Personal Loan is an unsecured loan which doesn’t require any security and can be availed for any

purpose like marriage, personal use, purchasing consumer goods and Holidays expenditure.

Reasons to go for a personal loan:

 You do not have an asset or security against which you could get a loan.
 You are sure that you will be able to repay the loan EMIs.
 Due to an emergency and you need funds immediately.

How Personal loan helps:

 With no security this is the only loan which would be available to you.
 Essential and emergency need is fulfilled.
 Processing time for a personal loan is shorter than most other loans due to minimal
documentation.

Personal Loans

What is a Personal loan?

Personal Loan is an unsecured loan for personal use which doesn’t require any security or collateral and
can be availed for any purpose, be it a wedding expenditure, a holiday or purchasing consumer
durables, the personal loan is very handy & caters to all your needs. The amount of loan can be ranged
from Rs. 50,000 – Rs. 20 lakh & the tenure for repaying the loan varies from 1 to 5 years. More
Information about personal loan section click articles about personal loan and Personal loan must read.

Benefits of Personal loan

1. A Loan without security : A Personal Loan is not a secured loan (bank doesn’t ask for any security
or collateral) as against a Secured Loan where one is required to pledge a house or other security to
acquire a loan.

2. Simple Documentation: A Personal Loan can be accessed with minimal paperwork or

documentation & doesn’t take much time to procure as against a Secured Loan.

3. No specification about the end use of the loan amount : You are not required to disclose the
end use of the money borrowed, Banks are concerned about the fact that whether the borrower is able
to pay back the loan with interest before the due date or not and they confirm this by checking the
income, employment or business & other factors of the borrower.

4. Big Loan amount : Personal Loan is a means to fulfill bigger loan requirement, you can take a loan
ranging from Rs. 50,000 to Rs. 20 lakh.

Basis to Compare Personal Loans

• Compare Interest Rates : Personal Loan can be compared primarily on the basis of interest rates
which vary across banks depending on your profile which is further linked to your occupation,
salary/income, credit history etc. The personal loan interest rate ranges from 12% to 25%, you must go
for that loan which is offering you at the minimum rate.

• Other Charges : You should also check on the other charges like processing fee, pre-payment
penalties and documentation fee because they increase the overall loan cost and vary widely across
banks. 

• Evaluation of various Loan offers : You should first calculate the entire loan cost across banks
which constitutes the rate of interest & banks other charges. Evaluate offers keeping the tenure of the
loan constant & compare the rate of interest, EMIs & other charges. This process will help you get the
Best Loan deal.
• EMIs : EMI is the monthly equated installment which constitutes the principal amount and the interest
on the principal equally divided across each month in the loan tenure. Use our EMI Calculator to
compare EMIs across banks

• Tenure : Tenure is the time frame for the personal loan payments to be paid back to the bank; it
ranges from 1 year to 5 years. If you have a longer tenure you will end up paying more interest & will
have lower EMI, on the other hand shorter loan tenure will carry higher EMIs & the interest amount is
less. You must compare the loan offers by keeping the tenure constant. 

• Eligibility Check : Before taking a personal loan you must know the eligibility criteria’s offered by
various banks on the basis of which they offer loans and also compare personal loan banks. Checking
the eligibility parameters will help you find the best loan deal. Check out your eligibility by various
banks.

• Turnaround time : It becomes one of the most important factors in evaluation of your loan
application when you are in a dire need of money. Turnaround time is the time which banks take in
processing your loan application; you must check this parameter which varies from bank to bank.

Charges involved in Personal Loan

The Rate of interest alone should not be judged before you finalize your application, apart from the rate
of interest, Personal Loan also constitutes other charges levied by the lender which affect the overall
cost of your loan & should be considered while comparing it across banks. Following are the lists of
charges:

• Processing fee : It is a fee charged by banks from the borrowers to process their loan application; it
is normally between 1-2 percentage of the loan amount.

• Prepayment fee : Banks charge borrowers with a fee when they pay the loan EMIs before the tenure
which normally is between 2-5% of the outstanding loan amount. 

• Late penalties : When there is a delay in paying your monthly EMIs of your loan, banks charge a late
payment fee with your EMIs. They normally range from 2-3% of the EMI.

• Cheque bounce charges : Banks charge between Rs. 250-500 for every bounced cheque given for
the payment of the loan amount owing to the insufficient funds in your account.

• Documentation charges : These are the charges for verifying the borrower’s documents to
processing the loan application. These vary from Rs. 500-Rs. 1000.

• You should note that the above charges vary across different banks; you should consider these
charges before choosing the personal loan as they will determine its real costs.

Documents required in Personal Loan 

The documentation process in personal loan is very fast as against secured loans. Following documents
are required by financial institutions to process the loan application:
• Identity proof
• 3 to 6 months Bank statements
• Residence proof
• Salary slip
• Guarantors & their same set of documents
In case of self-employed banks require balance sheets, profit & loss account, partnership deed & other
mandatory documents etc.

Personal Loan Criteria by various banks 

Banks offer Personal Loan to borrowers depending on various factors such as income, employment,
continuity of business so as to make sure that they repay the loan with interest before the due date. The
eligibility criterion of a Personal Loan is primarily based on the work profile of a loan seeker which is
broadly divided into the following two classes: 
- Self-employed
- Salaried
In addition to the above factors banks also consider other aspects such as age, work experience,
existing relationship with the bank, repayment capacity etc.
To find your eligibility Criteria across various banks in accordance with the above parameters;
Deal4Loans has brought in the Eligibility Criteria Check for Personal Loan seekers.

How does the Cibil Score affect your loan application?

This a norm wherein the banks before giving Personal Loan checks the database of all loan borrowers in
the country by the Credit Information Bureau of India (CIBIL) which is called the Cibil Score. If there has
been a default in your loan payment; your loan application would certainly be rejected. Your Cibil score
ranges from 100 to 999, for instance if your credit score is 100 then your loan application might be out
rightly rejected. On other hand if it is higher say 800, then your loan application would be processed
faster & will be rewarded with lower interest rates & discounts in processing fee & other charges.
You can improve your credit score by repaying your loan EMIs on time and always pay the minimum
payment on your credit card to avert from the bad credit score.

Reducing Interest Rate or Flat Interest Rate, which is better?

The Personal loans Interest Rates vary between 14% and 25% depending on your profile & payment
ability. There are basically two types of interest Rates offered by banks which are 
1. Reducing Balance Interest Rate
2. Flat Interest Rate
In the Reducing Interest Rate calculation method, the interest on your loan keeps on reducing as it is
calculated on the reduced principle amount which gets reduced daily, monthly, quarterly or annually.
Flat Interest Rate calculation method on other hand implies that your rate of interest remains the same
& is calculated over the entire loan period. The outstanding loan amount is never reduced over the loan
tenure.

It is always advised to take a loan at reducing balance interest rates as the Flat rate calculation comes
out to be really expensive.

Important pointers in Personal Loan

Increase your loan eligibility : You can increase your eligibility of the loan amount by clubbing your
income with your spouse’s income.

Relationships with banks : You can get discounts on interest rates if you take a loan from a bank that
you already deal with for your existing relationship, in this case banks will consider your past records of
credit repayments and your saving account balance and you will be offered discounts on the basis of
your current relationship.

Cibil Score Check : You must know that your credit history play a very important role in the
acceptance of your loan application as CIBIL keeps a record of credit history by collecting your credit
data from various financial institutions. A decent credit score not only gives a green signal to your loan
application but also offers you lower interest rates by the bank.

Penalties : If you think of closing your loan earlier, this will invite the pre-payment charges levied by
the bank which are upto 5% of the outstanding loan amount. Some banks have this norm wherein you
are not allowed to close your loan within the first six months of your loan term. You should also know
about the charges taken by the bank for paying your EMI late.
 Personal Loan Rate of Interest
( Last edited on : 24 July 2010 )
Interest
Bank Apply
Rates

Citibank 16.5%-18.5%

HDFC Bank 15.5%-22%

Fullerton India 15.5%-28%

Citifinancial 16%-21%

SBI 16%-20%

BASIS TO COMPARE

Personal Loans Interest Rates

(Last edited on : 24 July 2010)

Personal loan rates in India depend on various criteria, one being the income level. Different banks have
different classifications based on which interest rates are calculated. To start with whether you are
working for an employer (salaried) or you are an employer yourself (self – employed). The factors which
determine yourPersonal Loan interest rates are as follows: -
• Income
• Your Company Status
• Credit and Payment history.
• Relationship with the Bank you intend to take loan from.
• Individual’s Negotiating Ability.

Read below how these factors effect your Interest rates **

To help its customers get the best interest rates on personal loans deal4loans has consolidated all the
information regarding latest rate of interests at one place. Please keep visiting this section to get
updated rates of interests on personal loans.

Salaried

Banks/Rate Pre-
s Paymen Processin
CAT A CAT B Others Apply
t g Fees
Charges
Fullerton
15.5% 21%-23% 21%-28% 4% 2%
India
HDFC Bank 15.5% 15.5% 22% 4% 2% if
(for 75,000 & above (for 75,000 & salaried
salary), above account in
16% salary), HDFC -
(for 50,000-75,000 16% other wise
salary), (for 50,000- 2.5%
17% 75,000
(for 35,000-50,000 salary),
salary), 17%
19% (for 35,000-
 (below 35,000 50,000
salary) salary),
19%
(below
35,000
salary)
Only for Only for
Citibank Citibank
account account
16% holders: 17 holders: 17
(more than 50000 % %
salary), (for more (for more
16.5% than 50000 than 50000
Citibank (for 35000-50000 salary), salary), 5% 2%
salary), 18% 18%
17.5% (for 30000- (for 30000-
(between 22000- 50000 50000
35000 salary) salary), salary),
18.5% 18.5%
(20000- (20000-
30000 salary) 30000 salary)
16% 16%-20% 16%-20%
State Bank
(Guarantor (Guarantor (Guarantor N.A. 2%-3%
of India/SBI
required) required) required)
Citi
16% 17%-18% 21% 5% 2%
Financial
Andhra 15.75%-16.75% 16.75%- Rs250-
N.A. N.A.
Bank 18.75% Rs1000/-
16%
Axis Bank 18% 19%-23% Nill 2%

Bank of
15% 15.5% N.A. N.A. 2%
Baroda
1.50% of
14.5%
Corporation the loan
(undertaking letter N.A. N.A. N.A.
Bank amount or
required)
Rs.500/-

ICICI Bank N.A. N.A. N.A. N.A. N.A.

17%- 18.50%-
17.50% 19%
14%-14.50%
(for 1 lac & (for 1 lac &
(for 1 lac & above
above above
salary), 
salary),  salary),
Standard 15.50%-16.25%
17.50%- 19%-
Chartered (for 50,000 to 1 lac 2%-5% 1%-2%
18.25% 19.75%
Bank pm),
(for 50,000 to (for 50,000 to
16.50%-17.50% 
1 lac pm), 1 lac pm),
(for 50,000 pm
18%-19%  20%-21% 
salary)
(for 50,000 (for 50,000
pm salary) pm salary)
13.5%  13.5% 
13.5% (against (against
(against security of security of security of
Syndicate
IVP, NSC, KVP, LIC IVP, NSC, IVP, NSC, N.A. N.A.
Bank
policies, RBI Relief KVP, LIC KVP, LIC
Bonds) policies, RBI policies, RBI
Relief Bonds) Relief Bonds)
16% 16%-18% 16%-18%
United Bank
12%(For 12%(For 12%(For N.A. N.A.
Of India
pensioners) pensioners) pensioners)

Vijaya Bank 16% N.A. N.A. N.A. N.A.

Where
CAT A refers to - Top 1000 companies
CAT B refers to - Multi National Companies( MNC's )
CAT C refers to - Small companies
Non Listed refers to - Smaller companies with 100 emloyees.
Loan Surrogates refers to - Any running loan from any bank
Income : If your Income is above a certain limit, Banks believe that your chances of not paying are
lesser as you have Income to pay. Income above 75 per month usually gets some discounts from
all personal loan Banks.
Your Company Status : If the company you are working with is a well known corporate, the Banks feel
that you are less likely to shift from your job and will result in lesser defaults.
Credit and Payment History : Banks follows Cibil scores/rating before deciding giving loans. If your
payments for Credit Cards and Loans is not upto mark , you have the most likely chance of being
rejected for the loan or the Bank will give you at a much higher rate.
Relationship with Bank : The Bank where you have your Salary account/Savings account is likely to
pass on you to some special rate for your personal Loans or Processing fee.
Individuals Negotiating Skills : Based on your above points you can always ask Bank to give you
waivers on Rates, Fees Etc.

Disclaimer: Please note that the interest rates given here are based on the market research. To enable
the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised
to recheck the same with the individual companies / organizations. This site does not take any
responsibility for any sudden / uninformed changes in interest rates.
Banks/ Financial Institutions can contact us at customercare@deal4loans.com for inclusions or updates.
Top
Bank Rate  Processing Apply
of Interest Fee Here

Citibank 16.5%-18.5% 2% APPLY

HDFC Bank 15.5%-22% 2% - 2.5% APPLY

Fullerton India 15.5%-28% 2% APPLY

Citifinancial 16%-21% 2% APPLY

SBI 16%-20% 2%-3% APPLY

 Your Criteria : Multi-purpose Personal Loan SBI ▼ Show Options  

Features: The bank offers a personal loan called 'SBI SARAL PERSONAL LOAN' with interest
calculated at a daily reducing balance. The loan can be used for any legitimate purpose such as
expenses for domestic or foreign travel, medical treatment of self or a family member, meeting any
financial liability such as marriage, defraying educational expenses, meeting margins for purchase of
assets etc. The maximum loan amount is 12 times the net monthly income (subject to a maximum
limit of Rs. 10 lakh), with a repayment period of up to 48 months.
  SBI (for Personal Loan)

Interest Rate: 14.0

Loan Eligibility: 4.39 to 5.85

Emi: 3,418

Tenure 3

Age 30

Processing Fee: 2-3% of loan amount

1% of loan amount if paid
Prepayment Charges:
before 6 months
Guarantor: No

Security: No

Margin: Nil

COMPARE : PERSONAL LOAN

State Bank of India Personal Loan

Introduction

SBI provides SBI Saral personal loan to help you in meeting

any kind of personal expenses whenever you need it to meet
your requirements. Loan is provided at low interest rates, no
hidden costs or administrative charges, no prepayment
penalties and comfortable repayment tenure.

Highlights

  Salaried Self Employed

Loan Scheme SBI Saral SBI Saral
Personal Loan Personal Loan
Loan Type Term Loan Term Loan
Loan Amount Max Loan: 12 Max Loan: 12
times the times the
monthly income monthly income
Tenure Min. - 12 Yrs. Min. - 12 Yrs.
Interest Rate Min. - 16 % Min. - 16 %
Max. - 16 % Max. - 16 %
Time to Process Loan 2 days 2 days
  Fees & charges

 Eligibility Criteria

Show All Personal Loans

COMPARE : PERSONAL LOAN

Compare Personal Loan Rates   (Last Edited: Jul 8, 2010)

Click the column heading to sort based on your preferences.
Min Min Max
Rate Max Loan
Bank Eligibility Loan Tenure Tenure  
(%) (Rs)
(Rs) (Months) (Months)

   

HSBC Bank 13.00 Age: 50000.00 600000.00 12 60 More

21 - 58 Yrs. Info
Scheme: Monthly Income:
My Terms Rs 7000.00
Credit
More

Other Banks:
Syndicate 12.25 50000.00 300000.00 12 60 More
Bank Info

State Bank 12.25 24000.00 300000.00 12 72 More

of Info
Hyderabad
Bank of 12.50 50000.00 200000.00 12 36 More
India Info

Scheme:
star
personal
loans
Punjab 12.75 Age: 15000.00 400000.00 12 60 More
National 21 - 58 Yrs. Info
Bank Monthly Income:
Rs 7000.00
More
Indian 12.75 50000.00 1000000.00 12 48 More
Overseas Info
Bank
Karnataka 12.75 5000.00 2500000.00 12 60 More
bank Info

Allahabad 13.00 15000.00 75000.00 12 36 More

Bank Info

Central 13.00 50000.00 200000.00 12 48 More

Bank of Info
India
Oriental 13.00 50000.00 150000.00 12 60 More
Bank of Info
Commerce
UCO bank 13.25 50000.00 1500000.00 12 48 More
Info
State Bank 13.25 50000.00 900000.00 12 60 More
of Bikaner Info
and Jaipur
Jammu & 13.25 50000.00 700000.00 12 84 More
Kashmir Info
Bank
Vijaya Bank 13.75 50000.00 200000.00 12 60 More
Info
ICICI Bank 14.00 Age: 50000.00 1000000.00 12 48 More
25 - 58 Yrs. Info
Scheme: Monthly Income:
Personal Rs 8000.00
Loan
More
AXIS BANK 14.00 Age: 100000.00 2000000.00 12 60 More
21 - 60 Yrs. Info
Scheme: Monthly Income:
Personal Rs 7000.00
Power
More
Bank of 14.00 50000.00 150000.00 12 36 More
Maharashtra Info

Scheme:
Mahabank
Personal
Loan
Scheme
State Bank 14.00 25000.00 1000000.00 12 60 More
of Patiala Info

State Bank 14.25 50000.00 1500000.00 12 60 More

of Info
Travancore
Bank of 14.50 Age: 20000.00 200000.00 12 36 More
Baroda 21 - 58 Yrs. Info
Monthly Income:
Scheme: Rs 8000.00
Baroda
Personal More
Loan
Indian Bank 14.50 50000.00 1500000.00 12 48 More
Info
Kotak 15.00 Age: 50000.00 5000000.00 12 60 More
Mahindra 23 - 58 Yrs. Info
Bank Monthly Income:
Rs 10000.00
More
Canara 15.00 50000.00 1500000.00 12 60 More
Bank Info

Scheme:
Can Budget
Dena Bank 15.00 15000.00 100000.00 12 36 More
Info
Deutsche 15.00 50000.00 1500000.00 12 60 More
Bank Info

State Bank 15.00 50000.00 150000.00 12 36 More

of Mysore Info

Union Bank 15.00 10000.00 100000.00 12 36 More

of India Info

HDFC Bank 15.50 Age: 25000.00 1000000.00 12 60 More

21 - 60 Yrs. Info
Scheme: Monthly Income:
Personal Rs 7000.00
Loan
More
Andhra 15.75 50000.00 1500000.00 12 60 More
Bank Info

Scheme:
AB Personal
Loan
Catholic 15.75 50000.00 2500000.00 12 60 More
Syrian Bank Info

State Bank 16.00 Age: 24000.00 1000000.00 12 48 More

of India 21 - 58 Yrs. Info
Monthly Income:
Scheme: Rs 5000.00
SBI Saral
Personal More
Loan
Standard 16.00 Age: 50000.00 3000000.00 12 60 More
Chartered 21 - 58 Yrs. Info
Bank Monthly Income:
Rs 11000.00
More
ABN AMRO 16.00 Age: 25000.00 1500000.00 12 60 More
25 - 70 Yrs. Info
Monthly Income:
Rs 15000.00
More
Citi Bank 16.00 Age: 40000.00 1500000.00 12 60 More
21 - 58 Yrs. Info
Monthly Income:
Rs 10000.00
More
IDBI Bank 16.00 50000.00 1000000.00 12 60 More
Info
Reliance 16.00 50000.00 1700000.00 12 60 More
Capital Ltd. Info

Federal 16.25 50000.00 200000.00 12 60 More

Bank Info

Centurion 18.00 50000.00 1500000.00 12 60 More

Bank of Info
Punjab
Barclays 18.00 40000.00 1700000.00 12 84 More
Info

Highlights

  Salaried Self Employed

Loan Scheme SBI Saral Personal Loan SBI Saral Personal Loan
Loan Type Term Loan Term Loan
Loan Amount Max Loan: 12 times the Max Loan: 12 times the
monthly income monthly income
Tenure Min. - 12 Yrs. Min. - 12 Yrs.
Interest Rate Min. - 16 % Min. - 16 %
Max. - 16 % Max. - 16 %
Time to Process Loan 2 days 2 days
  Fees & charges

  Salaried Self Employed

Processing Fee 2% 2%

  Eligibility Criteria

  Salaried:

Monthly Income Rs 5000

Age Min.: 21 Yrs.   Max.: 58 Yrs.

Documents Required:

ID Proof Yes

Residence Proof Yes

Income Proof Yes

Telephone No

Photograph Yes

Bank Statement Yes

Signature Proof Yes

  Self Employed:

Monthly Income Rs 7000

Age Min.: 21 Yrs.   Max.: 65 Yrs.

Documents Required:

ID Proof Yes

Residence Proof Yes

Income Proof Yes

Telephone No

Photograph Yes

Bank Statement Yes

Signature Proof Yes

FROM SBI WEBSITE

(FAQ) PERSONAL LOAN
[Print Page]

Q. What are my loan limits?

A. Your personal loan limit would be determined by your income and repayment
capacity. Normally you can avail a loan upto Rs.2.50 lacs. However, if in metros of
NewDelhi, Mumbai, Bangalore, Chennai, Hyderabad and Kolkata, salaried
individuals or self-employed professionals can avail Personal Loan upto Rs.5.00
lacs. If the salary of a salaried individual is credited to his/her account with our
Bank or a self-employed professional has been maintaining a satisfactorily
conducted account with us, a Personal Loan of up to Rs.10 lacs can be sanctioned.

Q. Can my spouse’s income be included for calculating the loan amount?

A. Yes, your spouse's income can be included provided he/she guarantees the loan
or the loan is taken jointly.

Q. What are the important documents that I need to provide?

A. You will need to furnish only the following documents if you are an existing
customer of the Bank: 
- Passport size photograph
- Proof of official address for self employed individuals and professionals. This can
include shop and establishment certificate/Lease deed/Telephone Bill
- Latest Salary clip and Form 16, in the case of salaried persons
- IT returns for the last two financial years, in the case of self employed individuals
and professionals

If you are not an existing bank customer you would also need to establish your
identity and give proof of residence.

Q. Do I have to pledge some form of security? 

A. No security is required.

Q. What is the repayment schedule like?

A. The minimum amount that you are expected to pay every month is the EMI. You
are allowed to pay more than the EMI if you wish to, and we do not charge any
prepayment penalty.

Q. What is EMI? 
A. EMI stands for Equated Monthly Installments. This installment comprises both
principal and interest components. Use the EMI calculator to find out your monthly
payments based on the loan amount, the rate of interest and the repayment
period. Choose the combination that best meets your financial resources and
requirements.

Q. Can I prepay the loan? Are there any penalties? 

A. Yes, you can prepay the loan partly or fully, at any stage, without any
prepayment penalty.

Q. What is the processing fee? Are there any other charges?

A. Processing charges are 1 per cent of the loan amount. This is amongst the
lowest fees in the industry. Processing fees have to be paid upfront. There are no
hidden costs or other administrative charges.

Q. Do I have the option of choosing a fixed or floating rate for the loan? 
A. You have the option to avail the loan with either a fixed interest rate or a
floating one. In the case of a fixed rate loan, the interest rate on the loan will
remain fixed through the entire tenure of the loan, whereas in the case of a floating
rate loan, the interest rate could decline or rise in line with the changes in the
Bank's Medium Term Lending Rate (SBMTLR).

Q. How does SBI Personal loan compare with those offered by other
 banks? 
A. There is total transparency with regard to the rate of interest and the fees
charged by us. 
- We offer personal loans at the cheapest rates of interest, with no security or
collateral 
- We offer loans for the longest tenors (48 months), with the flexibility provided to
reduce the tenor by prepaying the loan without any penalty. 
- We provide finance for any personal need or requirement, the total amount being
determined on the basis of repaying capacity. 
- With an SBI personal loan you can choose between fixed rates of interest and
floating interest rates. 
- We levy interest based on daily/monthly reducing balance, unlike the annual
reducing balance method used by several other banks.

Q. How do I benefit if the interest is calculated on a daily/monthly

reducing balance? 
A. On an annual reducing balance method, you will continue to pay interest on
amounts you repay during the coming one year as the interest for the year is
determined on the basis of the balance outstanding at the beginning of the year.
In the case of the daily/monthly reducing balance, which is the methodology we
employ, your interest is calculated only on the outstanding loan amount, which
reduces every time you pay off your EMIs or make any prepayments. This in
essence lowers your effective rate of interest significantly.

SBI SARAL PERSONAL LOAN

[Print Page]

Do you want funds readily available to you whenever you desire or need, be it a sudden
vacation that you plan with your family or urgent funds required for medical treatment?
SBI Saral - Personal Loan is the answer to your questions. 
Access this facility from over 3000 branches across the country and confidently face the
challenge of meeting any kind of personal expenses!! 
 
Enjoy the SBI Advantage :
 
Low interest rates. Further, we charge interest on a daily reducing balance!!
Low processing charges; only 2%-3% of loan amount
No hidden costs or administrative charges.
No security required ……which means minimal documentation…something that you
had always wanted.
No prepayment penalties. Reduce your interest burden and optimally utilize your
surplus funds by prepaying the loan (1% of the loan amount will be charged if you
repay the loan before 6 months)
Long repayment period of up to 48 months.
 
 
The Scheme
 
Purpose
The loan will be granted for any legitimate purpose whatsoever (e.g. expenses for
domestic or foreign travel, medical treatment of self or a family member, meeting any
financial liability, such as marriage of son/daughter, defraying educational expenses of
wards, meeting margins for purchase of assets etc.) 

 
Eligibility
You are eligible if you are a Salaried individual of good quality corporate, self employed
engineer, doctor, architect, chartered accountant, MBA with minimum 2 years
standing.    

Salient Features
Loan Amount
Your personal loan limit would be determined by your income and repayment capacity. 
Minimum  : Rs.24,000/- in metro and urban centres
Rs.10,000/- in rural/semi-urban centres

Maximum : 12 times Net Monthly Income for salaried individuals and pensioners  subject
to a ceiling of Rs.10 lacs in all centres

Documents Required
Important documents to be furnished while opening a Personal Loan Account:

 
For existing bank customers
Passport size photograph
 
From salaried individuals 
Latest salary slip and Form 16

Margin
We do not insist on any margin amount. 

Interest Rates:
Click here for Interest Rates

Repayment 
The loan is repayable in 48 EMI. You are allowed to pay more than the EMI if you wish
to, without attracting any prepayment penalty. 

Security
NIL

Processing Fee 
Processing charges are 2-3% of the loan amount. This is amongst the lowest fees in the
industry. Processing fees have to be paid upfront. There are no hidden costs or other
administrative charges.