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    Bankbazaar Personal Loan

    We found 31 Personal Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
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  • Personal Loan Reviews

    • Bank Bazaar Customer Support
      "Love to Use Bank Bazaar website"
      0.5 4.0/5 "Great!"
      I am happy with Bank Bazaar, whatever the coordination which they gave is great. I love Bank Bazaar website always to use. Its very convenient to use and access. It has all options to check on financial needs. But I would like to suggest, Bank Bazaar executives should be more clear with their process.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Response part has to be improved"
      0.5 2.0/5 "Expected more"
      Due to improper coordination from ICICI, the loan application got closed. From Bank end there was no response on right time. They reached me after three days of my request and collected the documents finally it got closed without any intimation.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Instant loan "
      0.5 4.0/5 "Great!"
      They have started a new process with the HDFC personal loan. We can apply the Personal Loan through net banking and we just need to apply the documents in the portal and within 15 hours they have provided me a credentials id & password where I have tracked my personal loan application . The loan got approved within 24 hours of time. The banking service is really good and giving instant service to the customers. I am happy about the loan amount. The required amount has been given by HDFC bank. The Value added service like vouchers and online purchasing offers were given. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Customer oriented service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar gives a prompt response and the regular follow to their customers. I really appreciate the bank bazaar effort which was given to the customer in terms the service, follow up in any case. The customer service and the response is really good with bank bazaar. The bank bazaar web site is easy to use and user friendly.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "They be clear about the percentage"
      0.5 4.0/5 "Great!"
      HDFC charged me 14.75% of interest for the amount of Rs.5 lakhs it is higher side compared to other competitor. But Initially they committed they were providing around 11% but finally it was processed it for 14.75%, But I am happy with their service, they done fast loan. process. I would like to suggest them, to clear information about the interest rates.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      0.5 4.0/5 "Great!"
      The customer services are good and very much satisfactory at Bankbazaar. I was contacted instantly and the process is smooth. The website is overall good, it would be better if there are more options of banks on the portal to choose from with a lesser rate of interest.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      I haven't got any kind of response from the ICICI bank . It was me who took initiative and made a follow up with the ICICI bank executives to get the personal loan but still no one gave proper responsefrom ICICI bank, that was the reason I haven't proceed my personal loan application with ICICI bank. The rate of interest is bit high , when compared with others. I would say it was a below average service.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "High on ROI & charges"
      0.5 3.0/5 "Satisfactory"
      I did not go ahead with ICICI Bank because I was offered a high rate of interest. I got a rate of around 15% where as I was getting lesser rates from other banks for the personal loan. The services and response was on time and there were couple of follow up calls too.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Userfriendly website"
      0.5 4.0/5 "Great!"
      As per the loan application status, Bank Bazaar gave me good follow up and I got good response from Bank Bazaar. I am using Bank Bazaar website is good to compare the interest rate. I would like to suggest Bank Bazaar should give multiple option, so the customer will have a choice to chose an another bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Loan process should be fleixible"
      0.5 2.0/5 "Expected more"
      ICICI was looking for last six bank transactions, I have an account with SBI but I have a transaction around five years. Hence ICICI have rejected my personal loan application. I have submitted all of my documents, they have check my credit score as well finally they rejected it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Excellent very very good service provided by bank bazaar .com and very very happy for simple loan apply process and sanction your amount and fast service and any executive service and fast information & loan section and comfortable with any language.
      Was this review helpful? 1
      , patna
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "The best"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been great and the process is smooth. They are very professional and they are the best in handling a customer. The follow up calls was much and they showed interest and they valued the customer. The website is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is an excellent service provider, I am getting good and satisfactory service. Whenever I looks for any financial products through Bank Bazaar. I am happy about that, I came to know Bank Bazaar through google search. I have been using it for three years its good.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      My friend has referred me to go with bank bazaar to get an credit card and I have downloaded bank bazaar mobile application and I have started applying for credit cards and personal loan. The bank bazaar mobile application is easy to use and user friendly rather I would say it is also useful for the financial management,. The customer service with bank bazaar is very good and supportive to the customers.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      The ICICI bank gave a call and asked me from which company I am receiving the salary and I told my company name but I am receiving the salary from 2 different company names , so very next day I got a text from ICICI bank saying that My personal loan application got cancelled. The customer service and the response was good with ICICI bank. The rate of interest is nominal with ICICI bank. I would say it was an average service from ICICI bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Looking for better feature"
      0.5 3.0/5 "Satisfactory"
      Standard Chartered customer service is good, when I applied for the personal loan they called and collected my documents. They done a verification process over the phone call but they have not visited my place to verification. Loan process got delay, Then I almost waited for two weeks, the time which they committed to disbursed the amount, I did not receive it and finally my application got closed.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 4.0/5 "Great!"
      Looks like the site is loaded with full of information. I am expecting bankbazaar to bring in more partner banks. I got to know about bankbazaar through advertisements. I am with bankbazaar for a long time. I had applied for a personal loan through this channel the site is very much easy to use and user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      SCB took around a week's time to disburse my personal loan. Both customer service and response e was really good with SCB. I initially approached online and later changed the channel and I got the loan through some other channel. Rate of interest is very much nominal with SCB. The required loan amount was disbursed by SCB and I am very much happy about it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      My personal loan is from HDFC Bank and the I got the loan in a jiffy. The bank has offered me a good deal on the interest rate and they were decent in the charges as well. The paper work is simple and overall I have no issues even for the after loan services.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Dissatisfied service"
      0.5 1.0/5 "Really Bad"
      First time I received a call from Standard chartered and they visited took my document from me. Then there was no response from Standard chartered end, their customer service is very bad, after getting my documents they didn't communicate anything about the application status.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    Common Loader Icon

    Personal Loan is Rated as "Great!" by 76020 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    You're eligible for a Personal Loan if you:

    01
    02
    03
    04

    Are legally adult enough to handle it

    Have still got it

    Get a regular pay check

    Make more than a basic buck


    Your eligibility depends on

    01
    02
    03

    Earn more than minimum income
    required

    Maximum allowed personal loan is Rs. 10K to Rs. 45 lakhs

    EMIs of other loans lower
    your eligibility


    Boost your eligibility by

    01
    02

    Pay off your credit card bills

    Choose longer tenure loan up to 5 years


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

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

    Personal Loan Interest RatesUpdated on 25 Jun 2017

    Personal Loan Details
    Interest Rate (Monthly reducing balance) 10.85% - 37.00%
    Processing Fees Varies with bank
    Loan Tenure 1 year to 5 years
    Pre-closure Charges Varies with bank
    Guarantor Requirement Varies with bank

    What is Personal Loan?

    A Personal Loan is a form of unsecured loan availed by individuals on the basis of specific criteria, such as level of income, employment history, credit score, and scope for repayment. The loan is usually taken for the fulfillment of personal needs from a banking institution or a non-banking financial company (NBFC). Borrowers can use online tools available at neutral financial websites, such as the Personal Loan EMI Calculator, to assess the interest payout throughout the tenure before applying for a personal loan.

    Why choose a Personal Loan?

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

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

    Features and Benefits of Personal Loans

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

    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:

    Personal Loan Eligibility Details

    Particulars Salaried Self-Employed
    Age(Min-Max) 23 years to 58 years 28 years to 65 years (25 years for doctors)
    Income Rs.17,000 (Rs.25,000 for metro cities)
    • Minimum turnover of Rs.40 lakhs for non-professionals
    • Minimum turnover of Rs.15 lakhs for professionals
    CIBIL Score Above 750 Above 750
    Minimum Loan Amount Rs.75,000 Rs.75,000
    Maximum Loan Amount Rs.20,00,000 Rs.15,00,000
    • 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 10.85 to 18.50% depending on the eligibility criteria, the loan amount and the tenure period of the personal loan.

    Personal Loan Interest Rates Table

    Bank Name Interest rates
    SBI 12.5% to 16.5% p.a.
    ICICI 11.59% to 18.49% p.a.
    Axis Bank 15.50% to 24% p.a.
    HDFC Bank 15.75% to 20% p.a.
    Citibank 14.25% to 19.99% p.a.
    Standard Chartered 11.99% to 17% p.a.
    TATA Capital 13.99% to 17.5% p.a.
    Oriental Bank 11.20% to 12.95% p.a.
    Capital First 13% to 18.45% p.a.
    IndusInd Bank 11.25% to 26% p.a.
    Fullerton India 21% to 40% p.a.
    Kotak Mahindra 11.5% to 24% p.a.
    Aditya Birla 14% to 16% p.a.

    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 ServicesBandhan 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 MicrofinanceEquitas 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.

    Personal Loan Checklist

    Do you look at only interest rates to choose your Personal Loan? Uh-oh! There’s a lot more to it than that. Know how to choose a Personal Loan already?

    Process It

    Processing fees are a part of your loan. Higher the processing fee, more expensive the loan.

    Pro Tip:

    Get loans with zero processing fees.

    Payback

    Some lenders may not provide a pre-payment option while some may charge a penalty.

    Pro Tip:

    Get loans that allow prepayment and have low charges.

    Stretch It

    The longer the tenure, the lower the EMI.

    Pro Tip:

    Personal Loan tenures can stretch up to 7 years so use that to your advantage.

    Close to Save

    There’s often a waiting period to close your loan.

    Pro Tip:

    Choose a loan with a short waiting period to save on interest.

    We have loans with zero processing fee, low prepayment charges, higher tenure and shortwaiting period for foreclosure. Ready to explore?

    Personal Loan Tips for you

    So you’ve decided to go for that Personal Loan, eh? Hold on there. You’ve probably done everything you need to and that’s great. However, here’s what not to do:

    1. Resist Temptation

    The temptation with loans, particularly if they’re being actively sold to you, is to go for an even bigger sum than you first thought. Not a good idea. Take what you need.

    2. You’re spending the Money on What?

    A Personal Loan to fulfill your whims and fancies – not such a good idea. Save up for that kind of thing. ‘Need’ over ‘want’ is the way to go.

    3. Definite Rejection

    If you know that your Credit Score is low, do not apply just to ‘take a chance’. That’s the most important criteria for getting your loan approved. Another rejected application might just hurt your Credit Score more.

    4. Don’t pull it

    A very long tenure may not be a good idea since this means you pay higher interest. Get your finances in order and pay more every month. Before you know it, the EMIs have been taken care of.

    We’ve got your back, always. If you’re ready, take a look at our offers.

    How to avoid a Personal Loan rejection

    Personal Loans are so easy to get that people have fairy tale notions about it. Here are a few things to keep in mind to avoid rejection of your application.

    Poor Credit Score = No Loan

    Don’t believe whoever says this. If you have a poor credit score, you can still apply for a secured Personal Loan. It means you can take a loan against the security of a collateral.

    Amount = No Limit

    Just like with all loans, there is a limit on the Personal Loan amount you can borrow. The maximum amount will depend on your eligibility factors, such as income, age etc.

    Personal Loan Will Worsen Your Debt

    No, it does so otherwise. A Personal Loan is an excellent way to consolidate your debts under one interest rate. Personal Loan rates are cheaper than Credit Card interest rates.

    Tedious Approval Process

    We are living in the 21st century – technology, internet. You can now apply for a Personal Loan online and get approval the very same day. Disbursal follows soon.

    Don’t fear applyingfor a Personal Loan if you really need one. It is easy to get one and will help with your financial problems.

    Super Duper Deals: Apply for Personal Loan from BankBazaar & Get Rs.1000 Amazon Gift Voucher

    BankBazaar is offering you an attractive deal on Personal Loan that you simply should not miss! Select any one of the Personal Loan products from participating banks on the BankBazaar.com website and win an Amazon gift voucher worth Rs.1,000.

    How to participate in the deal

    • The customer will have to apply for a Personal Loan (marked with the badge Rs.1,000 Amazon voucher) through the website BankBazaar.com, between 1st June, 2017 and 30th June, 2017.
    • If the Personal Loan product is disbursed on or before 14th Aug, 2017, the customer receives an Amazon gift voucher worth Rs.1,000.
    • The voucher will be sent to the email ID provided by the customer at the time of purchase of the Personal Loan.
    • Customers can visit the amazon website or use the Amazon app for redemption of the gift voucher.

    How to use the gift voucher at the Amazon website

    • The customer can log in to the Amazon website or use the Amazon app in order to redeem the voucher.
    • The user selects the merchandise that he/she would like to redeem and applies the coupon code on the voucher at the time of billing.
    • It is important to check the coupon e-mailer for the validity of the code.
    • The customer can visit the website www.amazon.com for detailed terms and conditions.

    Important points to note

    • The redemption process and directions for use of the voucher are solely governed by the terms and conditions set by the merchant.
    • The shipment and tracking options for the redeemed product are also based on the terms and conditions of the merchant company. BankBazaar is not liable for the same.
    • Voucher requests for Personal Loan products that are disbursed after the expiry of the suggested timelines will not be honoured.
    • The gift voucher is applicable only to Personal Loan products offered by select partners.
    • The customer should be 18 years of age or more to be eligible for this offer.
    • Disbursal of the Personal Loan will be at the sole discretion of the partner bank.
    • If the voucher is lost or damaged after issuance, BankBazaar will not be liable for the same. Vouchers cannot be cancelled or replaced after issuance.
    • The offer is valid for 1 order for Personal Loan per participant, during the program period of 1st June, 2017 to 30th June, 2017.
    • The voucher cannot be exchanged for credit or cash alternative.
    • Resale, reproduction, trade, or alteration of the voucher is not allowed.
    • The voucher cannot be reused after the first usage.

    *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:

    • IndusInd Bank
    • Fullerton India (for tier-3 & tier-4)
    • Kotak Mahindra Bank
    • ICICI Bank
    • Tata Capital
    • Citibank
    • Capital First
    • Aditya Birla Finance Ltd.
    • Standard Chartered Bank
    • HDB Financial Services
    • HDFC (Paperless only)

    Happy Shopping!

    Disclaimer: BankBazaar reserves the right to modify, add or discontinue the terms and conditions at any time without any notice.

    • Everything You Need To Know About Personal Loans

      Struck by a financial emergency and are looking for a Personal Loan? You can borrow a minimum of Rs. 10,000 and a maximum of Rs. 30 Lakhs, depending on your bank and eligibility. The loan tenure ranges between 12 to 60 months. If you are a salaried applicant, you need to be at least 21 years of age and no older than 58 years at loan maturity, with at least 1 year of service with the current employer and earning at least Rs. 17,500 per month. Self-employed individuals have to be at least 24 years of age and no older than 65 years at loan maturity, with at least 3 years of experience in your current profession, earning at least Rs. 17,500 per month. Keep these documents handy: Proof of Identity (Passport, Pan Card, and Voter ID), Proof of Residence (Passport or utility bills), Bank Statement for the last 6 months, Salary Slip for the last 3 months and Form 16 or proof of Income Tax Returns. If you’re self-employed, you will need: Proof of IT Returns for the last 3 years and Audited balance/income sheet from the last 3 years. Now that you’re a Personal Loan Ninja, compare multiple offers and apply!

      Stay up to date! Daily finance news at your fingertips. Explore Personal Loans on Mobile App

      22nd August 2016

    Read Personal Loan news or Enjoy it on the go Google Play

    • Crop Loans with shorter terms will continue to get interest subsidy

      by BankBazaar posted on 22nd June 2017

      The Government has approved the extension of interest subsidy to short-term crop loans in a Cabinet meeting, headed by the Prime Minister. Farmers can continue to avail crop loans up to Rs.3 lakh at 7% interest rate. Individuals who repay promptly will receive the loan at an interest rate of 4%. The decision also mentioned that farmers can avail loans for the storage of their produce post-harvest. The interest rate on this will be 7% for 6 months. Farmers who have been affected by natural calamities will receive an interest subsidy of 2% for the first year as well. The Government stated that this move will encourage farmers to avail institutional credit as opposed to non-institutional loans that have high interest rates. The interest subvention scheme will continue for this fiscal and will be implemented by the Reserve Bank and the National Bank for Agriculture and Rural Development (Nabard).

    • Mudra Yojana loans availed predominantly by Women

      by BankBazaar posted on 13th June 2017

      Amit Shah, President of the Bharatiya Janata Party, has stated that 70% of Pradhan Mantri Mudra Yojana loans have been availed by women. He also mentioned that the Modi government has taken several steps to empower women. Shah was addressing a meeting of female beneficiaries of the Central and State government schemes. He mentioned that the government has created 4.5 crore toilets for households that are under the poverty line. He also said that the duration of maternity leave has been increased to 26 weeks for the benefit of female employees. In addition, Rs.6,000 was being offered to lactating mothers after their first delivery. Under the Mudra Yojana, loans from Rs.10,000 to Rs.10 lakh is provided at reduced interest rates without the need for a guarantor. Amit Shah also mentioned that the State government in Chhattisgarh has boosted rural development and has also taken measures to improve the security of women.

    • Mega Farmer’s meet scheduled for June by SBI

      by BankBazaar posted on 9th June 2017

      The country’s largest financial lender, State Bank of India, will organize a mega farmer’s meet on June 8th and it will be held at 15,500 semi-urban and rural branches located across the country. The meet is aimed at reaching out to over 10 lakh farmers who are currently going through a rough period of stress. Various branches of SBI will receive application forms for fresh loans and also for the renewal of existing loans that these farmers will need. Managing Director of the National Banking Group of SBI, Rajnish Kumar, stated that in view of the upcoming Kharif season, branches of SBI have been instructed to pursue any requests made by farmers for crop loans. Crop loans sanctioned upto Rs.3 lakhs will come with a 4% interest rate per annum on condition that the loan is repaid on time. SBI aims at improving farmer-banker relations with this meet.

    • New Axis Bank Branches Inaugurated in Gujarat

      by BankBazaar posted on 8th June 2017

      Axis Bank, one of India’s leading bank recently inaugurated two new branches in the state of Gujarat. The new branches which were opened in Kaladarshan Charrasta, Vadodara and Vijapur have been set up to offer a wide range of comprehensive banking services like deposits, loans, savings/current accounts and locker facilities. In addition to this, the bank will also equip the branches to reach out to customers and offer them digital offerings and facilitate banking services via the bank’s revolutionary Axis Pay and Axis Mobile application. Currently, Axis Bank operates with the help of a total of 291 branches and 882 ATMs in the state of Gujarat.

    • Co-operative Bank asked to offer new Crop Loans to farmers

      by BankBazaar posted on 6th June 2017

      The Nashik District Central Cooperative (NDCC) Bank has been asked to give fresh crop loans to farmers who have settled all outstanding loan amounts and those who are ready to settle the loans. Radhakrishnan B, the district collector, has given a warning to the bank that the bank will be charged for a crime if they do not follow these instructions. The collector mentioned that he and his team have noticed that the bank does not offer loans to farmers even if they have settled their outstanding amounts. Due to this, several farmers are not interested in paying their dues even if they were ready to do so before.

    • Crop Loans at “0” Interest for Farmers in Arunachal

      by BankBazaar posted on 25th May 2017

      The state government of Arunachal Pradesh has declared its intention to provide crop loans to the marginal farmers in the state at zero interest, to help them access credit easily through channels such as banks. The project named “Chief Minister’s Krishi Rinn Yojana”, has been flagged off under the leadership Pema Khandu, the Chief Minister of Arunachal. The scheme is set to provide a 4% interest grant on crop loans and kisan credit card up to a limit of Rs.3 lakh over and above the grant provided by the central government as per RBI/NABARD policy. Farmers repaying their short term crop loan within a year of obtaining it will get an additional relief of 3% p.a. on the interest rate. So the new scheme makes it thus that farmers borrowing up to Rs 3 lakh and repaying it timely will get to access zero interest loan facility. The notification from the Arunachal government further states that NABARD will be the partner channel for bank reimbursement against this interest grant claims submitted in prescribed forms. Also the banks will accept a certificate of crop and area cultivated as issued by the circle officer as valid document for issuing Kisan credit cards to farmers. The Chief Minister aims to cover 7500 farmers under this crop loan scheme within the current financial year. Banks failing to meet the target will be reported to the Department of Financial Services and the RBI.

    • RBI approves opening of part-time bank outlets in India

      by BankBazaar posted on 24th May 2017

      In a bid to expand banking outreach across India, Reserve Bank of India on May 18th, 2017, approved the opening of part-time bank branches in the country. The banking outlets can be open in tier 1 and tier 6 centres. Banks can also operate mobile branches in all centres. A banking outlet is considered a part-time banking outlet if it does not deliver banking services for at the least 4 hours a day and minimum 5 days a week.

    • Disha Microfinance receives RBI approval for launching small finance bank

      by BankBazaar posted on 22nd May 2017

      Disha Microfinance, an organ of Fincare Small Finance Bank has received the final approval to go ahead with setting up a small finance bank. The institution is named as Fincare Small Finance Bank and it will commence operations from July. Fincare Small Finance Bank targets a loan book of Rs.20,000 crores within 5 years from launch. The Fincare platform, through its group of companies will offer microfinance loans, micro-enterprise loans, and bank partnership loans to its customers. According to the CEO, Rajeev Yadav, Fincare has stepped into the small finance business to expand its product base by including higher ticket loans and affordable housing loans.

    • KVG Bank Extends Loans to Canteen & Small Restaurant Owners

      by BankBazaar posted on 15th May 2017

      Karnataka Vikas Grameena Bank (KVGB) recently unveiled a new loan product designed to allow small and micro enterprise owners, enabling them to set up small hotels and restaurants. The loan product is called ‘Vikas Annapoorna’ was launched by the bank at its headquarters in Dharwad by Mr. S Ravindran, Chairman of KVGB. Speaking on the occasion, Mr. Ravindran said that the bank has come up with this loan product with the aim of extending credit facilities to business enterprises like restaurants, small hotels, fast-food centers, bakeries, canteens and catering services, among others. The loan will be provided not only for setting up a new business venture but also for upgrading an existing business. Under the Vikas Annapoorna loan, applicants can avail amounts up to Rs.10 lakh. Also, the bank will not compulsorily require the applicants to provide any collateral security to avail this loan. The rate of interest for a loan amount of up to Rs. 5 lakh will be set at 11.5% while the rate of interest for loans above that amount will be set at 12%. Speaking on the occasion, Mr. Ravindran announced that the bank will also be offering loans to women for the purchase of 2-wheelers and 4-wheelers. The loan which is called ‘Vikas Mahila Snehi’ will provide loan amounts that are up to 80 % of the vehicle’s ex-showroom price. The rate of interest chargeable for this loan will be 10% and the loan can be repaid over a term of 60 monthly equated instalments in five years.

    • KVGB Brings down Loan product Interest rates

      by BankBazaar posted on 9th May 2017

      Karnataka Vikas Grameen Bank (KVGB), a regional rural bank located in Dharwad, recently announced a reduction in the interest for several of its loan related products. The lending institution slashed its interest rate by 50 basis points to 150 basis points and the new interest rate will come into effect immediately. Following a press release, Mr. S Ravindran, Chairman of KVGB, commented that the bank has lowered its rate of interest for not only housing loans but also 4-wheeler and 2-wheeler loans in order to help people fulfill their dreams of not only owning a house but also a vehicle. The new rate of interest for housing loans is 9%, as opposed to 9.75% earlier. Two and four wheeler loans will not be offered at a new rate of 10.5% as opposed to 11%, which was the rate charged earlier. In addition to home loans and vehicle loans, Karnataka Vikas Grameen Bank has also lowered the rate of interest earlier applicable on MSME loans (micro, small and medium enterprises) land mortgage loans. The new rate of interest for MSME loans now stands at 11.5%, from the earlier rate of 12%. Mortgage loans will now be offered at an interest of 13% as opposed to the earlier rate of 14.5%. In order to raise awareness about its products among customers, the bank is planning organize a special credit campaign at its branches from May 15-31. KVGB currently operates via several branches located in regions like Dharwad, Gadag, Haveri, Vijayapura, Bagalkot, Belagavi, Uttara Kannada, Udupi and Dakshina Kannada districts of Karnataka.


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