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    Bankbazaar Personal Loan

    Personal Loan

    We found 32 Personal Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Ad
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.25% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    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
    Ad INSTANT DECISION
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
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    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    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
    1L - 5L
    1-5 years
    Response Time Within 30 minutes
    Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.59% - 18.49% Fixed
    2.25% (min. ₹1149) One time fee
    20L 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
    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
    11.49% - 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
    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
    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
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
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    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 Apr 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

    About Personal Loans

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

    Why choose a Personal Loan?

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

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

    Features and Benefits of Personal Loans

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

    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 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.

    Maha March Bonanza - Apply for Personal Loan from BankBazaar & Get Rs.1000 Amazon Gift Voucher

    There is no better time to take a personal loan than during the “Maha March Bonanza” at the Bank Bazaar website. Choose a personal loan product from any of the participating banks today and get an assured gift voucher from Amazon.

    How to participate in the deal

    • The customer applies for a personal loan product that fulfill the eligibility criteria at BankBazaar.com.
    • When the personal loan is disbursed, he/she gets an Amazon gift voucher worth Rs.1,000.
    • The voucher is sent to the registered email ID of the applicant.
    • Customers can visit the website, www.amazon.in or use the Amazon app for voucher redemption.

    How to use the gift voucher at the Amazon website

    • The customer logs in to the website or accesses it through the Amazon mobile app.
    • He/she selects the required merchandise and goes to the checkout page. The gift voucher can be redeemed at the time of billing.
    • When the customer uses the gift voucher, he/she should check the coupon date to ensure that it is still valid.
    • For additional rules and specific terms and conditions, the customer should visit the Amazon website

    Important points to note

    • The program period is between 1st March, 2017 and 28th March, 2017.
    • After the expiry of the program period, voucher requests for personal loans will not be entertained.
    • Voucher redemption is solely based on the terms and conditions put forth by the merchant. Any query, dispute, or claim arising out of the redemption should be referred to the merchant.
    • The gift voucher is applicable to select partners only. This implies that only those products that have a Maha March Bonanza tag on the website are eligible for the offer.
    • A customer should be 18 years of age or above to be eligible for the offer.
    • Approval of the personal loan is at the sole discretion of the partner bank.
    • Vouchers once issued cannot be cancelled or replaced.
    • This offer is valid for only 1 order per product for a customer during the program period.
    • The voucher cannot be exchanged for cash or credit under the program.
    • Once the voucher is used, it cannot be reused.
    • Reproduction, resale, trade, or modification of the voucher is prohibited.
    • 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

    • Significant rise in the number of women transacting on BankBazaar website

      by BankBazaar posted on 19th April, 2017

      The participation of women in the economic development of a society has seen visible results over the past few years.  There has also been a significant increase in the number of women utilizing banking services. After the launch of Pradhan Mantri Jan Dhan Yojna, the financial inclusion of women went up by 24% in the year 2014-15. BankBazaar reports a rise of 126% in the number of women transacting on their website in the past two years. The highest percentage increase was observed in the retail loans category. With women becoming more independent, the number of personal loan applicants has also gone up.

    • Vividh Vikas Seva Sahakari Societies starts businesses in villages

      by BankBazaar posted on 17th April, 2017

      Vividh Vikas Seva Sahakari Societies (VVSSS) have been providing a number of sundry loans to farmers through a various district co-operative banks. VVSSS has now started a number of businesses in villages through Atal Panan Abhiyan (Atal Marketing campaign). In an attempt to further strengthen the financial state of various sectors, as many as 15 such societies have sprung up businesses like floor mill, Ayurvedic medicines, stationeries, and tea powder. Minister of Co-operatives, Marketing, and Textile of Maharashtra, Subhash Deshmukh, stated that this move was announced at a divisional meeting held with the co-operative department. Deshmukh added that the VVSSS should become financially strong in the state by setting up new businesses aside from making loans more easily available for farmers to procure. Meanwhile, Vividh Vikas Seva of Nashik District met Deshmukh and requested him to dispense crop loans for the financial year of 2017-18.

    • Village Financial Services to open its 200th Branch

      by BankBazaar posted on 11th April, 2017

      Village Financial Services (VFS) is expanding its reach across the nation. The microfinance company is targeting 20 states by 2020. It recently announced that it will be setting up its 200th branch at Khowai, Tripura. Currently, the Kolkata-based company has a presence in West Bengal, Bihar, Jharkhand, Assam, Sikkim, Odisha, Tripura and Uttarakhand. VFS has covered over 10,000 villages in India and hopes to expand even more. Its total customer base stands at 2.56 lakhs. Microfinance has come to play an integral role in the development of India, especially in the rural and unorganised sector. The growth of the industry has been tremendous over the past few years. The company is registered as an NBFC and recorded Rs.460 crore outstanding loans for FY 2016-17. The plan for FY 18 includes entering four more states with the help of fresh funds.

    • MSME sector needs to be facilitated to help it move out of nascent stages

      by BankBazaar posted on 6th April, 2017

      There is a need to create a community that facilitates the growth of the Micro, Small, and Medium Enterprise (MSME) sector. Entrepreneurs in this field are spread across remote locations where banks are hard to come across. Credit disbursal is an important facility that most entrepreneurs explore to help move their business forward and this can’t be done with the shortage of banks. Most banks are a little hesitant to disburse loans to small-scale entrepreneurs as they lack the collateral to back-up the credit. Banks were initially mandated to not accept any form of collateral in the case of a loan that is sanctioned to a tune of Rs.10 lakh to the MSME sector. After demonetisation, banks had over 100 lakh crore of deposits which were not used productively. Banks were reluctant to finance this industry and concentrated on home and personal loans only. A memorandum was sent to the Deputy Governor of the RBI to help the MSME sector and improve the banking sector in these localities.

      BankBazaar News About Loan
    • Greater Hyderabad Municipal Corporation Sanctions Rs.273 Crore Loans To SHGs

      by BankBazaar posted on April 5th, 2017

      In this financial year 2016-2017, Greater Hyderabad Municipal Corporation (GHMC) has reported that they have handed over about Rs.273 crores as interest free loans to over 8,824 Self Help Groups in Hyderabad. GHMC is the only corporation that provides interest free loans beyond the usual target. The city’s civic body urban community development had decided to disburse Rs.248 crores as interest free loans to more than 11,624 SHGs but the Greater Hyderabad Municipal Corporation went a step ahead and disbursed Rs.273 Crores loans through their professional relationship with the bank. GHMC is associated with over 42,925 SHGs where each SHG has over 10 to 12 women in it.

    • Tata Capital Introduces Mobile App that Offers Personal Loans

      by BankBazaar posted on March 27th, 2017

      One of the leading financial services company, Tata Capital, has launched a new app to offer personal loans with attractive features to the young and internet savvy customers. The app is called “myLoan” and which is which can be downloaded to your phone. This app will produce a real-time assessment of the borrower’s loan application using a unique algorithm that uses the digital, social, and financial data of the customer. The app also allows the customers to tag their social media profiles and obtain a higher score which shows their creditworthiness. Through this app, a customer can avail a personal loan upto Rs.15 lakhs. Veetika Deoras, COO of digital business in Tata Capital, stated that this app has made the personal loan process simple, easy, and convenient.

    • Chatbot for Customers Launched by Fullerton

      by BankBazaar posted on March 23rd, 2017

      Chatbot Asha is India’s first robot salesperson to hit the market. Launched by Fullerton India, an NBFC of the country, Asha is designed to assist customers in applications and decision making when it comes to personal loans. The bot is available over Facebook Messenger. The chatbot is a self-learning robot that interacts with customers who hold a Facebook account. The bot can help customers apply for their personal loans, submit documentation and get their loans approved immediately. This bot will help eliminate downloading application forms and other hassles. Recently, Fullerton also launched a platform that is designed to nurture innovative ideas. Finnovatica operates in the digital space to attract young talent from 6 premier institutions in India. Another system launched by Fullerton is iLabs, a digital way to induct fresh graduates.

    • Federal Bank Unveils Personal Loan Scheme for Public Sector Employees

      by BankBazaar posted on March 17th, 2017

      Federal Bank, one of India’s leading private sector financial organizations, has constantly been striving to offer their customers with tailor-made products. Recently, the bank announced the launch of and a unique personal loan scheme designed exclusively for Public Sector Unit (PSU) and Government employees. In a statement released recently, the bank said that it puts in constant efforts to innovate and design products which cater to the requirements of customers belonging to varying segments. As a part of this exclusive loan scheme, Government and PSU employees will be able to avail personal loans up to the amount of Rs. 15 lakh. Also, the loans will be offered at attractive and affordable interest rates abd can be availed without any hassle.

      BankBazaar News About Loan
    • One-Time Settlement plan announced by SBI for Agricultural Loans

      by BankBazaar posted on March 15th, 2017

      State Bank of India has made an announcement today about the launch of a special offer called "One Time Settlement" which is aimed at helping farmers of the country to repay their agriculture loans. The bank had made the announcement through a tweet which stated that the offer is extended to mechanization and tractor loans of 2016-2017. Benefits are available until the 31st of March. State Bank of India has made a similar announcement last year which offered One Time Settlement (OTS) of student loans in the state of Kerala. The government had stated last year in August that loans to the tune of Rs.3,445 crore was settled through OTS till June last year. The Reserve Bank of India has presented the framework through which banks across the country will be allowed to have their own OTS which would be approved by the board.

      BankBazaar News About Loan
    • Cash loan from NBFCs curbed at Rs.20,000

      by BankBazaar posted on March 13th, 2017

      The Reserve Bank of India, in line with the new rules incorporated in the Income Tax Act, announced that NBFCs (Non-banking Financial Companies) have to disburse loans to buy gold of Rs.20,000 and above by cheque. Anything below Rs.20,000 can be disbursed by cash. This is a sharp curb from the previous threshold of Rs.1 lakh and above. The move comes in a bid to further curb black money conversion into gold. The government is also trying to emphasise on digital payments rather than cash. 86% of the currency in circulation was rendered illegal tender after old Rs.500 and Rs.1,000 notes were scrapped. Complete remonetisation with the issue of new Rs.500 and Rs.2,000 notes would take a couple of months.

      BankBazaar News About Loan

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