Thank you for your interest in Personal Loan from HDB FINANCIAL SERVICES. Unfortunately, we do not have a tie-up with HDB FINANCIAL SERVICES currently.
Talk to our experts to apply for a similar offer from our partner banks instead
Thank you for your interest in Personal Loan from HDB FINANCIAL SERVICES. Unfortunately, we do not have a tie-up with HDB FINANCIAL SERVICES currently.
Talk to our experts to apply for a similar offer from our partner banks instead
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Earn more than minimum income
Maximum allowed personal loan is Rs. 10K to Rs. 45 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 years
|Interest Rate (Monthly reducing balance)||11.49% - 37.00%|
|Processing Fees||Varies with bank|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
Personal loan is a popular financial loan instrument providing assistance for any immediate financial need. Personal loans are non-collateral loans offered by almost all public sector banks and private banks to leverage any financial crisis. Quick approval with minimal documentation and loan disbursal as quick as one day makes personal loan a widely popular financial instrument.Unlike in the past, a borrower seeking personal loan does not need to be physically present in the bank branch to request for a personal loan. With the use of technology and internet, personal loans can now be applied online with a quick approval process of less than one working day. Wide quantum of loan amount, flexible loan tenure and easy availability makes personal loans a viable financial instrument for people of all financial backgrounds when faced with a financial crisis.
A temporary financial crisis can happen to anyone irrespective of his or her overall financial status. Personal loans are a great way to offset any such temporary financial crisis as it allows the users to avail a loan without any pre conditions on the usage of funds. Personal loans have a quick approval mechanism with loans getting cleared as early as within 24-48 hours of the loan application submission.
BankBazaar.com, India's premier financial market place has collaborated with various public sector and private banks to offer customized personal loans for it's users. Users can apply for a personal loan online using BankBazaar.com online loan request tool.
Easy Eligibility Check: The loan calculator tool at BankBazaar.com checks for the user’s personal loan eligibility instantly. The tool also offers customized quotes for all eligible users as per their financial credit history and eligibility criteria.
Instant Quotes: The eligible loan applicants are offered instant quotes customized as per their profile and with a discounted interest rate.
Real time Loan Comparison: BankBazaar.com also offers a simple online personal loan comparison tool allowing users to compare the loan offers of various banks. Feedback shared by previous successful personal loan applicants acts as a helpful tool for new applicants to get the best personal loan deal.
Instant e-Approval: The applicant gets an instant e-approval after successfully submitting his or her personal loan application.
Assured Privacy: All personal loan applications submitted with BankBazaar.com are sent electronically to the concerned bank department assuring complete privacy and transparency.
Applying for a personal loan at BankBazaar.com involves three simple steps :
Step 1: In the first step, the user must fill the personal loan eligibility form available online with required personal data. Once submitted the personal loan tool automatically checks for eligibility of the applicant and personalized personal loan options.
Step 2: In the second step, the applicant can compare various personal loan options offered by the tool interface and apply for the best suitable loan.
Step 3: The last step involves receiving an instant e-approval from BankBazaar.com after successful submission of personal loan application online.
The application is sent electronically to the selected bank. The loan department of the concerned bank gets in touch with the applicant directly. Users can check the status of their loan application through SMS alters as well as emails.
|Bank/NBFC||Rate of Interest||Loan Processing Charges||Prepayment/ Forclosure Charges||Cheque Bounce Charges|
|Axis Bank||15.50% to 24%||1.50% to 2.00% + Service Tax as applicable||Nil||Rs. 500 per cheque bounce + Service Tax as applicable|
|SBI||Personal Loans Scheme (SBI Saral): 8. 50% above Base Rate floating||2.02%-3.03% of the loan amount.||Nil||NA|
|HDFC Bank||15.75% to 20%||Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.||Salaried - 13-24 Months - 4% of Principal Outstanding, 25-36 Months - 2% of Principal Outstanding >36 Months - NIL||NA|
|Bajaj Finserv||16%||2% - 3% of the loan amount||Nil||Rs. 1,000 for every bounce|
|ICICI Bank||13.99% to 18.00%||Up to 2.25% of loan amount plus Service Tax||The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan.||NA|
HDFC Bank is a market leader in personal loans offering a Personal Accidental Cover of up to 8 Lakhs along with a Critical Illness cover of 1 Lakhs with each personal loan. HDFC Personal Loan starts as low as 15.75% interest rate for salaried individuals. HDFC Bank offers a high quantum of personal loan with a complete removal of any prepayment charges after a period of 36 months. HDFC Bank offers pre approved personal loans up to Rs. 3 Lakhs for women personal loan applicants along with free access to lifestyle diva products and services.
ICICI Bank personal loans are available for both salaried as well as self-employed individuals and professionals. Salaried individuals can get a maximum personal loan up to Rs. 15 Lakhs while self-employed individuals can get a loan up to Rs. 30 Lakhs. ICICI Personal Loan starts with as low as 13.99% interest rate.
Bajaj Finance Limited is one of the most popular non-banking financial companies offering personal loans up to Rs. 25 Lakhs for salaried individuals. Bajaj Finserv (Finance) Personal Loan starts from as low as 16% interest rate for salaried individuals. Bajaj Finserv allows prepayment up to 6 times in a calendar year with a minimum amount per prepay exceeding 3 EMIs. Bajaj Finserv offers a 24/7 customer support helpline including toll free number, emails and SMS allowing users to get in touch with the company to resolve their grievances at the earliest.
State Bank of India, the largest public sector bank of the country is one of the most preferred banks when it comes to personal loans. SBI offers personal loans for both salaried and self-employed individuals. State Bank of India offers a personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs. State Bank of India has streamlined it's personal loan division allowing for quick loan approval and disbursal. SBI Personal Loan schemes are offered at lucrative interest rates for various working professionals and salaried individuals from time to time.
Axis Bank is a popular choice for personal loans as the bank aims to give personal attention to each loan applicant. The quantum of personal loan amount for Axis Bank Personal Loan is highest in it's class fixed at an upper limit of Rs 15 Lakhs. Axis Bank offers personal loans at a competitive interest rate ranging from 15.5 to 24% with zero prepayment charges. Axis Bank offers eDGE loyalty points on Personal Loans which can be redeemed for cash surplus and discounts along with multiple repayment options. For any loan related query, Axis Bank has set up a dedicated helpline for loan services available round the clock at the bank's toll free numbers.
BankBazaar.com offers users the opportunity to choose from the best personal loan plans in India as per the borrower’s repayment capacity and choice of tenure. BankBazaar.com offers customized personal loan quotes from various banks and non-banking financial companies. Users can choose the most suited bank or NBFC for their personal loan requests as per it's charges and other features.
Different banks and NBFCs have different minimum documentation requirement for personal loans. The common documents required by most banks and NBFCs for individuals requesting a personal loan include :
Various banks and NBFC’s offer personal loans to all applicants fulfilling their basic eligibility criteria. While different banks have different minimum eligibility criteria, the criteria common for most banks and NBFCs for individuals requesting a personal loan include:
Different banks and non-banking financial companies offer different interest rates for personal loans. Most banks have their own unique different classification based on which interest rates are calculated. Personal loan interest rates of various banks vary from 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.
Borrowers can take a personal loan against Mutual Funds or similar debt instruments. In case your income is lower, the mutual fund investment will make up for the lower income and it also enhances your loan eligibility. The debt instruments are a safer option and less volatile. The rate of interest charged on the loan will be lower than the rates provided for unsecured personal loan. To avail a loan against mutual fund, an application has to be filled by the joint holders of the mutual fund portfolio to seek for a loan. The loan amount sanctioned is a percentage of the value of the units held in the folio on the date of giving the loan. If the borrower defaults on the loan, then the lender can ask for the units in the portfolio to be redeemed. The proceeds will be used to pay the lender.
A. Personal loan is an unsecured loan that is given without any security. The end use of the money is not monitored either.Q. What can I use the Personal loan for?
A. You can take a personal loan to meet any personal financial requirement or to repay your credit card bill, to buy electronic items, to take a vacation or to even meet the expenses of a wedding or any other function.Q. Who can apply for a personal loan?
A. A salaried individual, self-employed professionals and self-employed non-professionals can apply for a personal loan.Q. What is the minimum tenure of a personal loan?
A. Most banks will provide personal loan for a minimum of 1 year.Q. What is the maximum tenure of a personal loan?
A. Most banks will provide personal loan for a maximum of 5 years.Q. What is the eligibility criteria to avail personal loan?
A. The minimum age of the applicant must be not less than 21 years and the maximum age of the applicant at loan maturity must be 65 years.Q. Will the banks charge me a processing fee?
A. Yes, usually the banks charge a processing fee of 2-3 percent on the loan amount. You can however negotiate with the bank to reduce the fee.Q. How can I repay my personal loan?
A. Personal loan can be repaid in equal monthly instalments or EMI. You can provide a post-dated cheque or can give a standing order with your bank or through electronic transfer. Q. What is an EMI?
A. EMI or Equal Monthly Instalment includes principal and interest.Q. Is part- prepayment allowed on my personal loan?
A. Personal loans can be prepaid in parts or fully at any stage. Some banks might charge a prepayment penalty whereas some banks will not. Some banks will not allow the part-prepayment. So, check all the documents before finalising with the bank.Q. Will I need a guarantor to take a personal loan?
A. No, you will not need a guarantor to take a personal loan.Q. Can I club my income with my spouse to take a personal loan?
A. Yes, you can club the income of your spouse to boost your eligibility to avail a personal loan.Q. How much personal loan can I take?
A. The banks do not usually let you take a loan exceeding 30- 40 percent of your net salary.Q. What is the minimum loan limit offered for personal loan?
A. Generally, the minimum amount limit that one can take a personal loan is Rs.1,000.Q. What is the maximum loan limit offered for personal loan?
A. Generally, the maximum loan limit is Rs.15 lakhs.Q. Do I need to submit any security or collateral to take a personal loan?
A. No, you don’t have to provide any security or collateral to take a personal loan.Q. Do I get to choose between a fixed and a floating rate of interest for the personal loan?
A. Yes, you have the option to choose either the fixed or floating rate of interest.Q. What is the rate of interest that will be charged on my personal loan?
A. The interest rate varies from banks to banks and it is within 14-26 percent depending on your profile and the scheme that you opt for.Q. How many days does it take for the bank to disburse the personal loan amount?
A. Banks disburse the loan within 72 hours to 7 working days provided all the documents are in place.Q. Will the banks check my CIBIL score while reviewing my application?
A. Yes, banks refer your CIBIL score and credit report and the minimum CIBIL score requirement is 750+.Q. Will the CIBIL score affect my personal loan interest rate?
A. Yes, the CIBIL score affects the interest rate offered to you. If your CIBIL score is high and if you have a good repayment history, then the bank will offer you a lower interest rate.Q. How will I be eligible for a relationship discount?
A. If you have been a customer for a particular bank for a while, then the bank might reduce the personal loan interest rate or other such charges. Some banks will also provide you additional services.Q. What are the documents required to seek a personal loan application approval?
A. You need to submit an identity proof as well as residence proof, your latest salary slip, form no. 16, last 6 months bank statement and a passport sized photograph that is to be affixed on the application form.Q. Do I need to open a bank account to service my personal loan?
A. If you don’t have a bank account with the bank, it is not mandatory to apply for one. But, if you apply for a loan with your existing banker, then you will be eligible for a relationship discount.Q. How do I stop executives from calling me to let me know about other loans?
A. Some banks let you register yourself for ‘Do Not Disturb’. The executives will not disturb you with cold sales calls.Q: What is the best way to apply for personal Loan?
A: The best way to apply for an personal loan is by using the online loan application tool at BankBazaar.com The tool can be accessed on this page allowing users to choose personal loan from various banks and NBFCS as per their selection.Q: What is the minimum and maximum amount of Personal Loan that I can get?
A: Various banks and NBFC’s offer personal loans ranging from a minimum amount of Rs. 1000 to a maximum amount of Rs. 15 to Rs. 20 Lakhs. The maximum and minimum loan amount depends on the underlying bank as well as the personal financial details of the loan seeker.Q: What is the tenure for which I can avail a Personal Loan?
A: Various banks offer different tenure for personal loans. The most common tenure period offered by majority of banks and NBFCs ranges between 12 to 60 months.Q: Can I Track my Loan Application?
A: BankBazaar.com offers it's loan applicants an active tracking tool through both email and SMS allowing them to track daily updates of their loan application.Q: Is my Data Safe with BankBazaar.com?
A: BankBazaar.com is India’s premier financial market place and takes utmost care in ensuring the all data is sent in electronic form with high level of encryption. BankBazaar.com does not share data with any third party other than the financial institution.Q: Is BankBazaar.com Personal Loan Tool Free?
A: Yes BankBazaar.com personal loan calculator tool is totally free and the portal does not charge any fee for it's services from members.
BankBazaar’s Super Summer Sale is back and is offering Rs.5,000 GoCash on disbursal of personal loan which was applied for on BankBazaar.com. The coupon will be sent to the email id that the customer provides on the BankBazaar application. The user can then visit the Goibibo website and redeem the GoCash voucher.
This deal is valid from 10th April, 2016 to 30th April, 2016. The voucher is given on approval or disbursal of the personal loan which is availed through applications made on BankBazaar.com and the applications are to be made within the valid program period. The vouchers offered are promotional vouchers and is subject to usage limitations visit Goibibo website to know more about the limitations.
Points to remember:
*Partnering banks include:
The gift vouchers will be dispatched on approval of a Personal Loan application made through BankBazaar portal in any of the participating banks:
Disclaimer: BankBazaar reserves the right to modify, add or discontinue the terms and conditions at any time without any notice.
by BankBazaar posted on May 26th, 2016
HDFC Bank will be opening around 500 new branches in order to increase its presence in the Indian financial market. This expansion will be done during the current financial year. HDFC would be opening atleast 60% of the new branches in rural and semi-urban areas and the rest would be in urban locations. The bank had already opened 506 branches during the previous financial year, taking the total to 4520. Out of this, 256 branches were in rural and semi-urban areas. HDFC would also be raising Rs. 50,000 crore through bonds over a period of one year. An increase of 20.2% in net profit was reported by HDFC Bank for the 4th quarter, which amounted to Rs. 3,374.2 crore. A post-tax profit of Rs. 12,296.2 crore was also posted by HDFC Bank for the fiscal year. Non-performing assets were 0.3% of net advances and total restructured loans were at 0.1% of gross advances.
by BankBazaar posted on May 25th, 2016
Days after returning to power in Tamil Nadu, Chief Minister J. Jayalalithaa fulfilled some of her poll promises, issuing order to write off farm loans, benefitting farmers across the state. Orders issued by her will waive medium and long term farm loans taken from cooperative banks, a move which is likely to cost the state government over Rs 5,700 crore. Apart from farm loans, orders to provide free electricity to handloom weavers were also passed, with the state government providing subsidy to the tune of Rs 1,600 crore for the same. Another poll promise kept by the CM is regulation of liquor shops, with a change in timings enforced. In addition to this, the government will also provide 8 grams of gold to poor girls during their marriage.
by BankBazaar posted on May 23rd, 2016
The State Bank of Mysore has opened up its fourth branch in Chitradurga, Karnataka. Speaking post-launch event in the same place, Deputy Commissioner Srirangaiah said that the bank is putting emphasis on providing loans to the weaker sections of the society and leave the image that the bank only gives loans to the rich and powerful.
by BankBazaar posted on May 20th, 2016
BankBazaar has tied up with the private sector lender, Yes Bank to feature retail products like home loans, personal loans and car loans on its website. Yes Bank’s products will be listed on the financial website within a period of two weeks and will be live by the end of May. The latest partnership would take the count of financial companies featured on BankBazaar to over 85. Yes Bank would be able to use this online platform to showcase its retail portfolio and then tap into the tech-savvy customer base, thereby broadening its presence and clientele.
by BankBazaar posted on May 19th, 2016
Manappuram Finance will be soon launching co-branded debit cards in order to provide gold loans to individuals who do not hold a bank account. Currently, the company is holding talks with banks to implement this proposal. Customers can use the debit card issued to withdraw the online gold loan amount from any ATM. Manappuram Finance has recorded a net profit of 30%, amounting to Rs. 353.36 crore for the year, 2015 - 2016. The NBFC will be offering products like commercial vehicle loans, home loans, microfinance, depository services, foreign exchange service, SME finance and money transfer, other than loan against gold. Additionally, Manappuram Finance would also be entering the two-wheeler loan segment soon.
by BankBazaar posted on May 18th, 2016
Vijayawada’s first ‘SBI INTOUCH’ branch was launched by State Bank of India (SBI). This facility will allow customers to take part in digital banking. The facility offers online self-service mode facilities. Instant account opening is an example of this, where customers can get an account in 12 minutes. The facility was inaugurated by Hardayal Prasad, SBI Hyderabad Circle Chief General Manager. By June end, Mr. Prasad said, the bank is expected to open 20 more branches across the State. Further, by September, at least one SBI INTOUCH will be opened in every district in the State.
by BankBazaar posted on May 16th, 2016
The success of the highly ambitious “Make in India” plan depends largely on the implementation and establishment of Micro, Small and Medium Enterprises (MSMEs) that are sustainable and profitable. The government has implemented a number of schemes such as MUDRA loans, etc. that are directed at helping the MSME industry grow. The growth of small scale enterprises and industries in the rural areas of India could hold the key to unlocking India’s potential with a successful and sustainable development model. Small scale industries and production units that rely on sustainable sources of energy, eco-friendly business practices, etc. can reduce India’s dependence on imports of raw materials and finished products.
by BankBazaar posted on May 12th, 2016
A major player in gold loan portfolio, Anson Fincorp, has launched Nidhi Company to disburse secured loans and to accept deposits. Anson Fincorp Nidhi is planning to lend over Rs. 100 million in the first year and is also looking to open 15 branches across Kerala by 2017. Nidhi Company has been established with an aim of encouraging people to cultivate the habit of savings amongst people in areas where people do not have proper access to banking and other financial products. Anson Fincorp was established in 2003 and currently has a base of over 50,000 customers. The company is also one of the most preferred personal loan and business loan lender in Kerala.
by BankBazaar posted on May 11th, 2016
DCB Bank launched its new ATM in Odisha which accepts a customer’s fingerprint impression and Aadhaar number. These will be in addition to the usual debit card security options. The launch of the ATM was done together with the inauguration of the bank’s five new branches (in Cuttack, Bijipur, Palla, Dhenkanal and Pathar Pada). A range of products will be offered to DCB Bank's branches in Odisha which service farmers, micro and small businesses, agri-businesses as well as individuals. Loans are offered for tractors, crop, and dairy, agri processing activities, land development, high-tech farming (including greenhouses) and much more.
by BankBazaar posted on May 10th, 2016
In a recently held award ceremony organized by the Federation of Industry, Trade and Services [FITS], Corporation Bank was among the banks who received the “Excellence Award on Empowering MSMEs 2016”. The Managing Director & CEO of Canara Bank, Mr. Jai Kumar Garg, was presented with the award. MSME (Micro, Small and Medium Enterprises) is a rapidly emerging as a dynamic sector. The release following the award ceremony mentions how MSMEs have a key role to play not only towards the industrialization of rural areas but also help generate employment opportunities on a large scale with a lower cost of capital. Corporation Bank has successfully not only realized but also catered to the needs of this sector. For the promotion of micro units, Canara Bank provides, as part of the Credit Guarantee Scheme of CGTMSE, collateral free loans for loan amounts up to Rs 1 crore. For loans up to Rs 10 lakh, the bank also bears the guarantee cover cost. To further encourage entrepreneurs, the bank provides concession on the rate of interest up to 50 basis point, for accounts covered by guarantee. In addition to this, not only is Canara Bank associated with several reputed NGOs, but is also working towards the empowerment of women. N light of this, the bank is offering concessions of up to 25 basis points to women beneficiaries, in support of the Stand India Initiative.