SBI Bank Personal Loan

SBI Bank Personal LoanPersonal loans are an ideal solution for individuals who are facing a cash crunch and are in immediate need of funds. SBI bank offers personal loans that will enable you to get the money required for meeting your various financial requirements. To avail of an SBI Bank personal loan, you will have to be a resident Indian national. With an SBI personal loan, you can get competitive rates of interest and loan repayment tenure of up to 48 months.

Different Personal Loans Offered by SBI Bank

SBI Bank offers personal loans that can be used in cases where you require cash quickly. Some of the personal loans available are:

Xpress Credit Personal Loan

These loans are available for the employees of specific companies like Government organizations, Private sector organizations, PSUs and Quasi Government organizations.

SBI Saral Personal Loan

These loans are for individuals who require funds urgently for such expenses as domestic or foreign travel, medical treatment of self or a family member, educational expenses of children, etc.

Loan to Pensioners

These loans are available for Central or State Government pensioners drawing their pensions through one of SBI bank branches. They should not be more than 72 years of age.

Loan to Affluent Pensioners

These loans are for all Central and State Government pensioners and SBI Pensioners whose pension accounts are maintained by SBI Bank and who have higher salaries and pensions.

Festival Loans

These loans are for people who are short of funds and require money to meet festival-related expenses.

Features of a Personal Loan From SBI Bank

SBI bank personal loans are available for salaried as well as self-employed professionals. The loan limit depends on where you live. Normally, you can get a personal loan of up to Rs.2.5lakhs from an SBI bank. But individuals living in metros like New Delhi, Mumbai, Bangalore, Chennai, Hyderabad and Kolkata can get a loan amount of up to Rs.5lakhs. SBI bank does not require you to produce a security for a personal loan.

The loans are only sanctioned after your income as well as your repayment capabilities are assessed. In case your income is not sufficient to meet the loan eligibility requirement, you can add the income of your spouse. The loan will then be processed as a joint-application of you both.

You will need a minimum monthly income of Rs.24,000 in urban areas and Rs.10,000 in rural areas to be eligible for a personal loan.

Processing charges of 1% of the loan amount are to be paid up front. There are no other fees to be paid.

Interest rate of a SBI Saral personal loan is 18.25%. Interest is calculated on daily / monthly reducing-balance basis on the outstanding loan amount.

SBI offers options of either fixed or floating interest rates. In a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in a floating rate loan, the interest rate could increase or decrease in line with the changes in the Bank’s Medium Term Lending Rate.

SBI does not charge a prepayment penalty, so you can repay the loan partly or fully, at any stage. SBI personal loans are an ideal solution to your immediate financial exigencies.



ICICI Personal Loan Details

ICICI Personal LoanA personal loan is a convenient tool to tide over short-term financial exigencies like unexpected medical bills, school fees, house rents, etc.

ICICI Bank is one of the leading private-sector banks in India. The bank offers personal loans in its product range. It has established simple procedures to get a personal loan. It offers personal loans from Rs.50,000 to Rs.10lakhs. These loans are offered without the need for any collateral or security.

You can apply for an ICICI Bank personal loan either by visiting any branch of the bank, by calling the customer care centre or by visiting www.icicibank.com on the internet. The bank will scrutinize the application and check whether all the criteria are met. Your loan will be sanctioned once the bank ascertains that you meet the eligibility criteria. The bank ensures that the application is processed in the shortest possible time and you get your loan amount when you actually need it.

Eligibility Criteria

Before applying for the ICICI Bank personal loan, it is advisable to check if you meet the eligibility criteria.

The following are the requirements to be met in order to get a personal loan:

  • Your age should be between 23 and 58 years
  • Your monthly income should be a minimum Rs.20,000
  • You should have been in your present job for at least two years
  • You should have been in your present residence for a year

Being an existing customer of ICICI Bank would be an added advantage in getting a loan sanctioned.

Documents Required

  • Only a few documents as given below are required to apply for the loan.
  • Identity proof – passport, pan card, driver’s license, etc. (any one of these would suffice)
  • Proof of residence
  • Salary slips of the last two months
  • Bank statements of the last three months

The loan is sanctioned once the bank ascertains that you meet the eligibility criteria and that the documents submitted by you are in order. The loan amount is then transferred to your account with ICICI Bank.

EMI

You can repay your personal loan through equated monthly instalment or EMI. EMI is calculated taking into consideration the loan amount, the interest and the loan duration. You can use the EMI calculator to find out the amount to be repaid every month. The EMI is calculated for the fixed-interest-rate option where the interest rate is fixed and remains the same throughout the loan duration. You should only apply for a loan amount for which you will be able to make your EMI repayments comfortably.

The EMI can be paid by issuing post-dated cheques in favour of ICICI Bank. If you have an account with the bank, you can give standing instruction to the bank to debit the amount from your account.

Loan Prepayment

ICICI bank allows you to prepay your entire loan after 180 days of availing the loan. The bank charges a prepayment fee of 5% of principal or interest outstanding, whichever is lower, for the unexpired period of the loan. The bank does not accept part-prepayment.

A personal loan from the ICICI bank will help you to tide over your financial problems without making you undergo much hassle.



Personal Loans Interest Rates

PERSONAL LOANS INTEREST RATESPersonal loans help you to tide over a contingency. Like all loans, you will have to pay an interest for the sum borrowed. In exchange of lending you the money, the bank collects an interest based on a predetermined rate known as a base rate which is fixed on annual basis. The banks break up the loan repayment in installments where the principal and the interest rate of the loan are reduced over the period of the loan term. The banks follow the base rate system which is the minimum rate of interest that a bank can charge from its customers. The interest provides a certain compensation for the risk borne by the lenders. Personal loan interest rates vary depending on a number of factors.

Facts about Interest Rates

Your credit score plays a critical role in determining the interest rate. You can get good personal loan interest rates if you have good credit score.

The interest rate and the amount of the total interest paid are higher when the loan is repaid over a large number of installments.

Interest rates are usually higher for unsecured loans and lower for loans secured by collateral.

Banks usually offer personal loans at fixed rates and variable rates. A fixed rate will have the same monthly payment for the life of the loan. A variable interest rate varies and changes in relation to the base rate of the bank. It may cause the monthly repayment amount to go up or down.

The interest rates of a personal loan can vary depending on the income, the credit status, your relationship with the bank, etc.

Factors affecting interest rate of personal loans

While applying for a personal loan, it is necessary to know what affects its interest rates. A bit of preparation will enable you to meet the requirements to get a personal loan with a low interest rate.

Inflation: Interest rates are strongly influenced by the condition of the economy. When there is inflation, borrowers can expect high interest rates

Credit history: Interest rates will be lower if you have a good credit history. If you have defaulted on previous loan repayments, you will have a lower credit score. This will cause the interest rate charged to be higher.


Age: Your age is a factor that influences the bank’s assessment of your loan eligibility and the interest to be charged.

Job stability: The bank could offer a lower interest rate if you have a steady income.

Loan amount: A sizable loan amount can get you discounted interest rates.

Loan duration: Interest rate is relatively low for a short repayment period and higher rate will be charged for longer repayment period.

Your relationship with the bank: It is better to approach a bank with which you have an existing business relationship and the customer service officers are known to you. If the bank is comfortable in dealing with you and have had no previous issues with you, then it will offer you better interest rates.

Inflation: When there is inflation, consumers must expect high interest rates

While taking a personal loan, always compare the interest rates that the banks offer, so that you can get an offer which will be best for you.



Personal Loan EMI Calculator

Getting a personal loan to tide you over in times of a financial crisis is relatively easy nowadays. Most banks offer personal loans with flexible terms and conditions. You can compare the quotes and terms and conditions of various banks and choose the deal that best suits you. While taking a loan, knowing the equated monthly installment or EMI is top priority. This tells you how much you have to pay the bank every month and whether you can afford this. Once you decide that you can pay the EMI, you can plan your budget accordingly. Most banks have an EMI calculator which will help you find out easily the EMI for the loan that you intend to avail. You will have to start paying the EMI from the month following the month that you get the full loan amount. The principal amount as well as the interest is repaid through EMI.


How is the EMI calculated?

When calculating the EMI, the loan amount, the interest and the loan duration is taken into account. The EMI is usually calculated using the flat rate system or the reducing system. In the flat rate system, the rate of interest on the loan amount is calculated over the full duration of the loan, the principal and the interest is divided over the number of installments and the value arrived is your EMI.

In the reducing system, the interest is charged on the outstanding balance of the loan, which goes on reducing. The EMI is calculated using the formula EMI = (P x i) (1+i) ^n / ((1+i) ^n) – 1 where P is the principal amount, i is the interest rate and n is the tenure of the loan. For example, if you are taking a loan of Rs. 15,00,000 and the interest rate is 11% and the loan duration is for 5 years, then

P = 15, 00,000
i = (11/ 100)/12 = 0.00916
n = 5 x 12 = 60
Then the EMI is calculated as
(1500000 x 0.00916) (1 + 0.00916)60 / ((1+0.00916)60) – 1
Therefore EMI = Rs. 32,614.

Once you have calculated the EMI, you should ensure that you can afford to repay the amount in the correct time.

Facts about EMI

When paying the EMI, interest repaid decreases with each passing month while the principal repaid increases with each passing month.

EMI is usually the lowest when interest is calculated on a daily reducing basis.

If your loan amount goes up, then the EMI is larger. Similarly, the EMI will be larger if the interest rate is higher. However, the EMI will come down if the loan repayment term is longer.

The EMI vary even when the loan amount, interest and the loan tenure are the same due to the variations in the compounding frequency of interest rates.

Personal loan EMI calculator can help you find the ideal offer which will not cause too much financial strain.



Loan EMI Calculator

Calculate Your Personal Loan EMI

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Benefits of Personal Loan Calculator

Personal loans are the easiest and the most ideal financial assistance which can be used for meeting emergency requirements. The user friendly features of these loans have made them the most popular funding among the loan borrowers. The main advantage of this financing is that, the same can be used for any short term personal needs. All loans except personal loans are to be used for the purposes quoted against them and the loan borrowers have to convince the loan provider regarding the same. Like any other loans, Equated Monthly Installments (EMI) is very much important to personal loans too. This is the amount to be remitted in equal monthly installments against the loan taken. With the help of personal loan calculator the monthly repayments on any loan can be calculated effortlessly and accurately.

Calculate Your Personal Loan EMI

Usage of personal loan calculator: – The application of personal loan calculator is so simple and easy. These devices are mainly used to find out the amount to be repaid in equal installments for clearing the loan taken. For this, the data to be furnished in the personal loan calculator are principal loan amount, rate of interest and repayment tenure. For getting the affordable loan amount for an individual, the information required to be furnished is monthly repayable amount together with repayment tenure and rate of interest. Thus the loan borrowers are very much benefited by the usage of this tool.  Certain online loan lenders arrange the calculators to their personal loan customers then and there.

Advantages of personal loan calculator: - The personal loan calculator is very convenient and comfortable as far as the financial advisors and loan planners are concerned. By this method the borrowers can have correct picture regarding the loan they are going to take. The features of personal loan calculator are as follows.

  1. Enables the loan planners to study the aspects of various financing methods.
  2. Helps to choose a proper loan scheme according to the customer’s financial status.
  3. Personal loan calculator is helpful to compare the various loan offerings.
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  5. Application and planning of loan amount can be done effectively with this.
  6. The available tax benefits in personal loans can be studied by this calculator.
  7. Support borrowers to maintain good credit history with affordable repayment.
  8. Assist borrowers to compare various loan schemes and choose the most suitable one.

While applying for a personal loan, the borrowers must make sure that they can repay the same in regular monthly installments. A personal loan calculator assists such individuals in this regard to a great extend. By choosing affordable loan scheme, the borrowers can keep very good credit record which enables them to qualify for other types of loans. The tax benefits available from various personal loans can be studied very correctly by this device. All loan providers have their own personal loan calculators to find out the best loan option with respect to the affordability of their customers.



AXIS Bank Personal Loan

Personal loans are the easily available financial assistances from banks. Hassle less processing is the main advantage of these loans. Individuals are offered personal loans on the basis of their financial status and previous credit rating. Their interest rates are reasonable with convenient repayment tenure. There is no need to pledge any collateral for availing these loans. Since, personal loans are not meant for any particular purpose, they can be used for wide range of requirements. These financial assistances are more ideal for necessities like vacation trips, marriages, medical expenses, exam fees etc. Axis bank arranges quick and easy personal loans to their customers for meeting all emergency needs.

Availability of personal loans

People belong to the age group 21 to 60 are eligible to get Axis bank personal loans. For securing these loans, they are required to furnish relevant documents to prove identity, address, asset, and bank statements for the last three months, latest salary slips etc. Borrowers can prepay the outstanding premiums any time, if necessary. No separate fee is charged in this regard.

Features of Axis bank personal loan

  1. Axis bank Personal loans are the ideal financial assistance for all sorts of short term requirements.
  2. There are separate personal loans meant for professionals like doctors, engineers, architects, charted accountant etc.
  3. Loans are offered from Rs. 50,000 to Rs. 20, 00000 according to their requirements and financial status.
  4. Repayment periods are very attractive which varies from 12 to 60 months.
  5. The interest rates are competitive according to the prevailing market trends.
  6. Axis bank arranges accident insurance coverage to personal loan borrowers.
  7. The applicants need not specify the usage of personal loans.
  8. These loans are easily available to salaried as well as self employed individuals.
  9. There are facilities to transfer balance for those who want to withdraw from higher liabilities.
  10. Axis bank personal loans are also available to applicants depending upon their previous repayment ratings.
  11. Individuals having life insurance coverage are offered Axis bank loans against their premium receipts.
  12. Loans are granted by arranging zero balance savings bank account in favor of the respective customers.
  13. Easy dealings and less paper works enable the loans to be granted within no time.
  14. There are also facilities to apply these loans through online.
  15. Processing charge is only 2 % which will be deducted from the loan amount.
  16. The personal loans with additional benefits arranged by Axis bank are attractive and affordable to common people. The intention in offering personal loans to customers is for meeting their urgent requirements when they are hardly in need of money.  The accident insurance coverage offered to personal loan borrowers is really an appreciable factor. Their interest rates and repayment terms are very much competitive when compared to the personal loans of other banks.  The hassle free nature and flexible features of these loans have made them popular among loan borrowers.



Punjab National Bank Personal Loans

Punjab National Bank of India, the first Indian bank started only with Indian capital, was nationalized in July 1969 and currently the bank has become a front-line banking institution in India with 4525 Offices including 432 Extension Counters. The corporate office of the bank is at New Delhi. Punjab National Bank of India has set up representative offices at Almaty (Kazakhistan), Shanghai (China) and in London and a full fledged Branch in Kabul (Afghanistan).

Punjab National Bank (PNB) has been ranked 38th amongst top 500 companies by The Economic Times. PNB has earned 9th position among top 50 trusted brands in India.

The Punjab National Bank of India or PNB has launched the concept of “Any Time, Any Where Banking” through the introduction of Centralized Banking Solution (CBS) and has recently introduced On line Payment Facility for railway reservation through IRCTC Payment Gateway Project and On line Utility Bill Payment Services, allowing Internet Banking account holders to make their payments anytime from anywhere. Another step taken by Punjab National Bank of India is the launch of its ATM- cum- Debit card.

Eligibility for all types of personal loans:

  • All permanent Defence Personnel including officials of Military Station Headquarters, BSF, CRPF, CISF, ITBP
  • Confirmed/ permanent employees of Central/ State Govt/ PSUs and all reputed companies/ Institutions, who are drawing their salary through accounts maintained with PNB branches.
  • Employees of above categories under ‘check-off facility’ OR having minimum annual income of Rs.3.00 lakhs.
  • Professionally qualified Doctors viz. MBBS, BDS & above having annual income of Rs.3.00 lakhs & above.

However, for Teachers, Army Jawans, other permanent employees of Military Station Headquarters and Para Military Personnel whose salary is being credited and disbursed through PNB branches the minimum Net Monthly Income criteria shall be Rs.5000/- at all Centres viz. Metro, Urban, Semi-Urban and Rural.

Term Loan/ Overdraft – Minimum amount of loan will be Rs.10,000/- and maximum amount of loan Rs.3,00,000/- or 30 times monthly net salary, whichever is lower, depending upon the repaying capacity.

There is no Margin and a Suitable guarantee acceptable to the Bank.

As per the Repayment is concerned 60 Equated Monthly Instalments (EMIs) OR remaining period of service, whichever is earlier. Installment to commence one month after disbursement of loan.

However, loan allowed to Army Jawans, other permanent employees of Military Station Headquarters and Para Military Personnel shall be Repayable in maximum 36 Equated Monthly Installments or remaining period of stay at the particular posting, whichever is lower.



HDFC Bank personal Loan

Due to the uncertainty of moment and no reliance on the wheels of fortune, many times we are confronted with situations where we require a substantial amount of money. We cannot ignore them, neither do we want to, but sometimes we just lack the adequate monetary resources required to handle a situation properly during the course of our lives.. This is where personal loans come in.

  • A special offer is there If you are an HDFC Bank salary account holder.
  • If you are an existing Auto Loan customer with a clear repayment of 12 months or more from any of HDFC approved financiers or Bank, you can get a personal loan (without income documentation).
  • If you are an existing HDFC Bank Personal Loan customer with a clear repayment of 12 months or more, HDFC can Top-Up your personal loan.

Features & Benefits

  • Borrow up to Rs 15,00,000 for any purpose depending on your requirements.
  • Flexible Repayment options, ranging from 12 to 60 months.
  • Repay with easy EMIs.
  • One of the lowest interest rates.
  • Hassle free loans – No guarantor/security/collateral required.
  • Speedy loan approval.
  • Convenience of service at your doorstep.


Credit Shield

In case of death or total permanent disability of the loaner, the loaner/nominee can avail of the Payment Protection Insurance (Credit Shield) which insures the principle outstandings on the loan upto a maximum of the loan amount. Principle outstanding is defined as the amount of loan outstanding (not including any arrears in payment or interest thereon) at the Date of Loss, having accounted for payments made and interest accruing as determined in the Policy. Hence, the amount covered does not include any principal added because of non – payment of EMI and also will not include interest/ accrued charges.

A dream vacation?
Son’s admission to a medical college?
Daughter’s wedding?

Whatever the occasion, our range of Personal Loans can help. The procedure is simple, documentation is minimal and approval is quick.

Eligibility & Documentation

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

Eligibility Criteria:

  • Minimum age of Applicant: 21 years
  • Maximum age of Applicant at loan maturity: 60 years
  • Minimum employment: Minimum 2 years in employment and minimum 1 year in the current organization
  • Minimum Net Monthly Income: Rs. 8,000 p.m (Rs. 10,000 in select cities)

Documents required:

  • Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence)
  • Address Proof (Ration card Tel/Elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)
  • Bank Statements (latest 3 months bank statement / 6 months bank passbook)
  • Latest salary slip or current dated salary certificate with latest Form 16 .

Self employed (Professionals): Self employed (Professionals) include self – employed Doctors, Chartered Accountants, Engineers, MBA Consultants, Architects, and Company Secretaries.

Eligibility Criteria

  • • Minimum age of Applicant: 25 years
  • • Maximum age of Applicant at loan maturity: 65 years
  • • Years in business: 4 to 7 years depending on profession
  • • Minimum Annual Income:Rs. 100000 p.a.

Documents required:

  • Proof of Identity (Passport Copy/ Voters ID card/ Driving Licence).
  • Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate).
  • 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

Qualification proof of the highest professional degree.

Self Employed (Pvt Cos and Partnership Firms): 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 of 3 years in current business and 5 years total business experience
  • Business must be profit making for the last 2 years
  • Minimum Annual Income: Rs 100000 p.a.
  • Available in select cities

Documents required:

  • Address Proof (Ration card Tel/elect. Bill/ Rental agr. / Passport copy/Trade licence /Est./Sales Tax certificate)
  • 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, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution.



Apply for personal Loans

Starting from the smallest of families to the biggest of companies and corporate sectors, all require money to make their dream fulfilled, to make a plan work in its own way, or simply to resolve a problem through money. In the present day world, money speaks. A personal loan is loan taken for a purely non- business purpose.

Personal loans are multipurpose loans providing you all the freedom to use funds in any manner you want. The lender is not concerned with the purpose of the loan. If you are in financial mess and need some funds without any restriction over their use then personal loans are the best option.

Personal loans are a cost effective external financial source that can be easily trusted. With these loans you can shape your dreams or fulfill your requirements without any restriction. With the personal loans you can easily meet all your personal needs and other financial requirements. Your requirement might be big budget or small budget but you can easily fulfill them now! Just by entailing personal loans you can resolve your financial problems conveniently.

There are various kinds of loans: (a) home loans, (b) personal loans, (c) auto or car loans, (d) educational loans and many others.

Bank loans have become very common phenomena in the contemporary period in which the world is running on financial capital. There are many financial websites that provide you assistance in arranging personal loans.

Personal loans can be broadly classified into secured and unsecured loans. The basic difference between these two types of loans is the requirement of collateral. Secured personal loans require collateral whereas unsecured personal loans do not.

In case of secured personal loans, lenders offer a large amount of money. The loan amount depends largely upon the value of the property plus the equity. But borrowers get large sum as compared to unsecured loans. Borrowers also face the risk of repossession of their property in case of defaults in repayment.

In case of unsecured personal loans, though lenders do not require collateral but they offer loans at comparatively high rate of interest. Unsecured loans do not have any risk of repossession.

Unsecured personal loans come at high rate of interest as compared to secured personal loans. Repayment periods are also shorter.



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