Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Secured Loans

    Bank Name
    Interest Rate Range
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    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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    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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    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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    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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    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
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    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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    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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    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
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    11% - 16.49% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
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    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
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    Secured Loans is Rated as "Great!" by 77002 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    What is a Secured Loan?

    Secured Loan

    Type of Secured Loans

    Secured loans are loans which require the borrower to pledge an asset or security to avail the loan. Home loans and car loans are the most common examples of secured loans where the borrower will be required to pledge the vehicle or house to be purchased as collateral, which then become secured debt. In case the borrower defaults on their loan repayment, the lender has full right to take possession of the collateral/secured debt. A secured loan is one of the best and assured sources of obtaining a high volume of funds.

    There is a type of loan (under the category of secured loans) known as a non-recourse loan which protects the buyer. Under this loan, the bank has no further right to claim anything from the borrower apart from the asset pledged as collateral.

    Foreclosure is the legal process by which banks auction/sell collateral property to pay off defaulted debt.

    Repossession is when property (like a car) is taken back by the bank when payments on the same property are defaulted. This is for vehicle loans and loans for business assets. Example: If you buy a new car on loan and aren’t able to continue to make payments, the bank will come take your new car away, and you will forfeit all EMIs paid up to that date.

    What is the purpose of having secured loans in the market?

    When there are unsecured loans readily available, why would a person chose to take up a secured loan? There are two primary reasons, from the point of view of the lender and the customer.

    • Lenders are relieved of some of the potential financial burden and loss that they could incur as a result of default on payments.
    • Borrowers are eligible for higher loan amounts that are given on more favourable terms and lower interest rates as they have pledged an asset as collateral.

    What are the types of secured loans, and the collateral required?

    • Mortgage Loans are secured loans that pledge property as collateral.
    • Nonrecourse loans.
    • Car loans.
    • Home loans.

    Most secured loans (home loans, car loans, business loans to purchase large assets) are sanctioned against a repossession clause, which should generally work for the benefit of the borrower, but more often than not, works in favour of the bank.

    Features of secured loans

    • Loans are given against the title of ownership of assets, which will be used as collateral (like homes, vehicles, assets, property).
    • Lower interest rates as compared to unsecured loans, because the bank has a higher level of confidence in your ability to repay.
    • More flexible repayment options than regular loans.
    • Option of fixed rate and variable rate.
    • Loan approval is faster.
    • Customizable loans to cater to specific needs.
    • These loans are available to non-salaried individuals.
    • There is no need for a guarantor for these types of loans.
    • Banks and lenders can repossess assets for which loans were taken.
    • Improves CIBIL score once secured loan has been repaid in full. More favourable than unsecured loans.
    Eligibility criteria

    You must meet the following requirements to be eligible for a secured loan:

    • Applicants must have reached the age of 18 years or older.
    • Applicant must be a resident of India.
    • Most banks and lenders require the applicant to have a minimum annual income of Rs.3 lakh per annum.
    • Income can be generated from regular salary, non-salaried income and business income.
    • For loans based on business income, the business must have been running and generating a profit for the last 3 years.
    • Applicant must have assets, whose value must match or exceed value of loan required.
    Documents required

    You will, of course, need to submit a bunch of documents to the lender or bank, so that they can establish your identity, address, and other details. Documents you will require for different kinds of secured loans are:

    Mortgage loan:
    • Proof of identity – This should be an official document which contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc.
    • Proof of age – Should be a verifiable document that determines your age, such as a birth certificate, passport, voter’s ID, etc.
    • Proof of income – This should be an official / certified document which contains the details of your income and tax paid (TDS). Could be either your salary slips for the past 3 months, or Form 16 duly filled in and attached to a salary certificate.
    • Proof of residence – This should also be a certified document that verifies your residential address in the eyes of the law. Could be either your phone / internet bill, rental agreement, bank account statement, etc.
    • Original property documents of the property that is being pledged as collateral against the loan.
    • Bank statements for the last 6 months.
    • Guarantor (optional).
    • Copy of lease agreement for LRD (Lease Rental Discounting).
    Car loan:
    • Proof of age – Should be a verifiable document that determines your age, such as a birth certificate, passport, voter’s ID, etc.
    • Duly filled in application form. This is available from the bank itself.
    • Proof of identity – This should be an official document which contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc.
    • Passport sized and stamp sized photographs.
    • Proof of income – An official / certified document which contains the details of your income and tax paid (TDS). Could be either your salary slips for the past 3 months, or Form 16 duly filled in and attached to a salary certificate.
    • Bank statements for the last 6 months.
    • Verified proof of signature. The lender will require many specimen signatures, verifiable against certified documents that already contain your signature.
    • Proof of residence – A certified document that verifies your residential address in the eyes of the law. Could be either your phone / internet bill, rental agreement, bank account statement.
    Home loan:
    • Proof of residence – A certified document that verifies your residential address in the eyes of the law. Could be either your phone / internet bill, rental agreement, bank account statement.
    • Proof of identity – This should be an official document which contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc.
    • Bank statements for the last 6 months.
    • Guarantor (optional).
    Business loan:
    • Company profile and product range – a description of your company, the products or services it exchanges for money, its managers and functions.
    • Promoter profile.
    • Audited balance sheets for the last 3 years.
    • Proof of residence – A certified document that verifies your residential address in the eyes of the law. Could be either your phone / internet bill, rental agreement, bank account statement.
    • Proof of identity – This should be an official document which contains your name and photograph. Could be either your driving license, passport, voter’s ID, PAN card, Employee ID (if the company is registered), etc.
    Benefits of secured loans

    Secured loans have many benefits that don’t apply for other types of loans. Secured loans can get you:

    • Lower interest rates because the bank can rely on your desire to keep your collateral. Banks will lend with lower interest rates if they know their investment in you is protected. This of course means easier payments and a lower eventual hit to your personal finances.
    • Larger loan amounts are sanctioned, as the bank’s liability and risk is substantially reduced. The bank will approve loan amounts that are as close to the value of your collateral asset as possible, and not make room for their potential loss.
    • Better terms and conditions from the bank. Easier and cheaper processing (sometimes free), faster documentation and approval, and overall friendlier terms that don’t leave you in the lurch in case something goes awry.
    • Flexible repayment terms, mean that you don’t have to worry about fines and charges on settlement payments, pre-closing your loan, making one big payment that greatly reduces your capital (if you’ve suddenly come into some money), or if you want to close your loan early or even if you want to extend your loan tenure. Some banks and lenders don’t allow you to close your loan early, but with secured loans, this is possible.
    • Flexible repayment tenure, customizable to suit your ability to repay. You can choose to repay your loan faster, with chunkier EMIs for a shorter period, or choose to pay smaller amounts over a longer period. The choice is yours, for as long as your collateral asset is yours.
    • Can be availed by those who have a bad credit history or CIBIL score - as both these indicators are basically representative of your ability to repay your loan. When you add a collateral asset into the equation, the need for the bank to know whether you can or can’t pay back your loan becomes irrelevant. The reason they need CIBIL and credit history information is to assess their own level of risk, but with an asset on the line, they undertake minimal risk.
    • Interest is tax deductible, thus saving you more money that would otherwise be lost to taxation.
    • Minimum income required is far lesser than that for Unsecured Loans, as this is also an indicator of your ability to repay. Your ability to repay is a factor that becomes moot, as you have already pretty much paid them by pledging an asset as collateral.
    Disadvantages of secured loans

    Along with the advantages that secured loans bring, there are also many disadvantages, like:

    • Collateral seizing – The bank, while it approves a higher loan amount and a lower rate of interest, will not hesitate to seize all assets you have pledged as collateral. You must be as ready to give up the pledged asset as you are to take the loan. You must be ready to lose the roof over your head, the car in which you travel and the assets that earn your keep.
    • Repossession – If you’re purchasing, say, a vehicle with a secured loan, you will be placing the vehicle as collateral against the possibility of your defaulting on the loan. This means that if you miss a payment or default in any way, the bank will take back your new vehicle and all EMIs that you’ve paid thus far will be considered null and void. You will lose all the money you’ve paid towards your new vehicle (plus interest), and the vehicle itself, leaving you totally stranded and completely broke. Let’s face it, if you had the funds, you would’ve repaid your loan.
    • Heavy paperwork – Secured loans require a lot of paperwork, as you will have to provide the regular documents required (identity, age and address proof) along with documents that relate to the ownership of your asset. You will also be required to affix a metric ton of specimen signatures to a series of documents, and if even one of these signatures does not match the others, you will have to go through the entire arduous process again.
    • Full ownership of collateral asset – If you wish to pledge an asset against a loan, you will have to be the full owner of that asset. The asset will have to be cleared of all EMIs and partnership agreements and will have to be solely owned by the person who is applying for the loan.
    • Longer time period = greater total cost – A longer time to pay off the loan allows for more potential hiccups in your general rate of income, even the slightest dip in which could affect your repayment schedule. And if you miss an EMI payment, the bank will levy heavy fines and penalties which will compound and result in you losing your asset. A longer repayment schedule also means a larger eventual total cost, despite smaller monthly payments.
    • Value of asset must match or exceed loan amount – the loan you desire must be recoverable by the sale of the asset you are planning on pledging. If the bank cannot realize its loss through the sale of the collateral, it will come after you with a legal document called a deficiency judgement, which will bind you to fulfil your liability.
    • Living in debt – if you are unable to clear the loan even after the bank has seized your assets, you will be doomed to a life where any income you generate will go straight to the bank. More often than not, you will be paying off interest charges and penalty charges and the principal amount will remain more or less the same. Can you imagine a life where the bank has taken the roof over your head and you’re still paying them off?
    • CIBIL score – you CIBIL score will suffer greatly if you default on a secured loan repayment. If the bank has to seize your house and other assets, your score and rating could go to a place from where it is very difficult to recover.

    Secured loans are a way to secure finance in times of dire need, but must be used very cautiously and not at all be taken lightly. The asset pledged as collateral must be considered as property of the bank in the mind of the borrower, until the loan is repaid in full. Banks will not hesitate or think twice before seizing a defaulter’s collateral, and almost seem like sharks circling a boat waiting for someone to fall off of it.

    If you are confident and able to repay your loan on time, every time, the interest rates, repayment schedules, terms and conditions are unmatched by those of any unsecured loan.

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  • Secured Loans Reviews

    • Bank Bazaar Customer Support
      "GUIDANCE"
      0.5 5.0/5 "Blown Away!"
      This is the very first time I approached bankbazaar, also I am very much satisified with all their steps for searching for my product. It happens, some times where people would not be interested in doing online search, but here after gaining sufficient information I would recommend all my friends, relatives to give a try atleast once. My hearty thanks to the team Bankbazaar.com for providing their valuable time for their customers in a proper way. Hope they would get back to me with a favourable reply on time.
      Was this review helpful? 0
      , bhopal
      Reviewed on Jul 20, 2017
    • SBI Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from State Bank of India and the process for it was smooth. I did not have much of a documentation process and also I did not get the loan on time. The rate of interest and processing charges were very much normal too. But on the other hand, after loan services were very much hassle free.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Overall a good experience "
      0.5 3.0/5 "Satisfactory"
      The services rendered by bankbazaar is really great and I had a lot of follow up calls from them. The response was prompt from the moment I registered with them. It would have been better, if the companies whom they connect the customer too is also responsive. Lastly, the website is very much user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Citibank Personal Loan
      "Not professional"
      0.5 1.0/5 "Really Bad"
      As a matter of fact, Citibank collected all my documents and after which they did not process my personal loan request and did not get back to me as well. It was not a very good experience as they were not very much professional. Not too sure on the interest rate and processing charges too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "I had got good response from bankbazaar on my loan applicati"
      0.5 2.5/5 "Just OK"
      I had got good response from bankbazaar on my loan application. I approached bankbazaar for my requirement and submitted my loan application on the website. On which they responded and provided a good service. Their website is good and it is easy to handle.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Amazing"
      0.5 4.0/5 "Great!"
      It was simple and straight forward experience. I really hope my application goes through. The staffs were really helpful. They kept calling me and following it up until I uploaded the documents. I've never seen such a simple online application so far. Thank you.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very smooth way to loans"
      0.5 5.0/5 "Blown Away!"
      I need personal loan & it seems easiest way to avail through Bankbazaar. Also I am feeling very much comfortable as the process is really quick. I wish good luck to everyone & recommend to go with Bankbazaar. Go with it to full fill yours all financial requirements through this site. Thanks.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      I got very good response in concern to my personal loan application with bank bazaar. The customer service with bank bazaar is really good and very supportive. The website with bank bazaar is easy to use and user friendly. I am satisfied with the bank bazaar service.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The ICICI bank executives told that the private or public company employees are not eligible to get the loan, They are not interested to give the loan for the people those who own a company. The customer service and the response was average with ICICI bank. The rate if interest charged by them is higher than the normal one.
      Was this review helpful? 0
      , konnagar
      Reviewed on Jul 19, 2017
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The HDFC bank service is really good in concern to my personal loan. The customer service and the response was good with HDFC bank. The rate of interest is nominal with HDFC bank. I have choose the HDFC bank for my personal loan because of their low interest rate.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      Bank bazaar maintains prompt follow up with the customers, because they will fix appointments and reaches the customer on appropriate time. The website with bank bazaar is easy to use and user friendly. The customer service and the response is very good with bank bazaar.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I haven't proceeded with Kotak Mahindra bank because of their interest rate. I have chosen HDFC bank for my personal loan. The customer service and the response with Kotak Mahindra is good and supportive. The rate of interest is high with Kotak mahindra when compared with HDFC bank. I would say I got an average service from Kotak Mahindra.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I got immediate response from bank bazaar in concern to my personal loan application. The customer service and the response is really good with bank bazaar. The website with bank bazaar is easy to use and user friendly. I would say bank bazaar gives very good service to the customers.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I haven't received any kind of calls from ICICI bank in concern to my personal loan application and I am not sure why they have closed my application. The customer service and there response part need to improved with ICICI bank. The rate of interest is nominal with ICICI.
      Was this review helpful? 0
      , bhimavaram
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The service provided by bank bazaar is quick and fast. The customer support and the response is really good with bank bazaar. The bank bazaar website is easy to use and user friendly. I get to know about bank bazaar through google web search. I am with bank bazaar for past 6 months. I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      ICICI executive gave a call and explained me about the product very clearly and helped me to know about the product briefly . The customer service and the response is very good with ICICI bank. The rate of interest is nominal with ICICI bank. I am happy about the ICICI bank service.
      Was this review helpful? 0
      , ankleshwar
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I am with bank bazaar for past more than year. I get to know about bank bazaar through online web search . The customer service and response with bank bazaar is really good. The web site with bank bazaar is easy to use and customer friendly. I am satisfied with the bank bazaar service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • ICICI Bank Personal Loan
      "Need improvement"
      0.5 3.0/5 "Satisfactory"
      I have applied credit card personal loan twice with ICICI bank, but there was no response in concern to my applications. The customer service and the response is average with ICICI bank. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • SBI Personal Loan
      "Improvement needed in service"
      0.5 5.0/5 "Blown Away!"
      The personal loan process need to be quick and fast with SBI. The customer service and the response need to be focused a lot. They are talking too much of time to disburse the personal loan. They took around 10 to 15 days of time to disburse my loan and they call it as express in disbursing the loan. As I hold a salary account with SBI they have offered me with low interest rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 4.0/5 "Great!"
      The response is really good with bank bazaar executives . The customer service and the follow up with bank bazaar is really good. I got to know about bank bazaar through online web search. I am with bank bazaar for past 2 months. The website with bank bazaar is easy to use and user friendly, I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2017
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