Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    Sonata Microfinance

    Sonata Finance Private Limited began operations in 2006 and is headquartered in Allahabad. It provides customers with insurance and savings products, emergency loans, income-generating loans and a host of other financial products and services to help low-income Indian women. The aim of the bank is to help microfinance achieve financial self-sustainability using training, technology and processes to ensure that their customers have access to the best of banking. The bank has adopted both group lending as well as individual lending as its approach, lending funds to individuals and groups as big as 10 to 20 women.

    Approach

    • Cash-free operations: Loans are disbursed by Sonata Finance Private Limited via bearer cheques. The collection is either deposited in the bank’s branch offices or the bank’s accounts in commercial banks as doing so reduces risk and ensures that the amount of cash floating around is relatively low.
    • Focus on women: The bank offers exclusive products and services for women to help them gain easy access to finances that can be invested in their children or their household.
    • Customised products: The bank has tailored loans with low repayments after considering the various wage structures, income-generating and consumption activities to ensure that emergency distress sales are avoided. The first loan sanctioned is usually quite low in order to help customers develop collective responsibility and credit discipline.

    Features of Loan Products

    Income generating loans
    1. The purpose of the loan is income generation
    2. This loan is only offered to women
    3. The household income requirement is more than Rs.60,000
    4. Repayment must be done on a weekly basis
    5. The minimum amount that can be borrowed is Rs.7200 and the maximum is Rs.19,650
    6. The shortest term is 12.2 months and the highest is 23.3 months
    7. The interest rate is currently 26%
    8. Interest is calculated on a reducing balance method
    Utility Finance
    • Finance in times of emergency for any purpose
    • The loan is only offered to women
    • The minimum amount that can be borrowed is Rs.1000 and the maximum is Rs.6770
    • The interest rate varies from 23.12% to 26%
    • Interest is calculated on a reducing balance method
    • The shortest term is 3.6 months and the highest is 8.9 months

    Features and Benefits of Sonata Finance Loan Products

    • Processing fee is levied when the loan is disbursed
    • There are no penalties in any case
    • The loan can be availed without pledging any asset as collateral
    • Prepayment can be done without penalties
    • Repayment can be done in monthly, fortnightly and weekly instalment depending on the borrower’s choice
    • Loans are granted to support customers who wish to engage in income-generating activities
    • There are no additional fees
    • The maximum amount offered to customers is Rs.50,000
    • The minimum annual income requirement for rural customers is Rs.60,000 and Rs.120,000 for urban customers
    • All loans are compulsorily verified by the credit bureau before they are disbursed

    Customer Reviews

    • Bank Bazaar Personal Loan
      "Good website for credit score"
      0.5 3.0/5 "Satisfactory"
      Bank Bazaar online application is good I used to check my credit score. I am fine with the report and information but I suggest post process should be improved, based on the customer's profile the loan eligibility should be more. However the response is good from your end.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 25, 2019
    • Kotak Personal Loan
      "Network should be enlarged"
      0.5 4.0/5 "Great!"
      My area pin code was listed in Kotak Mahindra bank, there was no alternate option to take the personal loan. However the response is very good they reached me on time. I believe the interest rate and charges are nominal for the personal loan. They need to include all area for the loan approval.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My friend had suggested me about the bank bazaar for checking credit score as he regularly check his score through bank bazaar,and this was my first experience even i have check credit score through bank bazaar,and i got call from them that i am eligible for loan,so i have applied, i have downloaded mobile application,it is easy to access.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Early Salary Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      The service was good but one i will do payment i will get to know about it,and The loan amount which they have given me was not sufficient i have been expected more,and the rate of interest they have charged me was nominal,they have charged me up to 5.5% ,and they have not charged me processing fee,but for doing payment i need expected up to 6 months of tenure period but only for 2-3 months they are giving as tenure period.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have applied my loan through bank bazaar the loan got cancel but i am happy with the services . Their Mobile application is easy to use and light. Overall their platform is really useful for comparing . Only they ask so much of documents . The Customer support follow up was also good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I applied my loan through TATA CAPITAL but the application got cancel and the reason is i am in need of car loan but they were providing me personal loan . But whatever experience i got was good , i do not have to struggle much it was very hassle free process . Overall it is good .
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have got my personal loan through HDFC BANK , they charge processing fee and tenure period is 3 year . The rate of interest is good with this bank, and they provide sufficient loan amount . Customer support is good and they provide preclosere option with this bank .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I applied my loan through bank bazaar but it got cancel because of some personal reasons . Bank Bazaar is a good platform to compare all the banking products available with various banks. I never faced any issues with their services. Overall it has been very good experience with bank bazaar . Website is easy to use .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "They need to improve services"
      0.5 3.0/5 "Satisfactory"
      I applied for my loan through TATA CAPITAL . I was in need of business loan but they was providing me personal loan so i rejected the application . I am not happy with their customer service response they said me they will call because i was facing some query but they did not .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      There is a Personal Loan going with HDFC BANK . R. My application was processed on time and rate of interest are not nominal here. The tenure period is 5 year . The loan amount is 400000 and it is sufficient . Within 5 min i got my loan amount . Overall it is good .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have been using BANK BAZAAR for while.The customer support is excellent they are very polite when they are talking , i did not face any issue with them and even at the time of documentation, the process was good . I came to know about this website through online .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "Very slow process "
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with TATA CAPITAL but i cancel the application because here the process was very slow they are not giving the loan soon it was taking so much time . So i took my loan from HDFC BANK they provide me 400000 of loan and within 5 minutes i got it .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I applied for a personal loan via Bank Bazaar. I have been using the Bank Bazaar services for a while. Mainly i use to check credit score , credit card offers through bank bazaar . After applying for loan they use to call immediately that was best thing of bank bazaar .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • Early Salary Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan amount was taken with EARLY SALARY , the customer support is excellent with this bank , i can connect them easily with them . The tenure period is 1.5 month and loan amount is up to the mark . They provide interest rate . I do not have to struggle much .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using the Bank Bazaar services for a while. The service is best, I got the loan with in few days, Documentation was very good and hassle free. Bank Bazaar is a convenient time saving services to purchase various financial products from one website.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with TATA CAPITAL and i am happy for the reason that my application processed on time and there was no delay. The rate of interest is 13.5% reasonable here. My loan has a tenure period of 3 years . I applied for 100000 and i got the same amount .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I had applied for a personal loan with HDFC BANK and it happened to take few days. Over all I am happy with their service. I close this loan . I thought i would get loan on instant Approval, but when contacted they said they have some technical issue and later it was sorted out. Interest rates are reasonable here.
      Was this review helpful? 0
      , indore
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Customer service response is very satisfactory, i did not face any difficulties throughout the process. I have been using bank bazaar service for past many month. I came to know about their services when i am checking credit score . Overall my experience was good.
      Was this review helpful? 0
      , indore
      Reviewed on Mar 25, 2019
    • Kotak Personal Loan
      "Shud stick to the promise ROI watever they said initially"
      0.5 3.5/5 "Pretty good"
      My personal loan was taken with KOTAK MAHINDRA BANK , they provide 200000 of loan amount . The tenure period is 3year . They charge very high processing fee it is 4000 and service was good . Initially they said 10.99% rate of interest but later they charge 11.25% .
      Was this review helpful? 0
      , indore
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Good door step service provider"
      0.5 5.0/5 "Blown Away!"
      I got the door step service through HDFC, the field executive came to my place for documentation. I got preapproved loan because I am an existing customer. I got 12% of interest for the personal loan amount Rs. 3.7 lakhs with the tenure of 60 months. They have foreclosure option after 6 months of emi but charges applicable.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 25, 2019
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