Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Earn more than minimum income
Maximum allowed personal loan is Rs. 10K to Rs. 45 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 years
|Interest Rate (Monthly reducing balance)||11.49% - 37.00%|
|Processing Fees||Varies with bank|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
Personal loan is a popular financial loan instrument providing assistance for any immediate financial need. Personal loans are non-collateral loans offered by almost all public sector banks and private banks to leverage any financial crisis. Quick approval with minimal documentation and loan disbursal as quick as one day makes personal loan a widely popular financial instrument.Unlike in the past, a borrower seeking personal loan does not need to be physically present in the bank branch to request for a personal loan. With the use of technology and internet, personal loans can now be applied online with a quick approval process of less than one working day. Wide quantum of loan amount, flexible loan tenure and easy availability makes personal loans a viable financial instrument for people of all financial backgrounds when faced with a financial crisis.
A temporary financial crisis can happen to anyone irrespective of his or her overall financial status. Personal loans are a great way to offset any such temporary financial crisis as it allows the users to avail a loan without any pre conditions on the usage of funds. Personal loans have a quick approval mechanism with loans getting cleared as early as within 24-48 hours of the loan application submission.
BankBazaar.com, India's premier financial market place has collaborated with various public sector and private banks to offer customized personal loans for it's users. Users can apply for a personal loan online using BankBazaar.com online loan request tool.
Easy Eligibility Check: The loan calculator tool at BankBazaar.com checks for the user’s personal loan eligibility instantly. The tool also offers customized quotes for all eligible users as per their financial credit history and eligibility criteria.
Instant Quotes: The eligible loan applicants are offered instant quotes customized as per their profile and with a discounted interest rate.
Real time Loan Comparison: BankBazaar.com also offers a simple online personal loan comparison tool allowing users to compare the loan offers of various banks. Feedback shared by previous successful personal loan applicants acts as a helpful tool for new applicants to get the best personal loan deal.
Instant e-Approval: The applicant gets an instant e-approval after successfully submitting his or her personal loan application.
Assured Privacy: All personal loan applications submitted with BankBazaar.com are sent electronically to the concerned bank department assuring complete privacy and transparency.
Applying for a personal loan at BankBazaar.com involves three simple steps :
Step 1: In the first step, the user must fill the personal loan eligibility form available online with required personal data. Once submitted the personal loan tool automatically checks for eligibility of the applicant and personalized personal loan options.
Step 2: In the second step, the applicant can compare various personal loan options offered by the tool interface and apply for the best suitable loan.
Step 3: The last step involves receiving an instant e-approval from BankBazaar.com after successful submission of personal loan application online.
The application is sent electronically to the selected bank. The loan department of the concerned bank gets in touch with the applicant directly. Users can check the status of their loan application through SMS alters as well as emails.
|Bank/NBFC||Rate of Interest||Loan Processing Charges||Prepayment/ Forclosure Charges||Cheque Bounce Charges|
|Axis Bank||15.50% to 24%||1.50% to 2.00% + Service Tax as applicable||Nil||Rs. 500 per cheque bounce + Service Tax as applicable|
|SBI||Personal Loans Scheme (SBI Saral): 8. 50% above Base Rate floating||2.02%-3.03% of the loan amount.||Nil||NA|
|HDFC Bank||15.75% to 20%||Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.||Salaried - 13-24 Months - 4% of Principal Outstanding, 25-36 Months - 2% of Principal Outstanding >36 Months - NIL||NA|
|Bajaj Finserv||16%||2% - 3% of the loan amount||Nil||Rs. 1,000 for every bounce|
|ICICI Bank||13.99% to 18.00%||Up to 2.25% of loan amount plus Service Tax||The lower of the two amounts given below: 1) 5% of principal outstanding or 2) Interest outstanding for the unexpired period of the loan.||NA|
HDFC Bank is a market leader in personal loans offering a Personal Accidental Cover of up to 8 Lakhs along with a Critical Illness cover of 1 Lakhs with each personal loan. HDFC Personal Loan starts as low as 15.75% interest rate for salaried individuals. HDFC Bank offers a high quantum of personal loan with a complete removal of any prepayment charges after a period of 36 months. HDFC Bank offers pre approved personal loans up to Rs. 3 Lakhs for women personal loan applicants along with free access to lifestyle diva products and services.
ICICI Bank personal loans are available for both salaried as well as self-employed individuals and professionals. Salaried individuals can get a maximum personal loan up to Rs. 15 Lakhs while self-employed individuals can get a loan up to Rs. 30 Lakhs. ICICI Personal Loan starts with as low as 13.99% interest rate.
Bajaj Finance Limited is one of the most popular non-banking financial companies offering personal loans up to Rs. 25 Lakhs for salaried individuals. Bajaj Finserv (Finance) Personal Loan starts from as low as 16% interest rate for salaried individuals. Bajaj Finserv allows prepayment up to 6 times in a calendar year with a minimum amount per prepay exceeding 3 EMIs. Bajaj Finserv offers a 24/7 customer support helpline including toll free number, emails and SMS allowing users to get in touch with the company to resolve their grievances at the earliest.
State Bank of India, the largest public sector bank of the country is one of the most preferred banks when it comes to personal loans. SBI offers personal loans for both salaried and self-employed individuals. State Bank of India offers a personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs. State Bank of India has streamlined it's personal loan division allowing for quick loan approval and disbursal. SBI Personal Loan schemes are offered at lucrative interest rates for various working professionals and salaried individuals from time to time.
Axis Bank is a popular choice for personal loans as the bank aims to give personal attention to each loan applicant. The quantum of personal loan amount for Axis Bank Personal Loan is highest in it's class fixed at an upper limit of Rs 15 Lakhs. Axis Bank offers personal loans at a competitive interest rate ranging from 15.5 to 24% with zero prepayment charges. Axis Bank offers eDGE loyalty points on Personal Loans which can be redeemed for cash surplus and discounts along with multiple repayment options. For any loan related query, Axis Bank has set up a dedicated helpline for loan services available round the clock at the bank's toll free numbers.
BankBazaar.com offers users the opportunity to choose from the best personal loan plans in India as per the borrower’s repayment capacity and choice of tenure. BankBazaar.com offers customized personal loan quotes from various banks and non-banking financial companies. Users can choose the most suited bank or NBFC for their personal loan requests as per it's charges and other features.
Different banks and NBFCs have different minimum documentation requirement for personal loans. The common documents required by most banks and NBFCs for individuals requesting a personal loan include :
Various banks and NBFC’s offer personal loans to all applicants fulfilling their basic eligibility criteria. While different banks have different minimum eligibility criteria, the criteria common for most banks and NBFCs for individuals requesting a personal loan include:
Different banks and non-banking financial companies offer different interest rates for personal loans. Most banks have their own unique different classification based on which interest rates are calculated. Personal loan interest rates of various banks vary from 13.50 to 18.50% depending on the eligibility criteria, the loan amount and the tenure period of the personal loan.
EMI calculation for personal loan is now made easy using the EMI calculator available at BankBazaar.com. The Personal Loan EMI Calculator tool allows users the option of changing the loan amount and tenure while calculating the EMI for the personal loan. EMI loan calculator tool is a great option allowing users to see their monthly installment for the loan, helping them to choose the most suitable loan as per their financial budget.
Every organisation or company in the world requires one key ingredient in order to make profits – Money, and the lack of it can hamper the growth of not just a company but also an entire nation. Banks and lending institutions cater to a large chunk of the financial needs in the country, helping players establish themselves. Getting a loan, is however not as easy for someone who does not have access to banks, especially in rural areas. This is where the concept of Microfinance comes into the picture, ensuring that deserving candidates who require small to medium range loans get sufficient amounts to fund their dreams.
With a majority of the Indian population residing in rural areas, access to banks is limited, with microfinance institutions catering to millions. The concept of inclusive growth has made them a reliable ally, contributing towards the development of the community and thereby the nation. These Microfinance Institutions offer loans to people from the lower income group, people who would generally not be in a position to avail loans from major players. The number of Microfinance Institutions in the country is steadily increasing, ensuring that finance isn’t out of reach for members of the society.
Top 10 Microfinance Companies in India 2016
With the number of microfinance institutions increasing on a steady basis, customers are spoilt for choice, with each MFI bringing something unique to the sector. Listed below are the top 10 MFIs in the country.
Borrowers can take a personal loan against Mutual Funds or similar debt instruments. In case your income is lower, the mutual fund investment will make up for the lower income and it also enhances your loan eligibility. The debt instruments are a safer option and less volatile. The rate of interest charged on the loan will be lower than the rates provided for unsecured personal loan. To avail a loan against mutual fund, an application has to be filled by the joint holders of the mutual fund portfolio to seek for a loan. The loan amount sanctioned is a percentage of the value of the units held in the folio on the date of giving the loan. If the borrower defaults on the loan, then the lender can ask for the units in the portfolio to be redeemed. The proceeds will be used to pay the lender.
A. Personal loan is an unsecured loan that is given without any security. The end use of the money is not monitored either.Q. What can I use the Personal loan for?
A. You can take a personal loan to meet any personal financial requirement or to repay your credit card bill, to buy electronic items, to take a vacation or to even meet the expenses of a wedding or any other function.Q. Who can apply for a personal loan?
A. A salaried individual, self-employed professionals and self-employed non-professionals can apply for a personal loan.Q. What is the minimum tenure of a personal loan?
A. Most banks will provide personal loan for a minimum of 1 year.Q. What is the maximum tenure of a personal loan?
A. Most banks will provide personal loan for a maximum of 5 years.Q. What is the eligibility criteria to avail personal loan?
A. The minimum age of the applicant must be not less than 21 years and the maximum age of the applicant at loan maturity must be 65 years.Q. Will the banks charge me a processing fee?
A. Yes, usually the banks charge a processing fee of 2-3 percent on the loan amount. You can however negotiate with the bank to reduce the fee.Q. How can I repay my personal loan?
A. Personal loan can be repaid in equal monthly instalments or EMI. You can provide a post-dated cheque or can give a standing order with your bank or through electronic transfer. Q. What is an EMI?
A. EMI or Equal Monthly Instalment includes principal and interest.Q. Is part- prepayment allowed on my personal loan?
A. Personal loans can be prepaid in parts or fully at any stage. Some banks might charge a prepayment penalty whereas some banks will not. Some banks will not allow the part-prepayment. So, check all the documents before finalising with the bank.Q. Will I need a guarantor to take a personal loan?
A. No, you will not need a guarantor to take a personal loan.Q. Can I club my income with my spouse to take a personal loan?
A. Yes, you can club the income of your spouse to boost your eligibility to avail a personal loan.Q. How much personal loan can I take?
A. The banks do not usually let you take a loan exceeding 30- 40 percent of your net salary.Q. What is the minimum loan limit offered for personal loan?
A. Generally, the minimum amount limit that one can take a personal loan is Rs.1,000.Q. What is the maximum loan limit offered for personal loan?
A. Generally, the maximum loan limit is Rs.15 lakhs.Q. Do I need to submit any security or collateral to take a personal loan?
A. No, you don’t have to provide any security or collateral to take a personal loan.Q. Do I get to choose between a fixed and a floating rate of interest for the personal loan?
A. Yes, you have the option to choose either the fixed or floating rate of interest.Q. What is the rate of interest that will be charged on my personal loan?
A. The interest rate varies from banks to banks and it is within 14-26 percent depending on your profile and the scheme that you opt for.Q. How many days does it take for the bank to disburse the personal loan amount?
A. Banks disburse the loan within 72 hours to 7 working days provided all the documents are in place.Q. Will the banks check my CIBIL score while reviewing my application?
A. Yes, banks refer your CIBIL score and credit report and the minimum CIBIL score requirement is 750+.Q. Will the CIBIL score affect my personal loan interest rate?
A. Yes, the CIBIL score affects the interest rate offered to you. If your CIBIL score is high and if you have a good repayment history, then the bank will offer you a lower interest rate.Q. How will I be eligible for a relationship discount?
A. If you have been a customer for a particular bank for a while, then the bank might reduce the personal loan interest rate or other such charges. Some banks will also provide you additional services.Q. What are the documents required to seek a personal loan application approval?
A. You need to submit an identity proof as well as residence proof, your latest salary slip, form no. 16, last 6 months bank statement and a passport sized photograph that is to be affixed on the application form.Q. Do I need to open a bank account to service my personal loan?
A. If you don’t have a bank account with the bank, it is not mandatory to apply for one. But, if you apply for a loan with your existing banker, then you will be eligible for a relationship discount.Q. How do I stop executives from calling me to let me know about other loans?
A. Some banks let you register yourself for ‘Do Not Disturb’. The executives will not disturb you with cold sales calls.Q: What is the best way to apply for personal Loan?
A: The best way to apply for an personal loan is by using the online loan application tool at BankBazaar.com The tool can be accessed on this page allowing users to choose personal loan from various banks and NBFCS as per their selection.Q: What is the minimum and maximum amount of Personal Loan that I can get?
A: Various banks and NBFC’s offer personal loans ranging from a minimum amount of Rs. 1000 to a maximum amount of Rs. 15 to Rs. 20 Lakhs. The maximum and minimum loan amount depends on the underlying bank as well as the personal financial details of the loan seeker.Q: What is the tenure for which I can avail a Personal Loan?
A: Various banks offer different tenure for personal loans. The most common tenure period offered by majority of banks and NBFCs ranges between 12 to 60 months.Q: Can I Track my Loan Application?
A: BankBazaar.com offers it's loan applicants an active tracking tool through both email and SMS allowing them to track daily updates of their loan application.Q: Is my Data Safe with BankBazaar.com?
A: BankBazaar.com is India’s premier financial market place and takes utmost care in ensuring the all data is sent in electronic form with high level of encryption. BankBazaar.com does not share data with any third party other than the financial institution.Q: Is BankBazaar.com Personal Loan Tool Free?
A: Yes BankBazaar.com personal loan calculator tool is totally free and the portal does not charge any fee for it's services from members.
What’s in the deal?
BankBazaar is offering a “Happy Holiday Deal” for personal loan applicants from June 8th to July 7th, 2016 in collaboration with Yatra.com. As part of the deal, customers applying on BankBazaar.com can get a Yatra eCash voucher worth Rs. 5000, once the personal loan has been disbursed by the financial institution.
How do you avail the Yatra eCash voucher?
Key points to note:
*Partnering banks include:
The gift vouchers will be dispatched on approval of a Personal Loan application made through BankBazaar portal in any of the participating banks:
Disclaimer: BankBazaar reserves the right to modify, add or discontinue the terms and conditions at any time without any notice.
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!
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22nd August 2016
by BankBazaar posted on August 30th, 2016
The Fisheries Department is taking initiatives to increase the availability of fresh fish products to consumers at affordable prices. As a part of this initiative, the department have decided to provide loans to about 500 fishermen Kakinada, Rajamahendravaram and Amalapuram under the Mudra scheme. They have classified these loans into three categories: Loans below Rs. 50,000, loans RS. 50,000 to Rs, 5 lakh and loans from Rs. 5 lakhs to Rs. 10 lakhs. As a part of this scheme, they will also be distributing ice boxes and two wheeler to fishermen to keep their fish products fresh and to transport them to the market. They have also decided to supply fish-dryers as they have noticed that fish dried using hygienic practices is often sold at higher prices.
by BankBazaar posted on August 25th, 2016
Tiruchi receives yet another branch of Karur Vysya with the bank opening its latest branch at West Boulevard. This branch marks the 678th branch of the bank making it one of the more developed and automated branches the bank has to offer. It was inaugurated with an ATM onsite and is equipped to offer a range of products that deal with deposits, loans and even NRI services. The opening of the branch was inaugurated by the Chairman of Kalyani Covering, G.Thirumoorthy and the assistant general manager and divisional head of Tiruchi, A.Vardharajan.
by BankBazaar posted on August 23rd, 2016
In an attempt to bring about a diversification in advances and shift towards high-yielding loans to individuals, Yes Bank intends to double its retail loans in a span of another four years. According to the plan, the bank wants to launch its credit cards in the following week, completing its retail loan offering. This launch is believed to attract new customers to the bank, making it a one-stop shop for Yes Bank’s existing 1.5 million customers. Yes Bank plans to increase loans to individuals by 20% by 2020 in the retail sector. At present, loans to individuals is at 9.4% of the bank’s loan book, which is at a total of Rs.1.05 lakh crore. The bank is aiming at issuing 1 million credit cards within the next four years, expecting to record a gain of 15 – 18% market share by 2021.
by BankBazaar posted on August 19th, 2016
TIIC (The Tamil Nadu Industrial Investment Corporation Limited) organised a one week loan mela to financially help micro, small and medium business enterprises in Salem district. The event was inaugurated by K Mariappan, V.P of Tamil Nadu Small and Tiny Industries Association and was presided by R Kishore Kumar, Assistant General Manager of TIIC. A lot of emerging entrepreneurs attended the event and collected the loan application forms which was distributed by U Ramasamy, Regional Manager of TIIC. Kishore Kumar stated that TIIC will now offer 3% interest subvention to MSME units in sectors like commercial, industrial and hospitality sectors. He further stated that apart from open term loans, they are also planning to sanction general loans, equipment loans, working capital schemes and other term loans for manufacturing sectors and rice-mills. Currently, TIIC, provides 25% subsidy to The Ministry of Micro, Small and Medium Enterprises participants in around 251 backward panchayat unions. For women, SC/ST, physically-challenged and transgender, TIIC provides extra 5% subsidy.
by BankBazaar posted on August 18th, 2016
ICL Fincorp, a Kerala-based non-banking finance company incorporated in 1991, opened its first branch in Telangana. KG Anilkumar, Managing Director and Chief Executive Officer, ICL Fincorp, recently announced at a press conference that they are planning to expand their business in Andhra Pradesh and are aiming to open about 25 branches across Telangana and A.P. He further stated that, they are planning to expand their business to Karnataka and Odisha later this year. Currently, ICL has a huge loan portfolio with about ?100 crore accounts in segments like gold loans, business loans, among others. According to him, the company has a target to increase their number of branches to 300 in next three years. The NBFC has established about 42 branches in Kerala and Tamil Nadu.
by BankBazaar posted on August 10th, 2016
Credit crunch in the farming community has often led to instances of farmers borrowing from individuals to meet the requirement. While this may be true in a number of cities, Nashik witnessed a change in trends, with the number of farmers opting for institutional credit increasing. A recent report indicates that a 38% increase was witnessed in institutional lending in the last Kharif season, with farmers opting for secured loans. The government has been trying to ensure that farmers utilise the options provided under institutional lending, helping them secure loans and other benefits like insurance as well. Loans worth Rs. 2,546 crore were distributed to over 2.8 lakh farmers in the district, with more farmers opting for such loans. Local authorities are aiming to bring around 3.5 lakh farmers under this new scheme of institutional lending.
by BankBazaar posted on August 8th, 2016
The executives of State Bank of Hyderabad (SBH) declared that they have distributed INR 221 Cr and INR 85 Cr to 11,323 recipients in Telangana and 5181 receivers in Andhra Pradesh respectively as finances (personal loan vehicle loan etc.) as per the Mudra scheme in the present fiscal. The distribution was out of the overall amount of INR 515 Cr granted to 24,341 people by SBH throughout India. This was stated at an appraisal meet held on the same, attended by the Mr. Bandaru Dattatreya, Union Minister of State for Labor. Previous year too, the bank has more than achieved its target in this regard.
by BankBazaar posted on August 2nd, 2016
India’s banking industry has seen stable performance over the last few years, with both private and public sector banks performing reasonably well. An increase in the product portfolio has resulted in more customers, with retail loans being a popular product for a majority. While a number of corporates have defaulted on their loans, retail loans have traditionally been viewed as being much safer, with secured loans limiting the chances of default. Recent data indicates that the number of unsecured loans have gone up exponentially, giving rise to the opinion that this could lead to an increase in loan defaults. Among private banks, HDFC Bank saw its personal loan portfolio grow to Rs. 41,000 crore, a major chunk of which was unsecured loans. Credit cards offered by the bank combined with personal loans accounted for 5% of HDFC’s overall retail book of Rs. 3.2 lakh crore. The huge increase in these numbers also gives rise to the risk of defaults. Similarly, the number of unsecured loans provided by Axis Bank also saw an increase, which resulted in a loss of Rs. 300 crore on account of non-performing assets. According to estimates from the Reserve Bank of India, personal loans worth Rs. 14.2 lakh crore have been distributed so far.
by BankBazaar posted on July 28th, 2016
State Bank of India had conducted a programme called “SME Sunday “to encourage young entrepreneurs who are planning to start new ventures. The bank received loans worth Rs. 211.23 crore from 1,018 applications. Loan applicants were entrepreneurs and industrialists from different parts of Andhra Pradesh. On the occasion, a bank official said that they have got overwhelming response from the customers.
by BankBazaar posted on July 27th, 2016
The government is considering the idea of establishing Financial Facilitation Centres to educate people about products which are available to Micro, Small and Medium Enterprises (MSMEs). These centres will help in expediting the process of loan disbursal, in addition to educate people about the schemes available. A Financial Facilitation Centre will also be the nodal point for coordination with banks, ensuring a smooth and efficient system is in place for all parties involved.