BankBazaar.com, India's premier financial market place has collaborated with various public sector and private banks to offer customized personal loans for it's users. Users can apply for a personal loan online using BankBazaar.com online loan request tool.

Easy Eligibility Check: The loan calculator tool at BankBazaar.com checks for the user’s personal loan eligibility instantly. The tool also offers customized quotes for all eligible users as per their financial credit history and eligibility criteria.

Instant Quotes: The eligible loan applicants are offered instant quotes customized as per their profile and with a discounted interest rate.

Real time Loan Comparison: BankBazaar.com also offers a simple online personal loan comparison tool allowing users to compare the loan offers of various banks. Feedback shared by previous successful personal loan applicants acts as a helpful tool for new applicants to get the best personal loan deal.

Instant e-Approval: The applicant gets an instant e-approval after successfully submitting his or her personal loan application.

Assured Privacy: All personal loan applications submitted with BankBazaar.com are sent electronically to the concerned bank department assuring complete privacy and transparency.

Applying for a personal loan at BankBazaar.com involves three simple steps :

Step 1: In the first step, the user must fill the personal loan eligibility form available online with required personal data. Once submitted the personal loan tool automatically checks for eligibility of the applicant and personalized personal loan options.

Step 2: In the second step, the applicant can compare various personal loan options offered by the tool interface and apply for the best suitable loan.

Step 3: The last step involves receiving an instant e-approval from BankBazaar.com after successful submission of personal loan application online.

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

Compare Personal Loans from different banks

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

• HDFC Personal Loan:

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

• ICICI Personal Loan :

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

• Bajaj Finserv (Finance) Personal Loan :

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

• SBI Personal Loan :

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

• Axis Bank Personal Loan:

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

BankBazaar.com offers users the opportunity to choose from the best personal loan plans in India as per the borrower’s repayment capacity and choice of tenure. BankBazaar.com offers customized personal loan quotes from various banks and non-banking financial companies. Users can choose the most suited bank or NBFC for their personal loan requests as per it's charges and other features.

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

Documents for Salaried Individuals:

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

Documents for Self-Employed:

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

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

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

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

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

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

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

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

Top 10 Microfinance Companies in India 2016

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

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

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

Q. What is Personal loan?

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

Q. What can I use the Personal loan for?

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

Q. Who can apply for a personal loan?

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

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

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

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

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

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

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

Q. Will the banks charge me a processing fee?

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

Q. How can I repay my personal loan?

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

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

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

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

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

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

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

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

Q. How much personal loan can I take?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Q: What is the best way to apply for personal Loan?

A: The best way to apply for an personal loan is by using the online loan application tool at BankBazaar.com The tool can be accessed on this page allowing users to choose personal loan from various banks and NBFCS as per their selection.

Q: What is the minimum and maximum amount of Personal Loan that I can get?

A: Various banks and NBFC’s offer personal loans ranging from a minimum amount of Rs. 1000 to a maximum amount of Rs. 15 to Rs. 20 Lakhs. The maximum and minimum loan amount depends on the underlying bank as well as the personal financial details of the loan seeker.

Q: What is the tenure for which I can avail a Personal Loan?

A: Various banks offer different tenure for personal loans. The most common tenure period offered by majority of banks and NBFCs ranges between 12 to 60 months.

Q: Can I Track my Loan Application?

A: BankBazaar.com offers it's loan applicants an active tracking tool through both email and SMS allowing them to track daily updates of their loan application.

Q: Is my Data Safe with BankBazaar.com?

A: BankBazaar.com is India’s premier financial market place and takes utmost care in ensuring the all data is sent in electronic form with high level of encryption. BankBazaar.com does not share data with any third party other than the financial institution.

Q: Is BankBazaar.com Personal Loan Tool Free?

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