Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Loans for People on Benefits

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Fees & Charges
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    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
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    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Perks
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    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    0 One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
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    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    2.25% (min. ₹1499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
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    12% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    10.70% - 11.70% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
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    14% - 33% 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
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    Perks
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    Eligibility Criteria
    11% - 16.49% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.75% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
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    Loans for People on Benefits is Rated as "Great!" by 77152 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Who are ‘people on benefits’?

    The concept of ‘people on benefits’ originates from Europe and the United Kingdom is considered the pioneer in it. United Kingdom is a welfare state which aims to provide a decent standard of living to all its citizens. The concept of a welfare state is over a hundred years old and it was designed to provide support and benefits to the downtrodden so that they could live a decent life.

    Most European nations offer some sort of benefits to their citizens, varying according to governmental policies and budget criteria. The people who survive solely on the basis of such benefits are referred to as ‘people on benefits’. Governments across the world spend billions of dollars on providing benefits to the disadvantaged and there are millions of people who avail such benefits worldwide. Almost 30 million people have claimed benefits of one kind or the other in the United Kingdom alone, which is about 64% of the total families in UK.

    The United States of America also has a similar concept under its Social Security Scheme, which aims to provide certain basic services for free to its citizens.

    What are the benefits offered?

    Each nation has a set of benefits offered to its citizens and residents. Some of the major benefits offered across the world are mentioned here.

    • Health Benefit – Residents of UK and most European nations are offered health benefits from the time they step foot in the country. These benefits offer public health services for free, which are meant to cater to any health requirement of the individual.
    • Child Benefit – Parents with young children are provided child benefits in the form of monetary payments, paid monthly or annually to look after the needs of their children.
    • Unemployment Benefit – Unemployed jobseekers are paid an allowance till they find a job.
    • Housing Benefit – Low income families are provided with immediate housing allowance. The allowance depends on individual conditions and varies according to the type of accommodation.

    There are other benefits offered by certain nations too, each benefit catering to needs in that country. Individuals who rely on such benefits fall under the ‘people on benefits’ category.

    What are loans for people on benefits?

    Surviving on benefits can be a struggle in this age of high costs. The benefit money provided may often not be enough to make ends meet and this is where loans can be a life saver. While it might seem hard for people on benefits to get loans there are a lot of institutions which do offer such loans. There are a few types of loans which can be availed by people on benefits, each one of them catering to specific needs.

    • Payday Loans – There are a few institutions which provide payday loans to people on benefits. These are generally small amounts with high interest rates and are expected to be returned when the borrower gets their benefits.
    • Budgeting Loans – This loan can be availed by those who have been receiving benefits for a year. These are interest free loans with long repayment periods.
    • Home Finance Loans – These are available in certain countries and can be availed by families which have received benefits for a few years. They can be used for any purpose and weekly repayments are to be made. These loans come at very high interest rates and can be an expensive proposition.
    • Low Income Loans – Some banks offer low income loans for people on benefits. These loans can be availed only if the benefits money amounts to a certain value per week. Repayment is on a weekly basis.
    • Secured Loans – These loans are provided against some security. The most common security is cars and the interest rate is often lower than payday loans.

    Features of loans for people on benefits

    • Varying Interest – The interest charged on loans for people on benefits varies depending on the kind of loan and the institution offering it. Certain institutes do not charge any interest rate on these loans whereas some of them charge interest rates as high as 30%.
    • No guarantee – A majority of such loans can be availed without any guarantee.
    • Flexible repayment options – These loans come with flexible repayment options, intended to suit the needs of the borrower.
    • Minimal Paperwork – Loans for people on benefits can often be obtained without hassles and with minimal paperwork.
    • Multipurpose loans – The loan availed can be used for multiple purposes and is aimed to meet any immediate requirements.
    • Cash in hand – Such loans generally provide cash in hand to meet pressing needs. Loans can be availed for amounts as low as a few hundred dollars to a few thousand dollars, depending on the individual.
    • No upfront fee – Most lenders do not charge an upfront fee to sanction a loan for people on benefits.

    Eligibility criteria

    • The applicant should be a resident or citizen of that country.
    • The applicant should be 18 years and above.
    • The applicant should have a bank account in the country.
    • The applicant must be getting financial aid from the government.

    Concept of people on benefits in India

    India does not have a strict concept of ‘people on benefits’ and is regarded as a different welfare state compared to United Kingdom or the United States of America. While there might be no strict definition of ‘people on benefits’ in India, there are numerous schemes designed to help the poor and weaker sections of society.

    The Government of India offers special schemes and privileges to senior citizens, citizens whose income falls below the poverty line and certain minorities. Citizens do have access to government health services and schools but the concept of living on benefits provided by the government does not exist in entirety in India. There are different schemes sanctioned by both the Central and State Governments to cater to the needs of citizens in distress, each one targeted towards a particular segment of the population.

    Certain benefits and privileges are provided to specific populations, based on their socio-economic condition. A category which might come close to ‘people on benefits’ is mentioned here.

    Below Poverty Line (BPL) Families

    Families with an income below the poverty line are termed as Below Poverty Line (BPL) families and the government has special schemes for them. The poverty line is determined by experts based on current living conditions and the money needed to etch out a basic living. The current poverty line is Rs 32 in villages and Rs 47 in cities. Individuals who spend less than this amount are considered to be living below the poverty line and are eligible for government schemes and plans.

    Below Poverty Line Loans

    The government has a few schemes designed to benefit people who are below the poverty line. Some of them are mentioned below.

    Swarna Jayanthi Shahri Rozgar Yojana

    The Swarna Jayanthi Shahri Rozgar Yojana (SJSRY) scheme is designed to provide loans to individuals who are below the poverty line. It is aimed to provide meaningful employment ventures in urban areas and improve the overall quality of life of the individual.

    Features and Benefits

    • Unemployed Loan - The loan can be availed by unemployed individuals from both rural and urban backgrounds to set up self-employment opportunities.
    • Subsidy - A subsidy of 15% of the project cost is provided, subject to certain maximum limits.
    • High Loan Amount – Individuals can get a maximum loan amount of up to Rs 50,000 to set up gainful self-employment opportunities.
    • Group Loans – Loans under this scheme can be availed by both individuals and groups.
    • Extra subsidy for women – Women who avail this loan can get a subsidy of 50% of the project cost.
    • Fast approval – The entire process takes around two weeks and the money can be obtained within a set time period.

    Eligibility Criteria and Documents Required

    • The applicant must hold a Below Poverty Line ration card.
    • The age of the applicant should be between 18 years and 50 years.
    • The applicant should have knowledge about the project he/she intends to start.
    • Passport size photographs.
    • The workspace should be available.
    • There are no minimum educational qualifications but the applicant should not have completed more than 9th standard.

    Interest Rate

    The interest rate for this loan depends on the activity financed and varies accordingly.

    Repayment

    The money obtained as loan can be repaid in 3 to 7 years, depending on the repayment capacity of the individual and the agreement entered upon.

    Swarna Jayanti Gram Swarozgar Yojana

    The Swarna Jayanti Gram Swarozgar Yojana is a scheme designed to provide gainful self-employment opportunities in rural areas of the country.

    Features and Benefits of Swarna Jayanti Gram Swarozgar Yojana

    • High Loan Amount – Individual applicants can get loans up to Rs 50,000 and groups are eligible for loans up to Rs 6.25 lakh.
    • Low Margin – There is no margin amount for loans up to Rs 50,000. Loans above Rs 50,000 attract a margin of 20% minus the subsidy.
    • Subsidy – A subsidy of 30% of the project cost is provided, subject to a maximum ceiling of Rs 7500 for general category and Rs 10,000 for SC/ST individuals. Groups can get a subsidy of up to 50% of the total project cost, subject to a maximum of Rs 1.25 lakh.

    Eligibility Criteria and Documents Required

    • The applicant must hold a Below Poverty Line ration card.
    • Applicant should have knowledge of the project.
    • Passport size photographs.
    • The age of the applicant should be above 18 years.

    Interest rate

    A fixed interest rate of 8.75% per annum is charged for loans up to Rs 50,000. For loans above Rs 50,000 a fixed interest rate of 9% per annum is charged.

    Repayment

    The loan can be repaid in 5 to 9 years, depending on repayment capabilities and the agreement worked out with the lending agency.

    Prime Minister’s Employment Generation Scheme

    The Prime Minister’s Employment Generation Scheme is designed to create employment opportunities in both rural and urban areas by empowering individuals to set up self-employment generating units. Banks provide loans to unemployed youths under this scheme, so as to bridge the gap between the upper and lower classes.

    Features and Benefits

    • High loan amount – Applicants can get loans up to Rs 25 lakh per project.
    • Subsidy – Individuals get subsidies ranging from 15% to 25% of the project cost, depending on certain conditions.
    • Low Beneficiary Contribution – Loan beneficiaries need to contribute only 5-10% of the total project cost.

    Eligibility Criteria and Documents Required

    • The applicant should be above 18 years old.
    • The applicant should have a minimum educational qualification of 8th standard pass.

    Repayment

    The loan amount should be repaid within 3 to 7 years of the loan being taken.

    The government has other special schemes wherein eligible individuals can avail loans from financial institutions to further their cause and improve their standard of living.

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  • Loans for People on Benefits Reviews

    • Bank Bazaar Customer Support
      "Easy to find the solution"
      0.5 4.0/5 "Great!"
      Very easy to get solution for any loan or credit card even Cibil scores also. we can trust them at all times and support from customer care is really good and they were guiding us in an appropriate manner. Good one - I will recommend this site at all the times to my friends and colleagues.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      I had received a proper information and proper service from bankbazaar when I applied for the loan. They are very much responsive and forwarded my application to the bank. Bankbazaar website is good to use and it is informative. I had no issues with the service and this was my very first experience
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 26, 2017
    • ICICI Bank Personal Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      The reason why I was unable to opt for the personal loan from ICICI bank was because, there was a home loan running for me from some other bank, so that was the reason, they have rejected my application for the loan amount I applied for one lakhs rupees. On the other hand, the customer service and the response provided by ICICI bank is really good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      I got proper service from bankbazaar when I approached them for the loan requirement. The website is easy to navigate and it is easy to check the information for the loan as well. I had received good response for my personal loan application and after applying the very next day got a call from them good response as well
      Was this review helpful? 0
      , kota
      Reviewed on Jul 26, 2017
    • ICICI Bank Personal Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      I approached ICICI bank for the personal loan. I received proper response from the bank's end on my personal loan application.But bank executives where saying that there was dual pan card showing in my account I have told them that I have misplaced my pan card this card is new which is reflecting and the loan amount I had applied for 5 lakhs rupees.
      Was this review helpful? 0
      , kota
      Reviewed on Jul 26, 2017
    • Bajaj Finserv Personal Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      I have recently taken a personal loan from Bajaj Finserv, it was good experience with them. Less documentation and easy processing but what I did not like about them is Intially they told me that there was no processing fee charges later on after some days they said processing fee will be charged for around 2000 rupees, So I told them I am not interested please cancel the loan later after some days they called and said no processing fee would be charge you can process the loan.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      It was really an amazing experience. The site is well managed and great. I logged in very quickly and I got the information which I required. It's really great where you get a chance to compare among various products and know more about them and this was my very first experience.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 26, 2017
    • Tata capital Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The response time from Tata capital limited has been good. I have not taken my personal loan from them because they where not having pre payment option and the loan got approved from other resources and I have applied for loan amount of 1 lakh rupees, over all it was good experience applying loan from tata capital
      Was this review helpful? 0
      , pune
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "Thanx giving"
      0.5 4.5/5 "Excellent!"
      Nice place to apply for a loan ...will tell my friends to use it... nice and user friendly. Helps me to submit all my documents at one go with very easy steps. There is small suggestion if u guyz can give an end to end sevice i.e. u guyz deal with the bank and give us the loan on behalf of them then it will be a very good sevice and also it would be less time consuming. Hope one day we will be able to receive it from your end.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar gives a prompt response and the regular follow to their customers. I really appreciate the bank bazaar effort which was given to the customer in terms the service, follow up in any case. The customer service and the response is really good with bank bazaar. The bank bazaar web site is easy to use and user friendly my friend filled all my detail in behalf of me and the very next day I received the call.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 26, 2017
    • HDFC Bank Personal Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      I didn't avail HDFC personal loan, because when I was in need of loan that time they have not offered me anything, they where like you have to bring this document all etc, even though I have told them I don't have address proof here because I am from Gujarat, later they said they can process the loan but it will take 1 to 2 months, so I have dropped the plan of taking it.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "Requirement"
      0.5 3.0/5 "Satisfactory"
      If i am providing my aadhaar then why this is not easy to get loan or card at any place in india There is no proof bigger than aadhaar. There must be some changes which needs to be made in your policy. Also why there is not availability of cards or loan in rural area . Bank has got all the details of me then why there are a lot of verification process while I am not having much time though.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jul 26, 2017
    • HDFC Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      HDFC Is very fast, they are too good in understanding the customer. More over they are helpful and customer friendly. The best part, I like their service when I applied for the personal loan they done fast process and fulfilled my needs. I have applied through net banking the very next moment executive came and collected all the documents and the loan got approved with in a span of 5 minutes of time.
      Was this review helpful? 0
      , dausa
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      My experience with Bankbazaar has been great. They were pretty much fast and as soon as I placed my request, I was contacted and I got the details of all the bank options available. The website is good and overall it was a very nice smooth process
      Was this review helpful? 0
      , dausa
      Reviewed on Jul 26, 2017
    • HDFC Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I applied for personal loan with HDFC bank and the loan amount was 2.50 lakhs bu they did not approve the loan and they never share the reason also, I would suggest HDFC bank to share the reason behind so that next time can make sure that nothing goes wrong.
      Was this review helpful? 0
      , dausa
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I had received a proper information and proper service from bankbazaar when I applied for the loan. They are very much responsive and forwarded my application to the bank. Bankbazaar website is good to use and it is informative. I had no issues with the service.
      Was this review helpful? 0
      , gondia
      Reviewed on Jul 26, 2017
    • ICICI Bank Personal Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      I have applied for the personal loan with ICICI bank, it got rejected because of the area under negative, and the bankers said the criteria was not match as per norms both customer service and response is average with ICICI.I have applied for 20 lakhs rupees.
      Was this review helpful? 0
      , gondia
      Reviewed on Jul 26, 2017
    • Standard Chartered Bank Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      The Standard charted bank offered me a best rate in regards to my personal loan with the lowest charges. The customer service and the response is average with SCB. They have disbursed the loan within 5 days of time, they made it within the promised time. The required loan amount has been disbursed and I am satisfied with the loan amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • HDFC Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      Basically I have got a text message from HDFC bank to get the personal loan with 11.99 % interest rate, but later when I approached them they have increased the rate of interest upto 12.99% , in case if we need a higher loan amount. The customer service and the response is very much average with HDFC bank. The Hdfc bank need to stick on to their promises.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • Citibank Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I got the personal loan within 55 hours of time from Citibank. They have disbursed the loan after submitting my documents. The customer service and the response with CITIBANK is average. The required loan amount has been disbursed. The rate of interest is low when compared with others. I am satisfied with the Citibank service.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 25, 2017
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