the instant personal loan feature, though it is not available on its mobile app platform just yet.

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    • Fractional ownership! The new trend in residential projects!

      by BankBazaar posted on June 26, 2015

      It can be disappointing to realise that you don’t have enough financial resource to buy your dream house. But how about owning it partially? Fractional ownership is the new thing in the real estate segment right now. This gives the middle class man a chance to have partial ownership of the property without having to break the bank. One can invest directly in the real estate with other investors to gain ownership of the property. The individual’s liability depends on their investment in the property. One can’t bank on a housing loan for investing in this but they can always take a personal loan if needed.

      BankBazaar News About Loan
    • HDFC to Provide Personal Loans in 10 Seconds

      by BankBazaar posted on June 24, 2015

      If you are an existing customer of HDFC’s then you might be in for a pleasant surprise. As per the new scheme that the bank is launching, getting a personal loan from HDFC could be done and dusted in as little as 10 seconds. The entire process of applying for the 10 second HDFC personal loan has been automated and now requires absolutely no paperwork. According to this scheme, existing customers will have an amount that is pre-approved and available to them at any time, day or night.

      The new 10 second personal loan is part of the bank's initiative that is designed to bring in more digitisation of services under the campaign ‘GoDigital’. This program has been emboldened by the fact that, according to HDFC, 63% of all transactions conducted over 2014-15 were done using some digital channel or the other.

      BankBazaar News About Loan
    • SBI Planning to Lend More to Small Businesses

      by BankBazaar posted on June 17, 2015

      In a bid to expand its portfolio of small and medium enterprise lending, the leading public sector bank of India, State Bank is looking to lend more to small businesses. These new small businesses include e-commerce players, taxi aggregators and franchisees in health, beauty and food sector.

      The bank has decided to streamline its processes and management to undertake risk mitigated lending to small enterprises. The bank plans to increase small business lending from 28.51 per cent in 2015 to 40 per cent by March 2016. Last fiscal has seen an SME lending decline in bank’s SME portfolio. The current market is rich with small businesses and as such it is a good time for the bank to step up and make full use of the opportunity to lend.

      BankBazaar News About Loan
    • HDFC Bank speeds up loan approval process with latest digital initiative

      by BankBazaar posted on June 10, 2015

      HDFC Bank has launched a digital initiative to quicken its loan approval process. The bank’s innovative measure will reduce costs related to paperwork as well as save time. In use for the last two months, the system captures a borrower’s profile. Future borrowings are weighed against this profile for quick approvals and minimal documentation. It was made more effective by introducing this at the dealer’s level. At showrooms, quick access to fund helps increase turnover and thereby the dealer’s profitability. It is especially useful in the rural and semi-urban markets. HDFC Bank’s initiative was successful.

      BankBazaar News About Loan
    • Loan Resolution week by SBI

      by BankBazaar posted on May 28, 2015

      SBI is organising a ‘Loan resolution week’ from May 25 to May 30 for all NPA borrowers. The announcement was made through an advertisement on print media. SBI customers who have overdue payments, loan defaults and are facing financial difficulties with their SBI accounts can drop in at the SBI branches during May 25 to May 30 to figure out a solution to their financial problems.This is not applicable to willful loan defaulters. Attending the loan resolution week can help you avoid legal action and penalties.

      BankBazaar News About Loan
    • Banks Turn to Consumer Loans to Counter Corporate Slowdown

      by BankBazaar posted on April 22, 2015

      India is just beginning to emerge from 2 years of slow economic growth and banks are suffering as loans to companies have become sour. Therefore now banks are clamouring to balance a slow recovery in corporate lending by pushing into credit cards and personal loans. This is being actively done by using blanket advertising, cold call campaigns and also by sending employees to malls to engage potential customers. Customers are now having an easier time getting a new credit card than before because of the current status of lending.

      BankBazaar News About Loan
    • Employees to Get Personal Loans at Lower Interest Rates from Companies

      by BankBazaar posted on March 13, 2015

      As per the Companies Act, 2013, employees can now get all kinds of loans including personal loans at lower interest rates from companies. The government has softened the terms and conditions related to loan offerings by companies along with reducing rates of interest. Also, compliance requirements like approvals from the board of directors have also been removed in specific cases. The notification from the Ministry of Corporate Affairs says that loans and advances made by the companies to their employees, other than the managing or whole-time directors, are not ruled by the requirements of section 186 of the Companies Act, 2013. Now, employees will be able to borrow money from their respective companies based on the terms and conditions of employment agreed between the company and the employee.

      BankBazaar News About Loan
    • NABARD Subsidiary to Extend Credit to Rural Segments

      by BankBazaar posted on February 20, 2015

      To provide easier access to credit in rural areas, the government intends to establish a subsidiary of NABARD (National Bank for Agriculture and Rural Development). Through this personal loans and other credit will be extended to skilled segments of the rural population, mostly SMEs, in order for them to meet important needs like education and business establishment/promotion.

      NABARD which is the central agricultural bank in India can better reach out and monitor credit offered to the rural segments of the economy which generally lack access to banking services of public banks. This move falls in line with the government’s intention to provide skill development and training to rural youths over the next few years.

      Without access to regulated credit, rural skilled workers seek out alternate sources of financing including local moneylenders who charge higher rates of interest than banks. This acts as an impediment to growth of small and medium businesses in rural areas. Raising funds like personal loans or business loans at affordable rates is an issue which the government hopes to address by extending banking facilities through existing banks.

      BankBazaar News About Loan
    • Research Scholars at PU to get Personal Loans

      by BankBazaar posted on December 29, 2014

      Working as a research scholar with Punjab University (PU) could make you eligible for a personal loan from the State Bank of Patiala (SPB). This proposal, currently in the pipeline, is awaiting to be tabled before the syndicate for approval as on November 22, and has rightfully gotten the PU scholar community excited. Selected research scholars who have earned the necessary nod from the University Grants Commission (UGC) are eligible for this loan- a stopgap arrangement that helps them meet their financial demands through the period between the commencement of the selected research and the official release of the corresponding grant by the commission. Aside from this, the other eligibility factors include an Indian citizenship, selection at PU for research and recommendation by the varsity for the UGC grant. The maximum loan amount of Rs.1.5 lakh will be disbursed in 12 instalments with a stipulation that Rs.12,500 be the maximum amount that can be disbursed in a month. SPB proposes to impose an interest rate of 13% per annum on the loan.

      BankBazaar News About Loan

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