Compare and Apply Personal Loan Online

Get personal loans of up to Rs.50 lakh and above at attractive rates starting at 8.95% p.a. with flexible tenures of up to 7 years.

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Personal Loan Details
Interest Rate	8.95% p.a. onwards
Loan Amount	Up to Rs.50 lakh
Loan Tenure	Up to 7 years
Processing Fee	0% - 3% of the loan amount + GST

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Check your Eligibility!

Top Personal Loan Schemes and Offers

You can either visit the official website of the bank to directly apply for a personal loan or visit the BankBazaar website to compare loans and then apply for one which you feel is suitable.

Bank	Best For	Key Highlights
Citibank Personal Loan	Low Interest Rate	Interest rates starting from 9.99% p.a. Loans of up to Rs.30 lakh Tenure of up to 5 years
HDFC Personal Loan	Self-Employed Professional	Interest rates ranging between 10.5% p.a. and 21.00% p.a. Tenure of up to 5 years Loans of up to Rs.40 lakh
Kotak Mahindra Personal Loan	Quick Turnaround Time	Interest rates starting at 10.75% p.a. Loans of up to Rs.20 lakh Tenure of up to 5 years
Tata Capital Personal Loan	Flexible Interest Rates	Interest rates starting at 10.99% p.a. Tenure of up to 6 years Loans of up to Rs.25 lakh
ICICI Bank Personal Loan	Quick Disbursal	Interest rates ranging between starting at 10.5% p.a. and 19% p.a. Tenure of up to 6 years Loans of up to Rs.25 lakh
Standard Chartered Personal Loan	Short-term Requirement	Interest rates starting at 11.49% p.a. Tenure of up to 5 years Loans of up to Rs.50 lakh
IDFC First Personal Loan	Top-Up Loans	Interest rate starting at 10.49% p.a. Loans of up to Rs.40 lakh Tenure of up to 5 years
Fullerton India Personal Loan	Quick Approval	Interest rates starting at 11.99% p.a. Loans of up to Rs.25 lakh Tenure of up to 60 months
IIFL Personal Loan	Easy Eligibility Checks	Interest rates starting at 16% p.a. Loans of up to Rs.25 lakh Loan disbursal within 8 hours
HDBFS Personal Loan	Special Offers	Interest rates at the discretion of the bank Loans of up to Rs.20 lakh Tenure of up to 5 years
SBI Personal Loan	Different Income Categories	Interest rates starting at 9.60% p.a. Loans of up to Rs.20 lakh Tenure of up to 7 years
PNB Personal Loan	Affordable Interest Rates	Interest rates from 8.95% p.a. onwards Loans of up to Rs.10 lakh Tenure of up to 7 years

Personal Loan Eligibility

The following factors are considered by lenders while going through your loan application. If you meet these criteria, consider yourself eligible for a personal loan.

Criteria	Salaried	Self-Employed
Age	21 years to 60 years	22 years to 55 years
Net Monthly Income	Rs.15,000	Rs.25,000
CIBIL Score	Above 750	Above 750
Minimum Loan Amount	Rs.50,000	Rs.50,000
Maximum Loan Amount	Rs.25 lakh	Rs.50 lakh

Personal Loan EMI Calculator

Use BankBazaar personal loan EMI calculator to calculate your EMI beforehand to plan and manage your finances in a better way. Personal Loan calculator lets you check your loan eligibility and helps you compare loans offered by different banks.

All you need to do is enter the loan details, including your preferred loan amount, interest rate, tenure, and processing fee. Hit “Calculate” to check your EMI. The lowest applicable EMI per lakh for a tenure of 7 years at minimum applicable interest rate is Rs.1,599.

The result is followed by an amortisation table, which will give you a detailed break-up of your repayment schedule.

Documents Required for Personal Loan

Requirements	Salaried Individuals	Self Employed
Proof of Identity	Passport, Voter’s ID, Driving License or PAN Card	Passport, Voter’s ID, Driving License or PAN Card
Proof of Residence	Passport or utility bills	Passport or utility bills
Proof of Income	Bank statement of salary account for the past two years	Audited financial statement of the past two years

If you are an NRI looking to borrow a personal loan, these are the documents that you will need to submit to the lender:

Copy of your Passport
Visa Copy
Your official Email ID or the Email ID of the HR
Bank Statements
Salary Certificate or salary slips
NRO/NRE bank statements of the last 6 Months
Proof of Identity, Residence, Income, and Assets
Recent passport-size Photographs of yourself and the guarantors

Other Fees & Charges

Processing fee
Goods and Services Tax or GST
Verification charges
Charges levied for issuing duplicate statement
Penalty for defaults
Penalty for pre-payment and part payment of loan

In addition to these, the lenders might also levy charges for documentation, stamping, credit administration, collection, and so on. The levy and the rates of these fees and charges differ from lender to lender. However, you can check the fees and charges which are levied by the top lenders in India before you apply for a personal loan.

Pre-Payment and Part Payment in Personal Loan

A personal loan is given for a stipulated time period. This period is known as the loan repayment tenure. After you have taken a loan, you are expected to pay the debt off by the end of the loan repayment tenure through EMIs. However, after availing a loan, if you decide to pay off your debt before the end of the loan repayment period, it is called pre-payment or foreclosure.

Types of Pre-Payment:

There are 2 types of pre-payment. They are full pre-payment and part pre-payment and part payment.

1. Full Pre-Payment:

If you are paying off the whole outstanding loan amount before the end of the loan repayment tenure, it is known as full pre-payment.

Advantages of full pre-payment:

You can avoid paying hefty interest on your loan amount.
If you have the money to pay off your debt completely, you might as well get rid of the debt.
You can avoid paying pre-payment interest as well, if you have taken the loan from a lender who does not charge an interest on pre-payment of the loan.

Disadvantages of Full Pre-Payment:

If your lender charges a penalty on pre-payment of the loan amount, you might have to pay a big chunk of money for pre-paying your loan.
Before you foreclose a loan, check the other factors related to it. Foreclosing a personal loan means that you would be paying out a huge sum of money at once. This might not always be the best option.

2. Part pre-payment:

If you are paying off a part of the outstanding loan amount before the end of the loan repayment tenure, it is known as part pre-payment.

Advantages of part pre-payment:

You can choose to pay off a part of your outstanding loan amount if you have some readily available money.
Part paying your loan will reduce the outstanding principal amount which, in turn, will reduce the effective EMI amount.
The overall interest that you pay will also reduce significantly.

Disadvantages of part pre-payment:

If you do not make the part payment soon enough, you will not be able to maximise your savings.
If your lender charges a fee for part payment of personal loans, you might have to spend a significant amount of money for the same.

Modes of Loan Payment or Repayment

There are a number of repayment modes which are offered by lenders. Although these modes might differ from lender to lender, the most common modes of repayment can be summed up as follows:

Electronic Clearance System or ECS: The ECS or Electronic Clearance System is one of the most commonly used repayment methods. It is an electronic mode through which funds are transferred from one bank to another.
Post Dated Cheques or PDCs: Post Dated Cheques, as the name suggests, are cheques which are issued by you for a future date. The lender will use these cheques on the mentioned date to deposit or encash the amount mentioned on it.
National Automated Clearing House: The National Payment Corporation of India (NPCI) offers a program called NACH to all the banks and financial institutions. The NACH allows the processing of transactions in real time. This method can be used for your loan repayments.
Debit mandate or standing instruction: You can give an instruction to your bank to pay off a particular amount of money to another bank or bank account at a regular interval. This is known as standing instruction or debit mandate. Your bank will be paying off the stipulated amount towards the repayment of your loan on a regular basis through this system.

Different Types of Personal Loans in India

One can use your loan for any purpose as long as it is legal. However, there are certain lenders who provide different loan products on the basis of the purpose which is mentioned by the borrower in the loan application. On the basis of utilisation, these are the different types of personal loans which can be availed in India:

Personal Loan for Wedding: As the name suggests, a loan which is offered particularly for the purpose of meeting the expenses of a wedding is a wedding loan.
Personal Loan for Home Renovation: A home renovation loan is availed to meet the expenses of repairing or renovating your home.
Personal Loan for Vacations: A holiday loan is specially designed for vacations. You can avail a loan for your vacation and pay the expenses on a later date through easy EMIs.
Personal Loan for Pensioners: A loan which is specifically offered to pensioners is known as a pension loan.
Personal Loan for Festivals: Certain lenders offer a personal loan exclusively for festivals. If you are looking for a loan to make arrangements for a festival, you can apply for a festival loan.

Do not forget to check the eligibility criteria for the different types of personal loans before you apply for one.

Personal Loan Top Up

A personal loan customer can avail an additional loan amount through the top-up facility over his/her existing loan. The loan amount will be subject to the terms and conditions set by the financial lender, while the interest rate may be the same as the existing loan or could be up to 1% more than the interest rate of the current loan. The tenure of the top-up loan will be subject to that of the existing personal.

Key features and benefits

Existing personal loan customers are eligible for the loan top-up provided that they have paid their EMIs regularly and have no pending payments.
Quick or instant disbursal of the top-up loan amount.
Minimum documentation required.
Zero processing fee offered by a number of lenders.
No collateral required.

Personal Loan Balance Transfer

The personal loan balance transfer facility gives customers the benefit of transferring their existing loan to another financial lender. This can be done if other financial lender is offering a better interest rate, the tenure is a lot more flexible, they wish for a top up on their existing loan, etc.

Key features and benefits

Get a reduced interest rate on the existing loan amount.
Option to top-up the loan.
Avail flexible repayment options.
Avail benefits such as zero processing fee, waiver of last EMI benefit, etc.
To get better customer care service.

How to Improve your Chances of Getting a Personal Loan?

Credit Clean-up: One of the main factors taken into consideration by lenders is your credit score. Getting a personal loan is easier with a high credit score. If your score is low, you must check your reports to see if there are any errors. Sometimes, simple errors could have an adverse effect on your scores, and if you find any of these, you must report them to CIBIL.
Rebalancing your income and debts: Lenders ask for proof of income when you apply for personal loans in order to ascertain your debt-to-income ratio. Consider the sale of liquid assets like stocks or earning more through a part-time job to increase your annual income. Doing so will increase your debt-to-income ratio and increase your chances of getting a loan.
Consider Co-signers/Guarantors: If you are finding it hard to get a personal loan on your own accord, you can apply for one by adding a co-signer or guarantor. The person you choose as a guarantor must have a good credit score. Their main aim is to guarantee that you will repay the loan. However, they will also be liable to repay the loan themselves if you are unable to do so. Picking an individual with a credit score over 750 will considerably increase your chances of getting a personal loan.
Limit Your Borrowing: It can be risky to ask for more money than you require to meet your financial targets. Make sure that you calculate how much you need and apply only for that specific amount.
Choose the Right Lender: Every lender has their own requirements when it comes to credit scores and income. When looking for personal loans, pick a lender whose eligibility criteria you meet and apply accordingly. The problem with applying with multiple lenders is that each of them will check your credit score, and each time your full credit report is pulled out, your credit score drops, albeit marginally.

How to avoid rejection of personal loan application?

The approval of a personal loan application depends on a number of factors. When you apply for a loan, you should make sure that you are fulfilling all the factors to ensure the approval of your loan application. The eligibility criteria for personal loans may vary from lender to lender, however, there are number of common criteria which include the age of the applicant, his or her income, credit score, status of employment, and so on. Before you apply for a loan, make sure that all the eligibility criteria are being fulfilled. This will help you avoid rejection of your loan application. Although there are other options which you can resort to in case your loan application gets rejected, it is recommended to double check before applying to avoid the chances of rejection of application.

How to Check Personal Loan Status?

There are two main modes of checking the status of your loan application. Most lenders offer both online and offline modes through which you can keep tracking your loan status.

1. Online Mode: Most lenders offer the option of logging in to their official portal to help you track the status of your loan application. You can use the application number or reference number which is issued by the lender for this purpose. On the other hand, if you have applied for a loan through a third-party aggregator website such as BankBazaar, you can just log in to its web portal and track the status of your loan application directly.

2. Offline Mode: If you are not comfortable using the online platform, you can also track the status of your personal loan application through the offline means. You can visit the branch office of your loan provider and check the status of your loan application. On the other hand, you can also connect with your lender over the telephone through their helpline or customer care number.

For both these methods, you would be required to provide a few basic details such as your name and the application number or reference number. Head to BankBazaar to know more about how to track your personal loan status.

How to Get Personal Loan Statement?

You can easily get in touch with your lender either through their online web portal or in person and request for your loan statement. On most lender websites, you can just log in using your online credentials and provide your loan account number. Once you have tracked your account, you can request for a statement which is either sent to your registered email ID or provided in the form of a PDF file which can be downloaded. Similarly, you can also visit the branch office of the lender from where you have availed the loan and place a request for a statement. In addition to that, you can raise a request for your personal loan statement through phone banking as well.

Tips for Successful Personal Loan Application

Assess the need for your loan
Do proper research to get the best rate
Check your credit history
Review the fine print on your loan document carefully
Choose your loan tenure by assessing your repayment ability
Choose an affordable interest rate
Select your loan amount as per your convenience
Check your EMIs properly
Compare the processing fee
Select fixed or variable interest rate according to your preference

Do's	Don'ts
Do proper research before you apply for a loan	Do not sign your loan documents without understanding every point
Do read the fine print carefully	Do not make multiple inquiries regarding loans from different banks
Do save your money carefully when you are repaying	Do not take a personal loan without any serious purpose
Do pay your loan instalment promptly every single time	Do not be in a hurry to end your loan comparison process
Do evaluate your credit score thoroughly	Do not forget to pay your loan instalments
Do apply for an affordable loan amount	Do not accept bad loan products

Things to do After Closing a Personal Loan

If you have recently paid off your personal loan (either repaid or foreclosed), you might have the idea that your obligation towards the loan is over. However, that is not the case. There are certain things that you should do after paying off your personal loan.

The No Dues Certificate or NDC: The No Dues Certificate or NDC is issued by your lender once you pay off the debt. This is one of the most important documents that you should collect immediately after paying off your loan. It is also a wise decision to retain this document for an extended period of time. This certificate validates the repayment that you have made. Without this document you cannot prove that you have paid off your debts. In case you are looking forward to taking another loan in the near future, you will need this document to prove that your previous loan has been paid off. Usually, this document is issued on spot by your lender if you are paying off the final amount through hard cash. If you are paying via check or NEFT or any other means, the lender will issue the NDC and will either send it to your registered address or will ask you to collect it from the branch office of the lender.
The Statement of Account or SoA: The Statement of Account or SoA, along with the NDC will help you prove that your debts have been completely paid off and have been paid on time. This is an optional document which is often issued by certain lenders. If your lender provides this document, you should consider getting it. However, you should also look for any sorts of discrepancies in the credit score. If you find something wrong, you can use the SoA to make the necessary changes to it.
Collection of unused cheques: If you have some cheque leaves which have not been used, you should collect those as well. The collection of the No Dues Certificate and the unused cheque leaves, usually, marks the end of the closure process for the loan.
Check your credit score after closing the loan: This is just a recommendation. It is not compulsory to check the credit score after the closure process ends. However, it is recommended that you check the score to make sure there are no differences in the score. If there are some chances of you availing another loan within 1 to 2 years of the closure of the current loan, it is highly recommended that you check the credit scores right after the closure of the loan.

Personal Loan Disbursal

Personal loan disbursal is basically the process of the financial lender remitting the loan amount in the bank account of the customer. The loan disbursal takes place after the submission of relevant documents of the customer and the verification and approval of the financial lender. Financial lenders offer personal loan disbursals in a few seconds, while other take a few hours to a few days to disburse the loan amount following approval.

Basic Guide to Personal Loan

Resource Center

Personal Loan FAQs

What is a personal loan?

A personal loan is a type of unsecured loan that that you can borrow from a bank or financial institution if you require funds to pay for your financial needs.

How does a personal loan work?

You borrow a loan when you are in need of credit. Once you submit your loan application to a lender for a personal loan, the lender verifies and approves it. Post this, the loan amount is disbursed into your bank account. Once you receive the loan amount, you will need to repay the lender via EMIs over the course of the loan repayment tenure.

What is the maximum amount of loan I can get?

The maximum amount of loan depends on your monthly income. In India, there are lenders who offer up to Rs.50 lakh.

What is a prepayment and how does it help in repaying my loan?

If you happen to get some extra money, you can pay it towards your loan even before the EMIs are due. This is called a prepayment. Every prepayment you make goes towards reducing the outstanding principal component of your loan. And since the principal reduces, your interest cost will also reduce. Also, your tenure gets shortened this way, helping you pay off the loan ahead of time.

How much loan can I get if I earn a monthly salary of Rs.60,000?

For personal loans, most lenders fix the minimum monthly income requirement between Rs.15,000 and Rs.25,000. Thus, if you have a monthly income of Rs.60,000, you can be fairly certain that you won’t find it difficult to borrow a loan. The exact amount that you will be offered will, however, vary based on your repayment capacity, debt-to-income ratio, the lender’s terms and conditions, etc.

Can I get a personal loan during Covid-19?

Yes, some of the leading banks in India are offering COVID-19 personal loans. If you wish to apply for a personal loan, you can do so by applying for it online on the bank’s official website. Applying online is recommended since the process is fast and hassle-free and allows you to maintain the social distancing norm laid down by the Government of India.

The interest rates offered will vary from bank to bank and hence it is recommended you compare various personal loans and then avail the one which you feel will be suitable for you.

How much loan can I get if my salary is Rs.25,000?

With a monthly salary of Rs.25,000, you are likely to be eligible to borrow a loan. However, the lender will also check if you have any other outstanding loans, your credit score, repayment capacity, etc. before deciding how much you can borrow. You can use a personal loan eligibility calculator tool to know how much you are eligible to borrow with a monthly salary of Rs.25,000.

What is the minimum salary that an individual is required to earn to apply for a personal loan?

The minimum salary requirement will vary from lender to lender. Most lenders, however, will require you to earn at least Rs.15,000. If you reside in a metropolitan city, you may have to earn between Rs.20,000 and Rs.25,000.

What should I do if I want to repay my loan (partially or in full) during the loan repayment term?

Most lenders will allow you to make pre-payments or pre-close your loan during the loan repayment term. You will, however, have to pay a nominal charge to the lender for doing the same. Keep in mind that most lenders will only allow you to prepay or pre-close your loan after 1 year of borrowing the loan. If you want to prepay/pre-close your loan, ensure that you inform your lender of the same.

Do personal loans offer tax exemptions?

Personal loans only offer tax exemptions if you are using the loan amount for renovation of your house, to pay for educational expenses, or to expand your business.

How do I cancel my personal loan after the loan is disbursed?

You can cancel your loan application before the loan amount is disbursed into your account by submitting a written application for the same. You will also need to pay the loan cancellation fee to the lender. Once the loan amount has been disbursed into your account, most lenders will not allow you to cancel it. You can, however, pre-close the loan. If you are thinking of cancelling your loan because you pay a high interest rate on your loan, you can consider transferring your outstanding loan balance to another bank or financial institution.

How can I repay my personal loan?

There are a number of ways by which you can repay your loan. These include:

Via Electronic Fund Transfer (EFT)
By cheque
By physically paying at a branch of the lender
Via standing instruction for automatic deduction from your account

How often should I repay my Personal loan?

This depends on the lender you choose. Normally, every personal loan repayment is calculated on the basis of a monthly repayment pattern. It includes the principal and interest components that you’re expected to repay each month.

Are there any charges for prepaying my personal loan?

Some lenders may ask you to pay a fee if you want to prepay a part of your loan. Others may either waive the fee or may not have prepayment charges at all.

How is my prepayment fee calculated?

This depends on your lender. Some lenders charge you a fixed fee for each prepayment. Others may charge you a percentage of the amount outstanding or a percentage of the amount prepaid.

What credit rating should I have to get a loan?

A score of 700 and above is considered to be good. This should be enough to get you a loan without any hassles. But, a score of 800 or more will get you into the good books of lenders. This could get you better interest rates and repayment options.

When will a bank reject my personal loan application?

A bank can reject your personal loan application if you apply for a loan for which you are not eligible. It can also reject your application if you fail to submit the documents it requires.

How to Track Personal Loan Application status?

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.

How do I obtain a Duplicate Repayment Schedule for my Personal loan account?

You can request the bank for a personal loan duplicate repayment schedule either via your net banking account, or by calling the customer care unit or by writing to them via your registered email ID.

How can I get my address changed in my Personal loan account?

You can change your address of residence linked to your Personal loan account via your net banking account or by visiting the bank branch. At the bank branch, you will have to fill in the address-change form and submit relevant address proof documents that are authorised or attested by the State or Central Government.

Can you get a mortgage loan if you have a personal loan?

Yes you can, but it depends on your income and your ability to pay the EMIs of both the home loan and the personal loan.

What is SI (Standing Instructions)?

Standing instructions is basically instructions given by a bank customer to the bank to make a payment to another bank account or to the bank at regular intervals or as a one-time payment - as per the requirement. As per the instructions, the money in the bank account of the customer will be debited and remitted in another account as per the specified time of the customer.

What happens if a personal loan is not paid?

If the borrower fails to pay the EMI, the bank charges a penal interest on the overdue amount. Financial lenders usually charge a penal interest of 2%-3% per month of the overdue amount.

Where can I get a personal loan with bad credit and no checking account?

It could be hard to get a traditional personal loan from a bank with a poor credit score and no checking account. However, certain lenders offer types of personal loans such as payday loans for those with a poor credit score. That said, the interest charged will be quite high.

Can I pay more than my EMI in personal loan?

Over your EMI, after a certain period following the disbursement of the loan, you can make a part-payment towards the loan. The part payment will further deduct the outstanding principal amount of the loan.

What is pre-approved personal loan?

A pre-approved loan is one where the customer can apply for a loan and possibly doesn’t need to submit documents or go through the verification process as he/she shares a healthy relationship with the bank as an existing customer and has a clean repayment record.

Do personal loan pre-closures have certain terms and conditions?

Yes, financial lenders have their terms and conditions when it comes to personal loan foreclosures. Usually, financial lenders allow loan pre-closures only after the payment of 12 EMIs and charge a foreclosure charge + GST on the outstanding loan amount.

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

Important Personal Loan Pages

Personal Loan Eligibility By Banks

Bank Based Personal Loan Status

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Interest rates by Bank

Personal Loan Articles

News About Personal Loan or Enjoy it on the go

Personal Loan Restructure

The Reserve Bank of India has permitted lenders to restructure personal loans. This is a relief measure extended to borrowers who are economically impacted due to the coronavirus pandemic. The criteria for this will be:
- Loans for education, consumer credit, financial investments, immovable property, and housing are eligible
- Loans not in default for more than 30 days as of 1 March 2020
- Must be implemented within 90 days of invocation and not later than 31 December 2020
- Relief includes payment rescheduling, conversion of interest already accrued or to be accrued into another credit facility, or EMI moratorium of up to 2 years
- Interest continues to accrue during the EMI moratorium
- Interest accrued during the moratorium period can be repaid by extending the repayment tenure
- Interest accrued can also be converted into a term loan called Fund Interest Term Loan (FITL) which are short-term, low-interest loans
6 August 2020
Repo rate slashed by 40 basis points
Reserve Bank of India (RBI) has slashed the repo rate by 40 basis points on Friday. RBI governor Shaktikanta Das stated this while addressing the media. The repo rate stands at 4% after the reduction. Five of the six MPC members voted in favour of the rate cut. The reverse repo rate stands at 3.35%. The decision was taken after the MPC members met for three days in a off cycle meeting which was scheduled for June 3 – 5.

22 May 2020
Post Rate Cuts, Banks Extend Emergency Loans to Entrepreneurs and Salaried
The Reserve Bank of India (RBI) cut benchmark rates and deferred EMI payments to gear up for lending out to salaried individuals and entrepreneurs. With the fall in or loss of income and jobs being threatened, there will be many who would require loans.
The managing director of Indian Bank, Padmaja Chunduru said that they have launched various loans such as emergency salary loans and loans for the self-help groups and pensioners.

For MSMEs and self-employed professionals, several public sector banks (PSUs) are providing Covid-19 Emergency Credit Line (CECL). The Union Bank of India is offering up to Rs 50 crore to MSMEs and corporates and up to Rs 5 crore to small traders and businessmen.
The Indian Bank’s existing customers, who are also pensioners, can avail a loan that is 15 times more than their monthly pension, up to Rs 2 lakh. This loan has no processing fee at 8.75% interest.

1 April 2020
RBI Governor assures that it is monitoring the NBFC sector and will not let NBFCs collapse

The Governor of the Reserve Bank of India (RBI) has stated that the central bank is closely monitoring the crisis-laden shadow banking sector and will not let any major non-banking financial player crumble. The governor also revealed that the credit flow to the sector has augmented in the past few months. The top non-banking financial companies (NBFCs) in India accounts for 70% of the market. The quarter was quoted saying, ‘The Reserve Bank, wherever necessary, will not hesitate to act to ensure that we do not allow any large or systemically important NBFC to collapse and create any adverse impact on the system.’ The shadow banking sector has been suffering since the fall of the Infrastructure Leasing & Financial Services (IL&FS) in September 2018. The governor has further stated that RBI is taking a plunge into the books of the leading 50 NBFCs in the country which helped it to gain a fair idea of where the vulnerabilities lie. The central bank also holds periodic meetings with the promoters and management of large NBFCs.

10 December 2019
RBI data reveals 8.07% growth in bank credit and 9.92% growth in deposits

In the latest data by the Reserve Bank of India (RBI), it was revealed that there was a growth of 8.07% in the bank’s credit to Rs.98.47 lakh crore in the fortnight ended 6 November 2019. During the same period last year, advances of banks were recorded at Rs.91.11 lakh crore. Personal loans recorded a growth of 16.6% in September 2019 as against 15.1% recorded in September 2018. In the previous fortnight ended 25 October, a growth of 8.90% in bank credit was recorded at Rs.98.39 lakh crore on a year-on-year (YoY) basis. RBI also revealed an increase of 9.92% in bank deposits at Rs.129.98 lakh crore in the fortnight ended 8 November as against Rs.118.257 lakh recorded a year ago. During the fortnight ended 25 October, deposits witnessed a growth of 10.25% to Rs.129.78 lakh crore. On the other hand, 8.1% depreciation was witnessed in the non-food bank credit growth YoY from 11.3% in September 2018. There was a rise of 7% in advances to agriculture and allied activities in September 2019 as against a 5.8% growth in September last year.

22 November 2019
In-principal approval received by Union Bank and Punjab National Bank for amalgamation

The government has given in-principle approval to Punjab National Bank (PNB) and Union Bank of India for their proposed merger with other public sector banks (PSBs). In a regulatory filing, PNB has revealed that it has received a letter from the Department of Financial Services dated 13 November 2019 where it has been advised that an Alternative Mechanism (AM) has been accorded for the in-principal approval. The approval is concerning the proposed amalgamation of United Bank of India and Oriental Bank of Commerce into PNB where PNB will be the transferee bank and the banks in question will be transferor banks. In another filing, it was revealed that the Union Bank of India has also received in-principle approval for the amalgamation of Corporation Bank and Andhra Bank into the Union Bank of India. Andhra Bank and Corporation Bank will be the transferor banks while Union Bank of India will be the transferee bank. In August, the government of India had announced 4 mergers of PSBs in a move to make government-run banks global sized. The total number of banks after the merger stands at 12 from the previous 27.

20 November 2019
Credit growth spurred by NBFC, Housing loans

Due to the onset of the festive season which spurred more customers to avail loans like housing loans from Non-Banking Financial Companies (NBFC), the banks’ credit growth picked up.

As per the data released by Reserve Bank of India (RBI), lenders had extended Rs.38,417 crore to the housing sector between August 30 and September 27, followed by Rs.33,150 crore to the NBFC sector.

The overall credit growth on year-on- year basis was 8.2% at the end of September, the credit growth for housing sector was 19.3% and 30.5% for NBFC sector.

The overall credit growth between 30 August and 27 September was Rs.85,667 crore as per the data released by RBI.

15 November 2019

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Personal Loan Reviews

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"Need to decrease interest rate "

0.5 4.0/5 "Great!"

BAJAJ FINANCE has offered a pre approved personal loan offer and I accepted for the same. I have taken this loan 2 months back. The process was smooth and submitted required docuemtns within 1.5 hrs amount was credited to my account with 1.64L with tenure period of 4 years. The rate of interest is 18% which is high. Fee was deducted of 9K. There is pre closure option after 30 days with charge of 4%. EMI need to pay the amount of 4K. The best which I would like to say is online process was done with short term.

Was this review helpful? 87

JOHN , chennai
Reviewed on Mar 21, 2020
"Good service"

0.5 5.0/5 "Blown Away!"

The tenure for ICICI personal loan is for 3 years, I have taken the loan for some personal purposes. I got my loan statements on time but the interest rate of the loan is 12% which is bit high for me. I wish the bank can reduce it up to 10%. Otherwise everything is good about the loan.

Was this review helpful? 78

B LATHASREE , hyderabad
Reviewed on Mar 21, 2020
"Good service"

0.5 4.0/5 "Great!"

I have taken personal loan from HDFC bank as I need some loan for personal reason. It was nice because the loan was sanctioned on time.The interest rate is 13%. The tenure of the loan is for 4 years but it have completed only 1.5 years. I got my loan easily without any delay.

Was this review helpful? 95

RAM , bangalore
Reviewed on Mar 21, 2020
"Good service"

0.5 3.0/5 "Satisfactory"

I taken a personal loan from HDFC bank on 2 years back. The tenure period of 3 years. An interest rate is high of 12%. The amount was sufficient and processing fee deducted of 3K. EMI need to pay of 7,175 rupees. I use to get remainder message. There is no option of pre closure. They have sanctioned the loan by 1 week. For first and second month I faced some payment issue so I visited to bank then it was resolved.

Was this review helpful? 75

RAM , hosur
Reviewed on Mar 21, 2020
"Instant loan approval"

0.5 5.0/5 "Blown Away!"

IDFC Bank offered Rs.60,000 of a personal loan and the rate of interest was actually they took 12-13% normal interest and pre closure charges is 3%. I opted for the tenure of two years. I am paying Rs. 4,000 monthly EMI and instantly it got approved.

Was this review helpful? 63

M , hyderabad
Reviewed on Mar 20, 2020
"Good Service"

0.5 4.0/5 "Great!"

The rate of interest and processing fee was very high on Capital First since requirement was there taken this loan . I have got callback from capital first and there was proper response as well. This loan is still active and the loan got sanctioned on time .The loan amount was 2.5lakhs for the tenure of 3 years .

Was this review helpful? 36

DRISNAPU , hyderabad
Reviewed on Mar 20, 2020
"Not Satisfied"

0.5 1.0/5 "Really Bad"

The rate of interest was very high with Home credit India Finance Pvt Ltd .This loan was sanctioned on exact time frame and it was taken for personal use and i have submitted documents through agent . If the premium is paid on delay basis there is no extra charge. I have successfully closed the loan.

Was this review helpful? 39

ANKIT , ahmedabad
Reviewed on Mar 20, 2020
"Easy loan approval"

0.5 4.0/5 "Great!"

I have taken personal loan from BANK OF BARODA before four years. Their service was really good and timely responded for my loan application. BOB offered an interest rate was normal .Totally I had taken the tenure of 4 years. But after 3 months they have given an option for foreclosure without any additional charges.

Was this review helpful? 55

P , tirupur
Reviewed on Mar 20, 2020
"Easy loan approval"

0.5 5.0/5 "Blown Away!"

Axis Bank has offered a personal loan and the loan amount was Rs. 50,000 and the rate of interest was normal. I am paying EMI 4500 including all kind of Tax with the period of 1 year. Pre closure charges and part payment options are available and its a instant loan approval.

Was this review helpful? 148

S , indore
Reviewed on Mar 20, 2020
"Excellent service"

0.5 5.0/5 "Blown Away!"

I got an offer for personal loan from Home credit. I used the loan for investment and the loan was sanctioned on time.The tenure of the loan were 3 years and its almost complete. But an interest rate was a little high which is 7%. The overall experience with the personal loan were fine.

Was this review helpful? 77

SUNIL K , ludhiana
Reviewed on Mar 20, 2020
"Need to learn how to behave with the customer"

0.5 1.0/5 "Really Bad"

I have taken a personal loan from Bajaj finance and the loan amount was Rs. 30K. I opted for the tenure of 1 year but they did for 3 years and also they have misused my details, i dint given my bank account number. I have purchase for Rs. 10k but they are called me for100 times and they are saying cheque bounce charges i need to pay, same problem my cousin brother also faced and i blocked this service. Customer service need to improve whenever i called getting hindi speaking, i am comfortable with Kannada, Tamil and English.

Was this review helpful? 36

D , bangalore
Reviewed on Mar 20, 2020
"Interest rate was high"

0.5 4.0/5 "Great!"

Since I don't have a salary slip which i unable to get it from my company, personal loan application got closed by bank. Person from HDFC bank called me and informed that my loan has been closed. The customer service was good but the rate of interest is very high.

Was this review helpful? 64

B , bangalore
Reviewed on Mar 20, 2020
"Good Service"

0.5 5.0/5 "Blown Away!"

My personal loan was taken through Axis Bank.still this loan is active and the rate of interest and processing fee was medium .This loan was availed for personal use and it was a paperless approval since have saving account ,loan got sanctioned on proper time frame .This loan was availed for my personal use.

Was this review helpful? 98

SUNI G , patiala
Reviewed on Mar 20, 2020
"Good Service"

0.5 5.0/5 "Blown Away!"

I have taken personal loan through ICICI Bank.still this loan is active on my account and the rate of interest and processing fee was good compared to other bank .This loan was availed for personal use and it was a paperless approval since have saving account ,loan got sanctioned on time .This loan was availed for personal use and it was a paperless approval since have saving account ,loan got sanctioned on time

Was this review helpful? 41

SUNIL , patiala
Reviewed on Mar 20, 2020
"Rate of interest was very high"

0.5 4.0/5 "Great!"

The rate of interest was very high 10.45% for personal loan from HDFC Bank. So i request to close this loan because i alreay taken a loan from other bank with the normal interest. Customer service and responsive was good, need to work on interest rate.

Was this review helpful? 66

N , new delhi
Reviewed on Mar 20, 2020
"Ask them to disclose the details at earlier"

0.5 3.0/5 "Satisfactory"

Since I work for LLP company, INDUSIND has not offered the personal loan. The rate of interest was nominal for the loan. While doing verification banker came to know from which company I work so the application was rejected from bank end. The banker would have disclose those information at earlier.

Was this review helpful? 38

S S R , mumbai
Reviewed on Mar 19, 2020
"Good"

0.5 4.0/5 "Great!"

I have applied HDFC personal loan through online. They are asking many documents to submit but i am not interested to provide any documents to them hence banker closed the loan process. In future I will go to the bank directly and I will apply this loan . For an emergency purpose only I chosen this bank.

Was this review helpful? 54

M I MT , vellore
Reviewed on Mar 19, 2020
"Good service"

0.5 4.5/5 "Excellent!"

I have taken personal loan directly through ICICI bank. I will be closing this loan within 4 months through bank directly rat of interest and the processing fee was medium, ,the loan was got sanctioned instantly ,it was a paperless approval it was taken for personal expenses .I am paying the premium on ecs mode.

Was this review helpful? 61

SARG , chennai
Reviewed on Mar 19, 2020
"Good "

0.5 4.0/5 "Great!"

BAJAJ FINANCE has provided a personal loan of 3L. Hence I taken this loan on 2.5 years before. Within 4 months am going to close this loan. The tenure period of 3 years. The rate of interest is nominal. EMI need to pay of 11,500 rupees. The pre closure is applicable, before 6 months I was try to close the loan but banker told to provide Pan Card but at that time I have not taken to bank hence I am unable to do it.

Was this review helpful? 76

VELU , chennai
Reviewed on Mar 19, 2020
"Good service"

0.5 3.0/5 "Satisfactory"

I have applied Hdfc bank personal loan through online .There was lack of information from online customer service ,i have not availed the loan since i have requested some information they have gather my details and without any information they have told application is on process this was the issue.

Was this review helpful? 130

RAJENDRAN , chennai
Reviewed on Mar 19, 2020

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