Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Compare & Apply Best Personal Loan Online

    Get Instant Personal Loans online for weddings, travel, home renovation, or an emergency financial requirement. Compare between 40+ banks and apply for the best personal loan. Personal loan interest rates start from 10.99% p.a. Leading banks in India offer personal loans with maximum loan amount up to Rs.40 lakh and repayment tenure of up to 5 years. Check latest Interest rates, Processing fees, Loan Tenure, Pre-Payment & Fore closure charges and Calculate EMI to get the Personal Loan from best banks in India.

    Best Personal Loan Interest Rates in India 2019

    Bank Personal Loan Interest Rate Processing Fee
    Federal Bank Personal Loan 10.00% - 27.00% Up to 3% (Min. Rs.500)
    HSBC Personal Loan 10.75% - 17.84% Up to 1%
    Standard Chartered Personal Loan 10.89% Up to 3%
    Citibank Personal Loan 10.99% - 17.99% Up to 3% (Min. Rs.999) + GST
    Kotak Mahindra Bank Personal Loan 10.99% - 24% Up to 2.5% + GST
    ICICI Bank Personal Loan 11.25% - 22% Up to 2.25% + GST
    HDFC Bank Personal Loan 11.25% - 21.50% Up to 2.5% (minimum Rs.2,999 and maximum Rs.25,000)
    Bank of Baroda Personal Loan 11.70% - 16.70% Up to 2% + GST (minimum Rs.1,000 and maximum Rs.10,000)
    SBI Personal Loan 12.00% - 17.05% 0 - 1% + GST
    More
    Bankbazaar Compare & Apply Best Personal Loan Online
    We found 33 Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.75% - 18.00% Fixed
    0 Bankbazaar Exclusive
    20L Max
    1-6 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
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    Customer Reviews
    10.99% - 17.99% Fixed
    0
    30L Max
    1-5 Years
    Response Time : Within 30 minutes
    Accelerated Approval
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Customer Reviews
    20% - 22%  Fixed
    2.50%
    2L Max
    1-3 Years
    Response Time : Within 30 minutes
    What you'll love
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    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    23% Fixed
    2% + Taxes
    10L Max
    1 - 2 Years
    Response Time : Within 30 minutes
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Eligibility Criteria
    11.25% - 21.50% Fixed
    Up to 2.5% One time fee
    40L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
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    Perks
    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    11.00% - 16.75% Fixed
    0 Bankbazaar Exclusive
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
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    Think about
    Fees & Charges
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    Customer Reviews
    11.25% - 19.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    16.5%-20% Fixed
    Up to 2% or minimum ₹2,000 (whichever is Max) One time fee
    15L Max
    1-5 Years
    Response Time : Within 30 minutes
    What you'll love
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    Good to Know
    Eligibility Criteria
    16% - 28% Fixed
    2% - 5%
    50K - 7.5L
    1-4 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria
    11.25% - 22.00% Fixed
    From .75% (min. ₹999 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
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    Customer Reviews
    14.99% - 14.99% Fixed
    Up to 2% One time fee
    20L Max
    1-5 years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
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    Perks
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    Eligibility Criteria
    11.5% - 13.5% Fixed
    1% + applicable tax One time fee
    2L - 25L
    1-5 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
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    Compare & Apply Best Personal Loan Online is Rated as "Great!" by 105407 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Best Personal Loan Offers 2019

    If you are looking for a personal loan, compare various banks that provide credit at attractive interest rates, easy EMI options, and low processing fees. Check for secured as well as unsecured loan options and get instant access to funds and finance your immediate needs.

    BankBest for
    Standard Chartered BankShort Term
    CitibankLow Interest Rate
    ICICI BankNRIs
    HDFC BankSelf Employed Professionals
    Kotak Mahindra BankQuick Turnaround Time
    TATA CapitalFlexible Interest Rates
    Capital FirstTop-up Loans
    Fullerton IndiaInstant Approvals
    IIFLEasy Eligibility Checks
    HDB Financial ServicesSpecial Offers

    Standard Chartered Bank Personal Loan – Best for Short-term Requirements

    Key Highlights
    • Attractive interest rates
    • Get instant approval when you apply online
    • Flexible repayment tenures extending up to 60 months
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    10.89% onwards Rs.2,169 5% of principal outstanding as per reducing balance method on the date of repayment Rs.1,30,126

    Citibank Personal Loan – Best for Low Interest Rate

    Key Highlights
    • Low interest rates for salaried as well as self-employed applicants
    • Funds will be credited to your bank account within 48 hours
    • Minimal documentation and instant approval for existing Citibank customers
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    10.99% onwards Rs.2,174 Up to 4% of the total principal outstanding amount plus interest for the month in which foreclosure is carried out Rs.1,32,425

    ICICI Bank Personal Loan - Best for NRIs

    Key Highlights
    • Collateral-free personal loans to NRIs for tenures extending up to 36 months
    • Get cash in your account in just three seconds
    • Minimal documentation plus hassle-free application process for quick disbursal
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    11.25% onwards Rs.2,187 5% of the total principal outstanding amount plus GST Rs.1,31,204

    HDFC Bank Personal Loan - Best for Self Employed Professionals

    Key Highlights
    • Attractive interest rates for self-employed individuals
    • Loan disbursal in 10 seconds for pre-approved HDFC Bank customers
    • Flexible repayment tenures extending up to 60 months
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    11.25% onwards Rs.2,187 13 to 24 months: 4% of principal outstanding
    25 to 36 months: 3% of principal outstanding
    More than 36 months: 2% of principal outstanding
    Rs.1,31,204

    Kotak Mahindra Bank Personal Loan - Best for Quick Turnaround Time

    Key Highlights
    • Minimal paper work
    • Competitive interest rates and convenient repayment options
    • Hassle-free and quick loan disbursal
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    10.99% onwards Rs.2,174 5% of principal outstanding as per reducing balance method on the date of repayment Rs.1,30,425

    Tata Capital Personal Loan – Best for Flexible Interest Rates

    Key Highlights
    • Quick and Easy finance at flexible interest rates
    • The loan can be used to finance a variety of needs like weddings, emergency medical expenses, etc.
    • Flexi EMI options that cater to your requirements, your budget, and your timeline.
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    11.25% Rs.2,187 4% of the principal outstanding plus GST Rs.1,31,204

    Capital First Personal Loan – Best for Top-up Loans

    Key Highlights
    • Capital First personal loans are ideal options if you are looking to top up your personal loan with an additional amount.
    • The repayment tenures of the loan are flexible, ranging from 12 months to 60 months.
    • The approval of the loan takes only around two minutes, thereby helping you save time and getting access to funds immediately.
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    12% Rs.2,224 5% of principal outstanding amount Rs.1,33,467

    Fullerton India Personal Loan – Best for Instant Approvals

    Key Highlights
    • Experience Quick and Easy approvals
    • The repayment options are flexible, with tenures extending up to 60 months.
    • The documentation process is also hassle-free, and existing Fullerton India customers are eligible for additional benefits.
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    12.49% Rs.2,249 3% to 7% of the principal outstanding amount depending on when the applicant opts for foreclosure Rs.1,34,957

    IIFL Personal Loan – Best for Easy Eligibility Checks

    Key Highlights
    • The eligibility check for India Infoline personal loans can be completed in one minute, and the online approval takes no more than five minutes post the submission of your documents.
    • The loan amount will be disbursed and transferred into your bank account within just eight hours.
    • The documentation process is also fairly simple and the paperwork involved is minimal, thus helping you save on time and effort.
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    13.49% Rs.2,300 Up to 6% of the principal outstanding amount Rs.1,38,028

    HDBFS Personal Loan - Best for Special Offers

    Key Highlights
    • Special offers for employees of certain companies.
    • The processing of the loan is quick and speedy, and no security or guarantor is required to avail the loan.
    • The repayment tenures are also quite flexible, ranging from 12 months to 60 months.
    Interest RateEMIForeclosure/Prepayment ChargesRepayment
    14.99% Rs.2,378 2% to 4% of the principal outstanding amount depending on when the applicant opts for foreclosure Rs.1,42,708

    *The calculation of EMI's and total amount payable is done assuming the loan amount to be Rs.1 Lakh and is taken for the Tenure of 5 years. Please note that interest rates vary depending on the income of the applicant and the amount borrowed.

    Personal Loan Eligibility

    The following are the eligibility criteria for personal loans in India:

    Criteria Salaried Self-Employed
    Age 21 years to 60 years 22 years to 55 years
    Net Monthly Income Rs.15,000 Rs.25,000
    CIBIL Score Above 750 Above 750
    Minimum Loan Amount Rs.50,000 Rs.50,000
    Maximum Loan Amount Rs.25 lakh Rs.30 lakh

    Documents Required for Personal Loans

    The following are the basic documents required for personal loans in India:

    Requirements Salaried Individuals Self Employed
    Proof of Identity Passport, Voter’s ID, Driving License or PAN Card Passport, Voter’s ID, Driving License or PAN Card
    Proof of Residence Passport or utility bills Passport or utility bills
    Proof of Income Bank statement of salary account for the past two years Audited financial statement of the past two years

    If you are an NRI looking to borrow a personal loan, these are the documents that you will need to submit to the lender:

    • Copy of your Passport
    • Visa Copy
    • Your official Email ID or the Email ID of the HR
    • Bank Statements
    • Salary Certificate or salary slips
    • NRO/NRE bank statements of the last 6 Months
    • Proof of Identity, Residence, Income, and Assets
    • Recent passport-size Photographs of yourself and the guarantors 

    Features and Benefits of Personal Loan

    • Borrow up to Rs.40 lakh, if not more.
    • Opt for a loan tenure of up to 5 years and repay your loan in easy instalments.
    • Submit your application through online or offline channels.
    • Minimal paperwork and documentation required.
    • No restrictions on how the loan amount can be used.
    • Affordable interest rates ranging between 10% p.a. and 24% p.a.
    • Helps in consolidation of debts.
    • Quick approval.
    • Pre-approved loan offers.

    Use BankBazaar Personal Loan EMI Calculator to Calculate EMI

    Personal Loan

    Thanks to advancements in technology, checking your personal loan EMIs is now as easy as it gets. Almost all banks that offer personal loans have an EMI calculator facility that enables customers to check their EMIs in a smooth and hassle-free manner. BankBazaar’s EMI calculator is easy to use and provides accurate results.

    To calculate your EMIs on BankBazaar.com, all you have to do is enter the loan amount, the tenure, the interest rate, the processing fees, and check the applicable box (Yes or No) if you wish to make prepayments. Then, click on the ‘Calculate’ button and your EMI amount will be generated instantly. You will also be able to view the breakup of the EMIs – how much of the amount will go towards principal repayment and how much towards interest. In addition, you can also view the amortisation table which will show you how much you will be repaying at the end of each year.

    Tips for Successful Personal Loan Application

    The following are a few important tips for a successful personal loan application:

    • Assess the need for your personal loan: You will need to be clear about the need for your personal loan. You can take it for funding your wedding arrangements, paying your hospital bills, buying medicines, etc. Before you apply for the loan, you will need to assess if you really want the loan. If you are planning to take a personal loan for investing in shares or other financial instruments, then it may not be a great idea.
    • Do proper research to get the best rate for your personal loan: You can do online research by visiting third-party financial websites or by going to the banks' official websites to compare different interest rates for personal loans. This will help you get a proper idea about the costs that you will incur.
    • Check your credit history: Before you proceed to apply for a personal loan from any bank or NBFC, you will need to assess your credit history thoroughly. This will give you an idea about the loan amount that you will receive. You need to make sure your credit history looks decent before you apply for a loan.
    • Review the fine print on your loan document carefully: Make sure you read the personal loan details carefully as this will give you a clear understanding of the commitment you are making in terms of the repayment.
    • Choose your personal loan tenure by assessing your repayment ability: A personal loan typically ranges from 1 to 5 years. You can fix the loan tenure according to your loan amount, your other monthly expenses, and the income that you earn on a monthly basis.
    • Choose an affordable interest rate: Ensure that you choose an economical interest rate for your personal loan. With a low-interest rate, your loan expenses will be low, and you can repay it without any hassle. You will also avoid any defaults on loans.
    • Select your personal loan amount as per your convenience: You can choose your personal loan amount depending on your repayment capability, your income, and your expenditures.
    • Check your EMIs properly: You will need to compute your EMIs before you fix your personal loan amount. This will help you plan your expenses efficiently. You can multiply this loan EMI with your loan tenure to find out your precise loan amount. You can then choose the lowest loan amount.
    • Compare the processing fee: Most banks and NBFCs charge a processing fee for a personal loan. You can compare this fee and then decide which loan product you want.
    • Select fixed or variable interest rate according to your preference: When you choose fixed interest rate, your loan payment will remain fixed throughout the loan tenure. When you select variable interest rate, your loan payment will depend on the rate. Hence, the loan payment will increase if the rate increases and the loan payment will reduce if the rate reduces.
    Do's Don'ts
    Do proper research before you apply for a personal loan Do not sign your loan documents without understanding every point
    Do read the fine print carefully Do not make multiple inquiries regarding personal loans from different banks
    Do save your money carefully when you are repaying Do not take a personal loan without any serious purpose
    Do pay your loan instalment promptly every single time Do not be in a hurry to end your loan comparison process
    Do evaluate your credit score thoroughly Do not forget to pay your loan instalments
    Do apply for an affordable loan amount Do not accept bad personal loan products

    How to Improve your Chances of Getting a Personal Loan?

    Different lenders have different requirements for customers who seek personal loans. If you are finding it hard to get a personal loan, here are a few tips to improve your chances:

    • Credit Clean-up: One of the main factors taken into consideration by lenders is your credit score. Getting a personal loan is easier with a high credit score. If your score is low, you must check your reports to see if there are any errors. Sometimes, simple errors could have an adverse effect on your scores, and if you find any of these, you must report them to CIBIL.
    • Rebalancing your income and debts: Lenders ask for proof of income when you apply for personal loans in order to ascertain your debt-to-income ratio. Consider the sale of liquid assets like stocks or earning more through a part-time job to increase your annual income. Doing so will increase your debt-to-income ratio and increase your chances of getting a personal loan.
    • Consider Co-signers/Guarantors: Consider Co-signers/Guarantors: If you are finding it hard to get a personal loan on your own accord, you can apply for one by adding a co-signer or guarantor. The person you choose as a guarantor must have a good credit score. Their main aim is to guarantee that you will repay the loan. However, they will also be liable to repay the loan themselves if you are unable to do so. Picking an individual with a credit score over 750 will considerably increase your chances of getting a personal loan.
    • Limit Your Borrowing: It can be risky to ask for more money than you require to meet your financial targets. Make sure that you calculate how much you need and apply only for that specific amount.
    • Choose the Right Lender: Every lender has their own requirements when it comes to credit scores and income. When looking for personal loans, pick a lender whose eligibility criteria you meet and apply accordingly. The problem with applying with multiple lenders is that each of them will check your credit score, and each time your full credit report is pulled out, your credit score drops, albeit marginally.

    Pre-Payment and Part Payment of Personal Loan

    A personal loan is given for a stipulated time period. This period is known as the loan repayment tenure. After you have taken a loan, you are expected to pay the debt off by the end of the loan repayment tenure through EMIs. However, after availing a personal loan, if you decide to pay off your debt before the end of the loan repayment period, it is called pre-payment or foreclosure.

    Types of Pre-Payment:

    There are 2 types of pre-payment. They are – full pre-payment and part pre-payment or just part payment.

    1. Full Pre-Payment:

    If you are paying off the whole outstanding loan amount before the end of the loan repayment tenure, it is known as full pre-payment.

    Advantages of full pre-payment:

    • You can avoid paying hefty interest on your loan amount.
    • If you have the money to pay off your debt completely, you might as well get rid of the debt.
    • You can avoid paying pre-payment interest as well, if you have taken the loan from a lender who does not charge an interest on pre-payment of the loan.

    Disadvantages of Full Pre-Payment:

    • If your lender charges a penalty on pre-payment of the loan amount, you might have to pay a big chunk of money for pre-paying your loan.
    • Before you foreclose a personal loan, check the other factors related to it. Foreclosing a personal loan means that you would be paying out a huge sum of money at once. This might not always be the best option.
    2. Part pre-payment:

    If you are paying off a part of the outstanding loan amount before the end of the loan repayment tenure, it is known as part pre-payment.

    Advantages of part pre-payment:

    • You can choose to pay off a part of your outstanding loan amount if you have some readily available money.
    • Part paying your personal loan will reduce the outstanding principal amount which, in turn, will reduce the effective EMI amount.
    • The overall interest that you pay will also reduce significantly.

    Disadvantages of part pre-payment:

    • If you do not make the part payment soon enough, you will not be able to maximise your savings.
    • If your lender charges a fee for part payment of personal loans, you might have to spend a significant amount of money for the same.

    Other Fees & Charges related to Personal Loan

    When it comes to personal loans, processing fee is not the only fee which is charged. Some of the most common fees and charges which are related to a personal loan are listed below:

    1. Processing fee
    2. Goods and Services Tax or GST
    3. Verification charges
    4. Charges levied for issuing duplicate statement
    5. Penalty for defaults
    6. Penalty for pre-payment and part payment of loan

    In addition to these, the lenders might also levy charges for documentation, stamping, credit administration, collection, and so on. The levy and the rates of these fees and charges differ from lender to lender. However, you can check the fees and charges which are levied by the top lenders in India before you apply for a personal loan.

    How to Apply for a Personal Loan Online?

    You can easily apply for a personal loan through BankBazaar. You will only be required to provide a few basic details which will help BankBazaar check your eligibility for a personal loan. Once the information is provided, BankBazaar will provide a list of lenders from whom you can avail a personal loan. BankBazaar will take you through an easy-to-follow carousel wherein you will be providing the following information:

    1) Your gender

    2) Your age (including your date of birth)

    3) The city in which you reside

    4) The type of residence you are residing in

    5) Your employment type – salaried, self-employed, retired, and so on

    6) If you click on the ‘Salaried’ option in the previous slide, you would be required to provide the name of your company

    7) Your total work experience and the date on which you joined your present employer

    8) Your net monthly salary

    9) The bank with which you have your salary account

    10) The purpose for which you are availing the personal loan

    11) If you have any existing loans, you will be required to mention the EMI amount that you are paying for the same (You can skip this step if you don’t have an existing loan)

    12) In the final step, you have to provide your personal information, such as your name, mobile phone number, and your email ID.

    13) Click on the ‘View FREE Offers’ button in the end, to see all the personal loan products that you are eligible for and apply through BankBazaar.

    Ready to apply for a personal loan? Then head to the application section.

    Different Types of Personal Loans in India

    Usually, a personal loan is not restricted in terms of its utilisation. That is, you can use your personal loan for any purpose as long as it is legal. However, there are certain lenders who provide different loan products on the basis of the purpose which is mentioned by the borrower in the personal loan application. On the basis of utilisation, these are the different types of personal loans which can be availed in India:

    1. Personal Loan for Wedding: As the name suggests, a personal loan which is offered particularly for the purpose of meeting the expenses of a wedding is a wedding loan.
    2. Personal Loan for home Renovation: A home renovation loan is a personal loan which can be availed to meet the expenses of repairing or renovating your home.
    3. Personal Loan for Vacations: A holiday loan is a personal loan which is especially designed for vacations. You can avail a personal loan for your vacation and pay the expenses on a later date through easy EMIs.
    4. Personal Loan for Pensioners: A personal loan which is specifically offered to pensioners is known as a pension loan.
    5. Personal Loan for Consumer Durables: Some lenders offer the consumer durable loan which is exclusively offered for the purpose of purchasing consumer durable goods such as televisions, washing machines, refrigerators, and so on.
    6. Personal Loan for Festivals: Certain lenders offer a personal loan exclusively for festivals. If you are looking for a loan to make arrangements for a festival, you can apply for a festival loan.
    7. Personal Loan for a Personal Computer: There are a few lenders which offer a special loan for people who are planning to purchase a new computer. This loan is known as personal computer loan.

    Do not forget to check the eligibility criteria for the different types of personal loans before you apply for one.

    Things to do After Closing a Personal Loan?

    If you have recently paid off your personal loan (either repaid or foreclosed), you might have the idea that your obligation towards the loan is over. However, that is not the case. There are certain things that you should do after paying off your personal loan.

    • The No Dues Certificate or NDC: The No Dues Certificate or NDC is issued by your lender once you pay off the debt. This is one of the most important documents that you should collect immediately after paying off your loan. It is also a wise decision to retain this document for an extended period of time. This certificate validates the repayment that you have made. Without this document you cannot prove that you have paid off your debts. In case you are looking forward to taking another loan in the near future, you will need this document to prove that your previous loan has been paid off. Usually, this document is issued on spot by your lender if you are paying off the final amount through hard cash. If you are paying via check or NEFT or any other means, the lender will issue the NDC and will either send it to your registered address or will ask you to collect it from the branch office of the lender.
    • The Statement of Account or SoA: The Statement of Account or SoA, along with the NDC will help you prove that your debts have been completely paid off and have been paid on time. This is an optional document which is often issued by certain lenders. If your lender provides this document, you should consider getting it. However, you should also look for any sorts of discrepancies in the credit score. If you find something wrong, you can use the SoA to make the necessary changes to it.
    • Collection of unused cheques: If you have some cheque leaves which have not been used, you should collect those as well. The collection of the No Dues Certificate and the unused cheque leaves, usually, marks the end of the closure process for the loan.
    • Check your credit score after closing the loan: This is just a recommendation. It is not compulsory to check the credit score after the closure process ends. However, it is recommended that you check the score to make sure there are no differences in the score. If there are some chances of you availing another loan within 1 to 2 years of the closure of the current loan, it is highly recommended that you check the credit scores right after the closure of the loan.

    Modes of Personal Loan Payment or Repayment

    There are a number of repayment modes which are offered by lenders. Although these modes might differ from lender to lender, the most common modes of repayment can be summed up as follows:

    1. Electronic Clearance System or ECS: The ECS or Electronic Clearance System is one of the most commonly used repayment methods. It is an electronic mode through which funds are transferred from one bank to another.
    2. Post Dated Cheques or PDCs: Post Dated Cheques, as the name suggests, are cheques which are issued by you for a future date. The lender will use these cheques on the mentioned date to deposit or encash the amount mentioned on it.
    3. National Automated Clearing House: The National Payment Corporation of India (NPCI) offers a program called NACH to all the banks and financial institutions. The NACH allows the processing of transactions in real time. This method can be used for your loan repayments.
    4. Debit mandate or standing instruction: You can give an instruction to your bank to pay off a particular amount of money to another bank or bank account at a regular interval. This is known as standing instruction or debit mandate. Your bank will be paying off the stipulated amount towards the repayment of your loan on a regular basis through this system.

    How to Check Personal Loan Status?

    There are two main modes of checking the status of your personal loan application. Most lenders offer both online and offline modes through which you can keep tracking your personal loan status.

    1. Online Mode: Most lenders offer the option of logging in to their official portal to help you track the status of your loan application. You can use the application number or reference number which is issued by the lender for this purpose. On the other hand, if you have applied for a personal loan through a third-party aggregator website such as BankBazaar, you can just log in to its web portal and track the status of your personal loan application directly.

    2. Offline Mode: If you are not comfortable using the online platform, you can also track the status of your personal loan application through the offline means. You can visit the branch office of your loan provider and check the status of your loan application. On the other hand, you can also connect with your lender over the telephone through their helpline or customer care number.

    For both these methods, you would be required to provide a few basic details such as your name and the application number or reference number. Head to BankBazaar to know more about how to track your personal loan status

    How to Get Personal Loan Statement?

    You can easily get in touch with your lender either through their online web portal or in person and request for your personal loan statement. On most lender websites, you can just log in using your online credentials and provide your loan account number. Once you have tracked your account, you can request for a statement which is either sent to your registered email ID or provided in the form of a PDF file which can be downloaded. Similarly, you can also visit the branch office of the lender from where you have availed the loan and place a request for a statement. In addition to that, you can raise a request for your personal loan statement through phone banking as well.

    How to Check Personal Loan Outstanding Balance?

    You can check the outstanding personal loan balance through your personal loan statement. Once you have received a copy of your personal loan statement, you can just check the outstanding balance on the statement itself.

    How to Avoid Rejection of Personal Loan Application?

    The approval of a personal loan application depends on a number of factors. When you apply for a loan, you should make sure that you are sufficiently fulfilling all the factors to ensure the approval of your loan application. The eligibility criteria for personal loans may vary from lender to lender, however, there are number of common criteria which include the age of the applicant, his or her income, credit score, status of employment, and so on. Before you apply for a loan, make sure that all the eligibility criteria are being fulfilled. This will help you avoid rejection of your personal loan application. Although there are other options which you can resort to in case your personal loan application gets rejected, it is recommended to double check before applying to avoid the chances of rejection of application.


    Personal Loan FAQs

    What is a personal loan?

    A personal loan is a type of unsecured loan that that you can borrow from a bank or financial institution if you require funds to pay for your financial needs.

    How does a personal loan work?

    You borrow a personal loan when you are in need of credit. Once you submit your loan application to a lender for a personal loan, the lender verifies and approves it. Post this, the loan amount is disbursed into your bank account. Once you receive the loan amount, you will need to repay the lender via EMIs over the course of the loan repayment tenure.

    What is an EMI?

    EMI or Equal Monthly Installment is the amount that a borrower pays each month towards an outstanding loan to clear off the debt within a specific time frame. EMI includes principal and interest.

    What is a credit score? Why is it important?

    A credit score or rating is a number that indicates how you repay debt. It is important because your score determines whether you qualify for loans, credit cards, and other credit facilities.

    How does my credit score impact the calculation of my loan amount?

    Your credit score is an indicator of how you handle your finances. It considers your credit card bill payment history, repayment of past and current loans, and other criteria. Your credit rating tells lenders how likely you are to repay them if they grant you a loan. The better your credit score, the better the chances are of getting a higher loan amount.

    What is the maximum amount of loan I can get?

    The maximum amount of loan depends on your monthly income. In India, there are lenders who offer up to Rs.50 lakh as a personal loan.

    What is a prepayment and how does it help in repaying my loan?

    If you happen to get some extra money, you can pay it towards your loan even before the EMIs are due. This is called a prepayment. Every prepayment you make goes towards reducing the outstanding principal component of your loan. And since the principal reduces, your interest cost will also reduce. Also, your tenure gets shortened this way, helping you pay off the loan ahead of time.

    How much loan can I get if I earn a monthly salary of Rs.60,000?

    For personal loans, most lenders fix the minimum monthly income requirement between Rs.15,000 and Rs.25,000. Thus, if you have a monthly income of Rs.60,000, you can be fairly certain that you won’t find it difficult to borrow a personal loan. The exact amount that you will be offered will, however, vary based on your repayment capacity, debt-to-income ratio, the lender’s terms and conditions, etc.

    Is the PAN card mandatory when applying for personal loans?

    Yes, you are required to have a PAN card to apply for a personal loan.

    How much loan can I get if my salary is Rs.25,000?

    With a monthly salary of Rs.25,000, you are likely to be eligible to borrow a personal loan. However, the lender will also check if you have any other outstanding loans, your credit score, repayment capacity, etc. before deciding how much you can borrow. You can use a personal loan eligibility calculator tool to know how much you are eligible to borrow with a monthly salary of Rs.25,000.

    Is there an upper age limit for personal loans?

    Yes, the upper age limit to apply for a personal loan is 60 years. This may, however, vary from lender to lender.

    Is Form 16 required to borrow a personal loan?

    Yes, lenders will require you to submit your Form 16 when applying for a personal loan.

    Is it mandatory to submit my Aadhaar card to borrow a personal loan?

    Yes, most lenders will require you to submit your Aadhaar card when applying for a personal loan.

    What is the minimum salary that an individual is required to earn to apply for a personal loan?

    The minimum salary requirement will vary from lender to lender. Most lenders, however, will require you to earn at least Rs.15,000. If you reside in a metropolitan city, you may have to earn between Rs.20,000 and Rs.25,000.

    Can you get a personal loan if you are retired?

    A number of banks offer personal loans for pensioners. Thus, if you are a pensioner, you will be able to borrow a personal loan.

    Can I get a personal loan with a credit score below 500?

    If your credit score is under 500, there is a good chance that your personal loan application may be rejected by the lender. Even if your application is approved, you may have to pay a high rate of interest for the loan.

    Can I borrow a personal loan to pay for my house deposit?

    Yes, you can. Banks and financial institutions that offer personal loans do not lay down any restrictions on how the loan amount can be used.

    How long does it take to get approved for a personal loan?

    It may take anywhere between a few seconds to up to 48 hours. If you are a pre-approved customer, your loan amount will be approved very quickly. Else, you may have to wait for up to 48 hours to get approval.

    Will borrowing a personal loan affect my credit score?

    Once you borrow a personal loan, your credit score will improve if you pay the required EMIs as per the schedule specified by your lender. On the other hand, your credit score will drop if you miss EMI payments.

    Is borrowing a personal loan better than using a credit card?

    Personal loans are a good option if you need funds for a large expense or wish to consolidate multiple debts. The key benefit of a personal loan is that you can pay monthly instalments to repay your borrowed loan amount. Further, you can also choose a repayment tenure between 1 year and 5 years to suit your repayment ability. Credit cards, on the other hand, are a good choice if you want to finance smaller expenses, provided that you can repay your balance in full at the end of every month.

    Is it smart to consolidate my debts with a personal loan?

    Yes, if you have multiple outstanding debts, it is best to avail a personal loan and consolidate your debts. Doing this will make repayments a whole lot easier and help you clear off your consolidated loan amount in affordable instalments.

    What is the best reason to give when applying for a personal loan?

    Most lenders will not require you to provide a reason when applying for a personal loan.

    How long do I have to be employed for to get a personal loan?

    Most lenders will require you to have a work experience of at least 2 years. This condition, however, varies from lender to lender.

    Can I use a personal loan to purchase a car?

    Yes, you can use a personal loan to purchase a car. That said, if the sole purpose of the loan is to purchase a car, it is highly recommended that you avail a car loan since it is likely that you will be offered a lower rate of interest.

    How will I know if my personal loan had been approved?

    You can track the status of your personal loan application through online/offline channels. Also, the lender will let you know if your application has been approved.

    How can I access the funds that I receive through my personal loan?

    Most lenders disburse the loan amount into your savings bank account.

    How do I get a top-up on my personal loan if I require more funds?

    Keep in mind that not all lenders offer top-up personal loans. However, if the lender does offer top-up personal loans, you can apply for the same through online or offline channels.

    Will I get a loan account statement detailing my payments and outstanding balance?

    You can log into your lender’s customer portal to view your loan account statement.

    What should I do if I want to repay my loan (partially or in full) during the loan repayment term?

    Most lenders will allow you to make pre-payments or pre-close your loan during the loan repayment term. You will, however, have to pay a nominal charge to the lender for doing the same. Keep in mind that most lenders will only allow you to prepay or pre-close your loan after 1 year of borrowing the loan. If you want to prepay/pre-close your loan, ensure that you inform your lender of the same.

    Do personal loans offer tax exemptions?

    Personal loans only offer tax exemptions if you are using the loan amount for renovation of your house, to pay for educational expenses, or to expand your business.

    What is the impact of GST on personal loans?

    Prior to the implementation of the Goods and Services Tax (GST), a service charge of 15% was applicable to personal loans. Post the introduction of the GST on 1 July 2017, a service tax of 18% is applicable on personal loans. Thus, there is a 3% increase in the payable service tax. The service tax, however, is only levied on the processing fee, prepayment charges, etc., and not on EMI payments.

    Can I get a personal loan without submitting my salary slips?

    If you are a salaried employee looking to borrow a personal loan, you should submit your salary slips as proof of employment and income. Lenders will not process your application unless you submit the required documents

    .
    How do I cancel my personal loan after the loan is disbursed?

    You can cancel your personal loan application before the loan amount is disbursed into your account by submitting a written application for the same. You will also need to pay the loan cancellation fee to the lender. Once the loan amount has been disbursed into your account, most lenders will not allow you to cancel it. You can, however, pre-close the loan. If you are thinking of cancelling your loan because you pay a high interest rate on your loan, you can consider transferring your outstanding loan balance to another bank or financial institution.

    Since a longer tenure means lower EMIs, should I always choose a longer tenure?

    No, not necessarily. This depends on your ability to repay the loan. In other words, how much you can afford to repay every month. If you’re able to afford only a smaller amount each month, choose a longer tenure. But remember that this will result in you paying more interest over the longer duration. Also, it will keep you indebted to the lender for a longer time.

    How can I repay my personal loan?

    There are a number of ways by which you can repay your loan. These include:

    • Via Electronic Fund Transfer (EFT)
    • By cheque
    • By physically paying at a branch of the lender
    • Via standing instruction for automatic deduction from your account

    How often should I repay my loan?

    This depends on the lender you choose. Normally, every personal loan repayment is calculated on the basis of a monthly repayment pattern. It includes the principal and interest components that you’re expected to repay each month.

    How can I avoid defaulting on my personal loan repayments?

    The measures given below can help you pay your loan instalments on time:

    • Apply only for a loan amount that you can afford to repay on time
    • Don’t apply for a larger loan simply because you’re eligible for it
    • Choose the tenure wisely. It will determine how much you have to repay every month
    • Choose a loan with a low interest rate
    • Look out for other rates, charges, and hidden fees
    • Plan your finances well
    • Give the utmost priority for your EMI in your monthly budget
    • Make a repayment schedule of your own
    • Set reminders for each month’s repayment

    What will happen if I default on my loan repayment when I have offered collateral?

    Personal loans are usually unsecured loans. Sometimes, if you don’t fulfil the loan criteria, you may be able to get a loan by offering collateral. In such cases, you have to be extra careful about repaying the loan on time. If you default on your repayment, the lender may take possession of your collateral to cover their losses. Defaulting in such circumstances could make you lose your collateral.

    If I have a guarantor, what will happen if I default on my EMIs?

    A guarantor is someone who guarantees repayment on your behalf. So, if you’re unable to repay the loan as and when the installments are due, your guarantor will be asked to pay.

    If I have a co-applicant, what will happen if I don’t repay my loan on time?

    All co-applicants for a loan are equally responsible for repaying the loan. If one applicant is unable to repay the loan, the remaining applicants are expected to do so. So, if you’re not able to pay the EMIs on time, your co-applicant is expected to pay. If your co-applicant also fails to pay the installments on time, it will result in a repayment default.

    Are there any charges for prepaying my personal loan?

    Some lenders may ask you to pay a fee if you want to prepay a part of your loan. Others may either waive the fee or may not have prepayment charges at all.

    How is my prepayment fee calculated?

    This depends on your lender. Some lenders charge you a fixed fee for each prepayment. Others may charge you a percentage of the amount outstanding or a percentage of the amount prepaid.

    Can I offer collateral and get a loan if I have bad credit?

    Yes, you can. This is another way to get a personal loan even if your credit rating is bad. Some lenders may offer you a loan if you’re willing to offer them something as collateral. But keep in mind that the lender has every right to possess your collateral if you don’t repay the loan as promised.

    Will I be able to get a loan along with a co-applicant if I have bad credit?

    Yes, applying for a loan along with a co-applicant who has good credit can help you get a loan even if you have bad credit. The scores of both applicants are considered when processing a joint-loan application. This way, the good credit of your co-applicant will help balance out your poor credit. But, remember that your co-applicant will be held responsible for repaying the loan if you are unable to do so.

    What credit rating should I have to get a loan?

    A score of 700 and above is considered to be good. This should be enough to get you a loan without any hassles. But, a score of 800 or more will get you into the good books of lenders. This could get you better interest rates and repayment options.

    Why should I take a personal loan?

    An unsecured loan can help you during tough financial situations. You can easily apply for one if you qualify for it. Lenders usually process your loan quickly. You won’t have to offer any collateral either.

    What does the process of applying for a loan include?

    The process of applying for a loan includes the following steps:

    • Searching for the right loan
    • Getting the required documents ready
    • Applying for the loan
    • Submitting the documents
    • Application verification and approval
    • Loan sanctioning and disbursement

    What do I need to apply for a personal loan?

    To apply for a loan, you need to make sure that you are first eligible for it. Don’t apply for a loan for which you aren’t eligible. This can hurt your credit score. Apart from checking your eligibility, you also need to make sure that you have all the necessary documents in hand before applying.

    What will happen if I don’t have one or two of the required documents?

    Lenders usually require you to have all the required documents in order before you apply. However, if you don’t have one or more of these, you can talk to the lender and find out if there is an alternative solution. If these are vital documents, your loan will not be sanctioned till you give them.

    When will a bank reject my loan application?

    A bank can reject your loan application if you apply for a loan for which you are not eligible. It can also reject your application if you fail to submit the documents it requires.

    Is part- prepayment allowed on my personal loan?

    Personal loans can be prepaid in parts or as a whole at any stage. Some banks may charge a prepayment penalty for the same. Some banks do not allow part-prepayment. So, check all the documents before finalising on the loan with the bank.

    Will I need a guarantor to take a personal loan?

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

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

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

    How will I be eligible for a relationship discount?

    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.

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

    If you do not have an 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.

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

    Some banks let you register yourself for ‘Do Not Disturb'. If you opt for this, the executives will not disturb you with cold sales calls.

    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.

    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.

    Is my Data Safe with BankBazaar.com?

    A: BankBazaar.com is India's premier financial marketplace and takes utmost care in ensuring that 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.

    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 its services from users.

        

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Personal Loan Reviews

    • ICICI Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Since bankers has offered for a pre approved loan so I taken a person loan in ICICI for more than one year. The loan got sanctioned on time. As per requirement I received a loan for the duration of 5 years.The rate of interest is nominal and the processing fee is nominal as well.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 18, 2019
    • review
      review Personal Loan
      "Need to decrease charges"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in BAJAJ FINANCE LIMITED for more than a year. At the time as per my expectation I received a loan amount was sufficient for the duration of 5 years. The rate of interest is high for this loan and the processing fee is nominal. On time the loan got sanctioned.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 18, 2019
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken HDFC bank personal loan through bank .I have applied for the loan amount of 1,20,000 for the tenure of 4years .The rate of interest and the processing fee was nominal,I have got all the relevant update about the loan process through the agent .The process was very smooth and convenient as well .
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 18, 2019
    • Bajaj Finserv Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the personal loan from last 1.5 years and the documentation process was simple and there was a processing fee which was nominal. The loan amount given was good also the rate of interest was nominal when compared to the others in this loan.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 18, 2019
    • Axis Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in AXIS bank for more than a year. As per my requirement I received a loan amount of 3lakhs and 49 thousands. They have sanctioned my loan within 2 minutes and credited to my account. The rate of interest is 15% is okay and the processing fee is for 2% is okay for the loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 18, 2019
    • HDFC Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the perosnal loan with the HDFC BANK where the loan amount given with the bank was 3L and the rate of interest given was 21% which was higher when compared to the others. The loan documentation process was simple and quick to get the loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 18, 2019
    • Axis Bank Personal Loan
      "Interest should be reduced"
      0.5 5.0/5 "Blown Away!"
      Two times I took personal loan from Axis, they quoted 18% of interest for the duration of five years. It would be great if they reduce the interest, the process was easy. The executive helped on the documentation on time it got sanctioned immediately its great.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 18, 2019
    • HDFC Bank Personal Loan
      "Process is good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from HDFC bank. The process is good and I received the loan on time. The documentation process was not there as I got it online with just a click away. The rate of interest and processing charges is nominal. I am happy with the service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2019
    • ICICI Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with ICICI Bank for the personal loan and I received the loan on time and I also got the loan as needed. There was no documentation process involved. The rate of interest is and the processing fee was normal. More than satisfied.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2019
    • Axis Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have selected through Axis bank personal loan amount 3 lakhs and tenure 5 years, EMI 6900, one time process is applicable RI 12.99% . Documents submitted through executive so there is no delay disbursal loan amount customer service is good and responsive.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have selected through HDFC personal loan amount 5 lakhs after that tops loan amount is 1.70 total i received loan amount is 6.70 lakhs,tenure is 5 years and rate od interest 11.99 % ,EMI RS 15000 and Documents submitted through executive so there is no delay disbursal loan amount customer service is good and responsive.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2019
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have directly applied with HDFC bank for the personal loan and the loan amount was 3lakhs for the tenure of 4years,The loan is still active The rate of interest and processing fee was nominal for me. The loan amt got on time it was sufficient as well ,the agent gave all the information about the card process as well.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 18, 2019
    • HDFC Bank Personal Loan
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank offered me a personal loan. The customer support is good and there are no hassles in the document collection. The loan amount offered was as needed. The rate of interest and processing charges was decent when compared to the other banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 18, 2019
    • Kotak Personal Loan
      "Experience is good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank has also offered me a personal loan. The customer services and response is good and there are no hassles in the process. The rate of interest and the processing charges are nominal too. The after loan services are good too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 18, 2019
    • Axis Bank Personal Loan
      "Need to decrease charges"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in AXIS bank before 3 months. On time the loan got sanctioned as per my expectation I received a loan amount for the tenure of 60 months.The rate of interest is high for up to 15% which it seems high. The processing fee is applicable.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 18, 2019
    • HDFC Bank Personal Loan
      "Better Loan experience"
      0.5 5.0/5 "Blown Away!"
      In 2015, Got my personal loan from HDFC and the online banking system is easy to get the loan. There is no processing fee and they have a facility of partial payment and pre-closure. I got the loan with the interest rate of 3%. I received the loan amount of Rs. 2.66 lakhs for that i paid the EMI amount of Rs. 3,034 for the tenure period of 5 years.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 18, 2019
    • Axis Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Axis Bank Personal Loan it is a pre approval loan it is a paperless approval process ,the loan is still active ,I have applied for the loan amount or 2lakhs for the tenure of 5Yesrs ,The rate of interest and processing fee was nominal and the rate of interest was 18%.I have got the loan on time shortly within 1 hr time .
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 18, 2019
    • HDFC Bank Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I am running a personal loan with HDFC BANK and it was taken last November 2018. The loan process was immediate and they sanctioned the loan without any documents. The interest rate is high compared to other banks. The processing fee is included and taken the loan for 3 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2019
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with HDFC bank from long time, the loan amount which they have given to me was good, they gave me based on my requirement, the rate of interest and processing fee they have charged me was nominal, still this loan is running already 2 years got over.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 17, 2019
    • Axis Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Axis Bank personal Loan through Bank directly .The rate of interest and the processing fee was nominal,The agent gave all the relevant details about the loan process .I have applied for the loan amount of 5 lakhs for the tenure of 5 years .I have got the loan amount on time and it was sufficient as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 17, 2019
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