Personal Loan Mustread

Why Personal Loan ?
In this day and age of internet everything you need is just a click away. And so are loans. The loan process has also become more easier and more customer-friendly. Consumerism has increased to such extent that it makes us want things NOW rather than wait for months or even years to save enough money to buy things we want.

Therefore, today we don't think twice before committing ourselves to indebtedness. The personal loan schemes are quite promising today, no doubt. But we need to be extra careful.

Unsecured loans, such as personal loans are usually very expensive. While availing a loan has become affordable and simple, it does have its drawback.

The personal loan banks may not always tell you the full story. Therefore it is important for us to delve deep into any loan offer and make the right choice.

Here are some helpful tips to look out for before you decide to avail personal loan

1. You should do a complete and detailed market survey of the various options like the interest rates they offer, the pre-payment charges they levy, terms and conditions.

2. Interest rates are the most critical of all the costs that you pay. Therefore you should go for the cheapest option. Beware of banking terms like flat personal loan interest rates that appear to be cheaper but are in fact the most expensive. For example a 7% flat rate would come out to an effective cost of around 13%. Therefore its better to choose a monthly reducing balance option than a half-yearly reducing option or flat-rate option. This means lower effective cost for the same stated interest rate. Interest-free loans are sometimes too good to be true but view them with suspicion.

3. There will also be other costs such as processing charges. You should ask for zero processing fees and zero-penalty for pre-payment option. If this is not available, then lowest cost would be better. Make sure you work out as to how much these other costs add up to. So even though the interest rate may be lower, it usually adds up to being expensive.

4. Usually the EMIs may come out a lot more than what you can afford on a monthly basis. But keep in mind that you should know that lower tenure will reduce the loan amount and lower loan amount will reduce the tenure.

5. Make sure that all deals and offers agreed upon are supported by relevant papers. So make sureyou always ask for a letter in a banks letter-head mentioning the likes of, exact rate of interests, processing fees, pre-payment charges along with interest-schedule. Also before signing the documents, make sure you recheck all terms and conditions.

6. Do not at any circumstance give any false information. This may amount to fraud and could land you in trouble.

7. Do not sign any blank documents. Even if it takes you a few hours to fill-up the form, please do so. Do not leave anything for the executive to fill-up.

8. Get more info about personal loan read Articles about personal loan.

Finally, once you have received a loan do your best to pay it back as quickly as possible. Banks make their money off the interest they charge and the sooner you pay back a loan the less money you will have to pay in interest. And again, thank you visiting our website.

Personal Loans Interest Rates

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.
* Never pay any fee/cash upfront to any person to get loan sanctioned. Processing fee are deducted from Loan amount.


Banks/Rates
Salaried
CAT A
CAT B
Others
Pre-Payment
Charges
Processing Fees
Apply
ICICI Bank
15.5%
(Salary Above 75,000)
16 % 
(Salary 50,000 -75,000)
17 % 
(Salary 30,000 -50,000)
18.25%
(Salary 20,000 -30,000)
18.5% 
(Less Than 20,000)

14% - 14.75%
(For Special Corporates)
15.5%
(Salary Above 75,000)
16 %
(Salary 50,000 -75,000)
17 %
(Salary 30,000 -50,000)
18.25%
(Salary 20,000 -30,000)
18.5%
(Less Than 20,000)

14% -14.75%
(For Special Corporates)
15.5%
(Salary Above 75,000)
16 %
(Salary 50,000 -75,000)
17 %
(Salary 30,000 - 50,000)
18.25%
(Salary 20,000 -30,000)
18.5%
(Less Than 20,000)
5%
2% - 2.25%
HDFC Bank
15.75%
(for 75,000 & above salary),
16.25%
(for 50,000-75,000 salary),
17.25%
(for 35,000-50,000 salary),
19.25%
(below 35,000 salary)
15.75%
(for 75,000 & above salary),
16.25%
(for 50,000-75,000 salary),
17.25%
(for 35,000-50,000 salary),
19.25%
(below 35,000 salary)
22.25%
4%
2% if salary account in HDFC - other wise 2.5%
Bajaj Finserv
15.75%
16%
16.5% - 17%
Nil
2% - 2.5%
ING Vysya
14.75% 
(for 75,000 & above salary),

15.75%
(for 40,000 - 75,000 salary),

17.25%
(for 30,000 - 40,000 salary)

0.5% Waiver for Ing Salary Account Holder

14.50% for ING Bank Employee
14.75%
(for 75,000 & above salary),

16.25%
(for 40,000 - 75,000 salary),

17.25%
(for 30,000 - 40,000 salary)

0.5% Waiver for Ing SalaryAccount Holder

14.50% for ING Bank Employee
16.25%
(for 75,000 & above salary),

16.75%
(for 40,000 - 75,000 salary),

18.25%
(for 25,000 - 40,000 salary)

0.5% Waiver for Ing Salary Account Holder

14.50% for ING Bank Employee
4%

Nil Foreclosure Charges Special Offer. Valid from ( 14th June 12 - 30th Sep 12 )
1.5% (For ING Salary Account Holder), 
other wise 2%
State Bank of India/SBI
16.75%
(Guarantor required)
16.75%-20%
(Guarantor required)
16.75%-20%
(Guarantor required)
4%
2%-3%
Fullerton India
21% - 32%
21% - 32%
21% - 32%
4%
2%
Standard Chartered Bank
16% - 17%
17% - 18%
19% - 22%
2%-5%
2%
HDBFS
16%
(for 75,000 & above salary),
17%
(for 35,000 - 75,000 salary),
18%
( below 35,000 salary)
16%
(for 75,000 & above salary),
17%
(for 35,000 - 75,000 salary),
18%
( below 35,000 salary)
17%
(for 75,000 & above salary),
18%
(for 35,000 - 75,000 salary),
21%
( below 35,000 salary)
NIL for Select Corporates Employees (CAT A & B) 4% For Rest
1% - 2%
Citibank
16%
( upto 30,000 salary),
15%
(above 30,000 salary)
17%
( upto 30,000 salary),
16%
(above 30,000 salary)
17%
( upto 30,000 salary),
16%
(above 30,000 salary)
3%
1% - 2%

Axis Bank
15% (For Super CAT A),
16% (For CAT A)
17%
19% - 20%
Nill
2% & Prepayment Charges Nil

Kotak Bank
15.5%
16.5%
18%-19%
4%
2%
Andhra Bank
15.75%-16.75%
16.75%-18.75%
N.A.
N.A.
Rs250-Rs1000/-
Bank of Baroda
15%
15.5%
N.A.
N.A.
2%
Corporation Bank
14.5%
(undertaking letter required)
N.A.
N.A.
N.A.
1.50% of the loan amount or Rs.500/-
United Bank Of India
16%
12%(For pensioners)
16%-18%
12%(For pensioners)
16%-18%
12%(For pensioners)
N.A.
N.A.
Vijaya Bank
16%
N.A.
N.A.
N.A.
N.A.





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 forCredit 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.

Before apply for personal loan, Calculate your personal loan emi with EMI Calculator

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.

HDB Financial Services Personal Loan

Features & Benefits

1) Loans up to Rs. 15 Lakhs.
2) Simple documentation.
3) Speedy processing.
4) Easy repayment through EMIs.
5) No guarantor/security required.
6) Convenience of doorstep service.
7) Special offer for employees of select companies.


Eligibilty & Documentation

Salaried Individuals include Salaried Doctors, CAs, employees of select Public and Private limited companies, Government Sector employees including public sector undertakings:

Eligibility Criteria
• Minimum age of Applicant: 22 years.
• Maximum age of Applicant at loan maturity: 58 years (60 years for Central Govt. employees)
• Minimum employment: Minimum 3 years in employment and minimum 1 year in the current organization.
• Minimum Net Monthly Income: Rs. 15,000 per month (Rs. 20,000 in Mumbai, Delhi & Bangalore ).

Documents required:
• Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence/Pan Card) .
• Address Proof (Ration card /Driving License/ Voter Id Card/ Utility Bill (any one within last 3months) / Registered Rental Agreement. / Credit Card Statement / Passport copy )
• Date of Birth Proof ( Driving License / Pan Card / Passport Copy / Birth Certificate / 10th / 12th marksheet bearing date of birth)
• Bank Statements (latest 3 months bank statement / 6 months bank passbook)
• Latest 2 months salary slip alongwith latest Form 16 / ITR / Appointment Letter.


Self employed (Professionals) include self - employed Doctors, Chartered Accountants, Architects, Company Secretaries.

Eligibility Criteria
• Minimum age of Applicant: 22 years.
• Maximum age of Applicant at loan maturity: 65 years .
• Years in business : Minimum 4 years with atleast 2 years in the same Business.
• Minimum Annual Income: Rs. 100000/- p.a. for Metro Locations & Rs. 75,000/- p.a. for non-metro locations.

Documents required:
• Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence/Pan Card)
• Address Proof (Ration card /Driving License/ Voter Id Card/ Utility Bill (any one within last 3months) / Registered Rental Agreement. / Credit Card Statement / Passport copy / Trade licence /Est./Sales Tax certificate).
• Date of Birth Proof ( Driving License / Pan Card / Passport Copy / Birth Certificate / 10th / 12th marksheet bearing date of birth)
• Bank Statements (latest 6 months bank statement / passbook)
• Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA

Self Employed (Individuals) include self-employed - Sole proprietors, Partners & Directors in the Business of Manufacturing, Trading or Services.

Eligibility Criteria
• Minimum age of Applicant: 22 years.
• Maximum age of Applicant at loan maturity: 65 years .
• Years in business: Minimum 4 years with atleast 2 years in the same Business
• Minimum Annual Income: Rs. 100000/- p.a. for Metro Locations & Rs. 75,000/- p.a. for non-metro locations.

Documents required:
• Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence/Pan Card)
• Address Proof (Ration card /Driving License/ Voter Id Card/ Utility Bill (any one within last 3months) / Registered Rental Agreement. / Credit Card Statement / Passport copy / Trade licence /Est./Sales Tax certificate).
• Date of Birth Proof ( Driving License / Pan Card / Passport Copy / Birth Certificate / 10th / 12th marksheet bearing date of birth)
• Bank Statements(latest 6 months bank statement /passbook)
• Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
• Proof of continuation (Trade licence /Establishment /Sales Tax certificate)
• Other Mandatory Documents(Sole Prop. Decl. Or Cert. Copy of Partnership Deed,Cert. Copy of MOA, AOA & Board resolution.)

Self Employed (Pvt Cos and Partnership Firms) include Private Companies and Partnership firms in the Business of Manufacturing, Trading or Services

Eligibility Criteria
• Years in business: Minimum 4 years seasoning from commencement of business.
• Business must be profit making for the last 2 years.
• Minimum Annual Income: Rs. 100000/- p.a. for Metro Locations & Rs. 75,000/- p.a. for non-metro locations

Documents required:
1) Address Proof (Utility Bill (any one within last 3months) / Registered Rental Agreement. / Credit Card Statement / Trade licence /Est./Sales Tax certificate).
2) Bank Statements(latest 6 months bank statement /passbook)
3) Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
4) Proof of continuation (Trade licence /Establishment /Sales Tax certificate/ SSI Registration)
5) Other Mandatory Documents (Sole Prop. Decl. Or Cert. Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original).)

Kotak Mahindra Personal Loan

Kotak Mahindra Bank offers Personal Finance - the single expert source for all your financial needs. Unexpected expenses, education, wedding in the family, home improvement or that long awaited vacation. Kotak Mahindra’s range of Personal Loan can help.

Features and Benefits of Kotak Mahindra Personal Loan

• Available loans from Rs.50,000 - 50 lakh
• Quick approval: With a Kotak Mahindra Bank Personal Loan, In as less as 72 hours you can turn your dreams into reality.
• Minimum Documentation & Simple free processing.
• Flexible repayment options: Our flexible loan tenors range from 12 - 60 months for salaried customers and from 12- 36 months for businessmen / professionals.
• Convenience of service at your doorstep: Our Loans are just a phone call away; you can fix an appointment with any of our representatives and they could assist you in all your loan formalities.
• Minimum Personal Loan Interest Rates.


Kotak Mahindra Banks also provides services in Business Loans, Home Loans, Credit Card, fixed deposit, insurance and Loan Against Property.

Salaried Individuals Rate of Interest of Kotak Mahindra Personal loan

Eligibility Criteria for Kotak Bank Personal Loan
Age of ApplicantMin-23 years (listed companies), 24 years (non-listed companies).
Max-58 years, 60 years (with proof of retirement).
No. of years in employment2 years & above (listed companies)
3 years & above (non-listed companies)
Current Experience1 year & above
Net Monthly IncomeRs. 25,000/- & above (listed companies)
Rs. 30,000/- & above (non-listed companies).

Loan Amount of Kotak Bank Personal Loan
Minimum FundingRs. 50,000/-
Maximum FundingRs. 15,00,000/- (listed companies) ,
Rs. 10,00,000/- (non-listed companies)

Loan Tenure offered by Kotak Bank
Minimum Tenure12 months
Maximum Tenure48 - 60 months (listed companies) 36 months (non-listed companies)

Turn Around Time of Kotak Bank Personal Loan
Salary below Rs. 75,0002 working days (48 hours)
Salary above Rs. 75,0007 working days

Processing Fee of Kotak Bank Personal Loan
Processing fee2% of loan amount

Prepayment Charges of Kotak Bank Personal Loan
Foreclosure Charges5% of outstanding principal (Can be foreclosed after 6 months only)

Salary available for making EMI’s
Above Rs. 25,000 p.m50% of salary is considered

Documents Required for Kotak Bank Personal Loan
Identity ProofPassport/ driving license/PAN card/ Photo credit card (with embossed Signature and last two months statement)/ banker’s sign verification
Age ProofPAN Card/ Passport/ Driving School leaving certificate/ Voter’s card/ BirthCertificate/ LIC policy (only for age Proof).
Address ProofPassport/ Telephone bill (BSNL/MTNL)/ Electricity bill/ Title deed of property/Rental agreement/ Driving license/ Election ID card/ Photo-credit card (with last two month statements)
Income ProofLatest salary slip/current dated salary Certificate with latest form 16
Job Continuity ProofForm 16/relieving letter/appointment Letter (for last two months)
Banking HistoryBank statements of latest 2 months/ 3 months bank passbook


Disclaimer : Please note that the interest rates and eligibility criteria 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.

Reliance Personal Loans

According to our information Reliance has stopped lending personal loan.

An easy & hassle free method for your Personal Loan requirement by Reliance Personal Loans. Use the loan either for a wedding, vacation loan, or a loan to fulfill your credit needs, you can avail of them without any security.

Features and benefits of Reliance Consumer Finance
1. Choice of repayment through PDCs or ECS
2. Attractive Personal Loan rates.
3. Hassle free Loans – No security/ collateral required.
4. Convenience of service at your doorstep.

Eligibility for Reliance Consumer Finance

Eligibility CriteriaSalariedSelf Employed
Ageminimum 25 yearsmaximum 25 years
Annual IncomeRs 1,44,000 (p.a)Rs 1,20,000 (p.a)
Loan Amount OfferedAvail a Personal loan up to Rs.17,00,000 depending on your eligibility, income and repayment capacityAvail a Personal loan up to Rs.17,00,000 depending on your eligibility, income and repayment capacity
Tenure12 - 60 months12 - 60 months
Current ExperienceMinimum 1 yearMinimum 3 years
Current Residantal StatusMinimum 1 yearMinimum 1 year
Documentation1) Last 3 months salary slips or salary certificate
2) Last 3 months Bank statement
3) Proof of Identity (any one) Passport / Driving / Photo Credit Card / Employee License / Voters ID / PAN card ID card
4) Proof of Residence (any one)Driving license/any utility bill/govt. or authority bill		1) Last 3 yrs ITR
2) Last 6 months Bank statement
3) Proof of Identity (any one) Passport / Driving / Photo Credit Card / Employee License / Voters ID / PAN card ID card
4) Proof of Residence (any one)Driving license/any utility bill/govt. or authority bill.
5) P&L and Balance Sheet for last 2 years certified
Head Office
Reliance Capital Ltd.,
3rd Floor, 570, Rectifier House,
Naigaum Cross Road,
Wadala, Mumbai- 400 031

Disclaimer : Please note that the interest rates and eligibility criteria 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.

HSBC Personal Loans

HSBC Personal Loan - the only Personal Loan that lets you choose how to repay. Just as only a friend lets you repay the way you want. HSBC Personal Loan gives you 4 easy repayment options, so you can select one that suits you best.

According to our information HSBC has stopped lending personal loan.

HSBC personal loan India also offers
• Flexible personal loan tenor of up to 5 years
• Personal Loans available from Rs.50,000 up to Rs.15,00,000
• Easy monthly repayment through Equated Monthly Installments (EMI) with post-dated cheques or direct debit to your bank account.
• Transfer of an existing personal loan from another bank to HSBC India, at attractive interest rates.
• No collateral/guarantor required.
• Easy documentation, quick processing and disbursal.
• Low Personal Loan Interest Rates.
• Up to Rs. 15,00,000 for Bombay and Delhi.


Salaried Individuals
Eligibility CriteriaLoan AmountDocuments Required
individual and should be a resident Indian50,000 – 6 lacs ( upto 8 lacs in Delhi and Mumbai)Proof of applicant's identity Proof of residence Proof of age
21 years-58 yearsLatest salary slip showing statutory deductions
Or Form 16
continuous employment / business should be 1 yearLatest acknowledged IT return
minimum net annual income should be Rs.75,000 p.a.Bank statements for the last 3 months Proof of Residence (any one) Ration Card / Utility bill / LIC Policy Receipt
minimum stay at current residence should be 1 year


Self Employed Individuals
Eligibility CriteriaLoan AmountDocuments Required
Individual and should be a resident Indian
50,000 - 6 lacs
(upto 8 lacs in Delhi & Mumbai) 		Proof of applicant's identity Proof of residence Proof of age
Professional self-employed individuals: Doctors, Chartered Accountants, Cost Accountants, Company Secretaries, Architects, Engineers and Management Graduates.Bank statements for the last 6 months
21 years-58 yearsComputation of income for the last 2 years certified by a C.A.
Continuous employment / business should be 2 yearsP&L and balance sheet for the last 2 years certified by a C.A
minimum net annual income should be Rs.75,000 p.a.Copies of acknowledged IT returns for the last 2 years
minimum stay at current residence should be 1 year



HSBC bank also offers Home Loans, Loan Against Property and Credit Cards.

HSBC Ltd.
Head office:
52/60, M.G. Road,
Fort,
Mumbai-400001
INDIA

Disclaimer : Please note that the interest rates and eligibility criteria 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.

Deutsche Bank Personal Loan

According to our information Deutsche Bank has stopped lending personal loan.

With Deutsche Bank Personal loan get special Personal Loan Interest Rates for salaried customers.

Deutsche Bank personal loan offers
• Easy documentation
• Quick approval process.
• DB Personal Loan No income papers required if you have a Credit Card or insurance policy or overdraft account or existing loan with any bank.
• Easy loan tenure
• Balance transfer option
• convenient top-up option

Salaried Individuals

Eligibility CriteriaLoan AmountDocuments Required
25 years-60 years of ageloans amounting from Rs 50,000 to Rs 1,500,000- Salary slip of last one month - Copy of bank statement from salary account for last 6 months
Minimum Gross Annual Income (Rs) 240000Photo Identity (any one)
- Passport
- Photo PAN Card
- Defence/Govt ID Card
- Voter's ID Card
- Driving License
Telephone: Mandatory at both residence and officeProof of Residence (any one)
- Passport
- Photo PAN Card
- Defence/Govt ID Card
- Voter's ID Card
- Driving License
1 year in current jobProof of Age (any one)
- Passport
- Voter's ID Card
- PAN Card
- Birth Certificate
- Life Insurance Policy or premium receipt clearly stating age/DoB
Self Employment


Eligibility CriteriaLoan AmountDocuments Required

25 years-65 years of age
loans amounting from Rs 50,000 to Rs 1,500,000		- Income Tax Returns (last 2 years), CA certified computation of income, or CA certified Profit & Loss Account and Balance Sheet for last 2 years. - Copy of bank statement (main account) for last 6 months
Minimum Gross Annual Income (Rs) 360000Photo Identity (any one)
- Passport
- Photo PAN Card
- Voter's ID Card
- Driving Licence
Telephone: Mandatory at both residence and office3 year in current job/proffessionProof of Residence (any one)
- Passport
- Telephone Bill (landline)
- Electricity Bill
- Voter's ID Card
- Driving Licence
Proof of Age (any one)
- Passport
- Voter's ID Card
- PAN Card
- Birth Certificate
- Life Insurance Policy or premium receipt clearly stating age/DOB

Deutsche Bank AG.
Head office:
5TH FLOOR, NICHOLAS PIRAMALTOWER PENINSULA CORPORATE PARK GANPATRAO KADAM MARG,
LOWER PAREL
MUMBAI 400013
INDIA


Disclaimer : Please note that the interest rates and eligibility criteria 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.
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