Personal Loan

Are you thinking of renovating your home or going on a foreign trip with family? Personal loan is the easiest way to meet all your short-term money needs. If you are a newbie in the personal loan market, we are here to guide you in choosing the right type of personal loan. With the help of various useful tools available on our website; you will be able to save thousands of bucks by choosing the best personal loan at an easy rate. To get information on some of the best personal loan providers in India, we advise you to go through our extensive guides, tips, FAQs, glossary, self-help articles and case studies.

We facilitate online comparison of different personal loan options in India on the basis of varied factors, including loan amount, interest rates, repayment period, age and net monthly income. All these things will help you in selecting the right option, based on your needs and conditions. In other words, it will help in determining the budget that is necessary to set aside for the repayment of the loan.

Moreover, you would also be able to apply for personal loan from various leading banks including HDFC Bank, UCO Bank, Citibank, Axis Bank, IDBI Bank, Canara Bank, Bank of Baroda and many more. The easy access to user reviews of personal loans will help in getting an idea of real-time situation and service of different banks along with hands-on experience of users. It is imperative to delve deep into any loan offer because only then will you be able to make the right choice.

As a one-stop platform for fulfilling divergent monetary aspirations of people, here, we ensure that you get best personal loan with exciting rate of interest. To cater the requirements of different sections of society, we have outlined features of over 15 banks offering personal loans. To make the whole process fast, easy and reliable, we have also segmented different bank loans under 'Top Rated Products'. The experts' ratings will help in assessment of bank's credibility.

EMI is a fixed payment made by a borrower to the lender every month to payoff both interest and principal. A person generally has limited monthly income month and there are various expenses to be met with that limited source of income. The banks or the lenders therefore break up the loan repayment in installments where the principal and the interest rate of the loan are amortized over the period of the loan term. This is repayment schedule is known as EMI. The value of the EMI depends upon the loan amount, interest rate charged for the loan and the loan duration. This calculator allows you to calculate the EMI (Equated monthly installments) for a given loan amount, interest rate and loan tenure. You can use this calculator to check the EMIs for different periods to decide which would be most suitable for you. You can also see how the change in interest rate affects the EMI and help you find out the effect of change in loan amount on the EMI. Your loan EMI will be higher in case you decide to pay your loan within a short-period compared to a long-period. Similarly, EMI will be higher for a higher loan amount and higher for a higher interest rate.

It can be used for any type of loans including home loan, personal loan, car loan etc. This calculator doesn't tell you if you will qualify for the loan.

Personal loan is considered as one of the easiest that an individual can take. There are generally no questions asked, no need of proofs, no criteria to be met. This is unlike other loans, such as those for education, where you require giving evidence of admission, or a home loan, where your house will be used as a security. While every bank is providing personal loans, financial experts advise borrowers against taking these. Why? The main reason is that these loans are considered as one of the most expensive loans as the rate of interest can cross 30 per cent mark. The extremely high rate of interest is justified because the borrower doesn't require giving a collateral security. The lender will calculate the amount of loan by taking into account the current financial status of the borrower and other parameters, including, cash flow, salary, rental income, profit & loss in business, servicing of other loans, etc. But if the loan is so ma...

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Tarun, 25, bagged a dream job with an IT firm in 2007. He was on cloud nine. Over the two years, he splurged his entire income, doing things he always wanted to do but couldnt because of money crunch, as if there was no tomorrow. As a result, he was left with no savings. He also got a credit card from Rupee Bank, however he was regular in his payments. Though he was aware of retirement planning, he did not see it happening for him any time soon. He was of the opinion that one should enjoy today and leave planning to tomorrow. But a small discussion changed his thinking completely. One day, he got a call from his bank; it was starting a unique education campaign on 'Power of Compounding' for individuals like Tarun. Though reluctant, Tarun agreed to meet the bank representative... Complete Case Study

Let us look at the various loan products to answer the question.
Personal Loan
Credit Card cash advance
Loan against property (LAP)
Loan against security
Gold loans
Meaning

• This is an unsecured loan taken for personal use.
• The interest rate on personal loan is high and is second only credit card cash advance.
• You want a loan very quickly and you need quick processing. In that case the fastest is credit card cash advance, but that is way too costly. So it is better to take a personal loan in that case.

• Prove your creditworthiness:A good credit score will improve your bargaining power. Banks would go the extra mile to have you as a customer if you have a clean credit history.
• Compare Cost:Compare the total costs across financial institutions. That will help you to pick the best of the lot.
• Leverage your relationships:In order to retain existing customers, banks extend privileges which may be in the form of waiving off fees or some charges or providing you a discount on the interest rate.
• Look for discounts:Some banks also announce festive season discounts. If you happen to need a loan during a festive season, you can take advantage of the discount.

Citibank asks for so many ridiculous document fron us and then say that for the amount of loan with your financial profile the interest rate is going to be higher but dont worry it will be floating so... Read complete review

These are times with many choices. Here's just one other choice that many of you might be pondering over -- should you shift to a personal loan to pay off your credit card dues? Raghu has the same question. Let's understand Raghu's situation in life. He has Rs 60,000 as outstanding on his credit card, on which he pays interest at the rate of 3.14 per cent a month. His present financial situation allows him to pay only Rs 5,000 a month from his salary to clear the amount. His bank has offered him a personal loan at a rate of 18 per cent per annum. So, should Raghu continue with the existing payment on his card or should he switch to the loan? Yes, of course. Here's why: There are two parts to the analysis: i. The first, determines the cost incurred on account of the existing credit card interest. ii. The second, computes the new cost under the personal loan. Action: Shift only if, the cost incurred on taking a personal loan is lesser than the cost on credit card interest...Read complete blog

Due to low credit demand, loan growth has dropped to single-digit level in the fortnight ended Oct 23, 2009. This year up to October, bank credit increased by 9.65 per cent, slowest since April 1997. According to the latest data released by the Reserve Bank of India (RBI), total loans, including food credit and non-food credit, were down by Rs 21,750 cr to Rs 28,68,566 cr as on Oct 23 as against an increase of Rs 7,637 cr in the corresponding period last year. In the previous fortnight, bank credit was up by Rs 17,160.58 cr. On a year-on-year (y-o-y) basis, non-food credit grew to 10.31 per cent as against 29 per cent in the last year. Read complete

The video shows how Mr. Satkam advices people who have missed one of their EMI's in personal loan and are not sure with the next step. Mr. Satkam advises them to repay the missed EMI as soon as possible as further delay would keep adding interest to that EMI. Thus he feels that the missed EMI should be immediately paid.