Why do I need personal loan?
Why do people take personal loans?
be it pecuniary aid for the renovation of your house
buying a new laptop
spending a vacation with the family
just for the mere need to pay off credit card dues. It acts as the perfect medium to smoothen up the cash flow in times of stringency. Identify the need and accordingly choose the type of the personal loan from the host of top personal loan finance companies in India. There is an array of companies providing personal loan finance to varied strata of the society.
Tips:
- Check your credit report before applying for loan
- Plan your budget and stick to it
- Borrow only the amount you need, do not borrow in excess.
- Know your APR(Annual Percentage Rate) i.e. How much the loan would cost in interest per year
- Look for payment delivery charges as some players charge you for early payment.
- Be careful about the risks involved in secured laons .i.e be sure that you will be able to repay.
List of top personal loan finance companies in India
1.State Bank of India: SBI offers SBI Saral personal loan customized in a manner that helps an individual meet varied kinds of personal expenses. The interest rates at which these loans are offered are quite competitive with no hidden costs or administrative charges, no prepayment penalties. It also comes with easy repayment term.
(` in crores)
| Particulars | 31-03-08 | 31-03-09 |
| Net Profit | 6729 | 9121 |
| Personal Loan Advances | 32168 | 36557 |
| Highlights of SBI Personal Loans | ||
| ? | Salaried | Self Employed |
| Loan Scheme | Saral Personal Loan | Saral Personal Loan |
| Loan Type | Term Loan | Term Loan |
| Loan Amount | Max Loan: 12 times the monthly income | Max Loan: 12 times the monthly income |
| Tenure | Min. – 12 Yrs. | Min. – 12 Yrs. |
| Interest Rate | Min. – 16 % | Max. – 16 % |
| Min. – 16 % | Max. – 16 % | |
| Time to process Loan | 2 days | 2 days |
2.AXIS Bank: Axis bank's personal loans are meant for salaried persons, self employed individuals and also professionals. The processing of the loan is simple with easy documentation and fast approval.
(` in crores)
| Particulars | 31-03-08 | 31-03-09 |
| Net Profit | 1071 | 1815 |
| Personal Loan as a % of Retail Assets | 16% | 12% |
| Retail Assets | 13591.68 | 16051.78 |
| Highlights on AXIS Bank Personal Loans | ||
| ? | Salaried | Self Employed |
| Loan Scheme | Personal Power | Personal Power |
| Loan Type | Term Loan | Term Loan |
| Loan Amount | The loan amount approved depends on income and also other eligibility criteria of applicants. | The loan amount approved depends on income and also other eligibility criteria of applicants. |
| Tenure | Min. – 12 Yrs. | Min. – 12 Yrs. |
| Interest Rate | Min. – 15 % | Max. – 23 % |
| Min. – 15 % | Max. – 23 % | |
3.ICICI Bank: ICICI bank's personal loan comes at attractive interest rates along with 12-60 months repayment choices. The processing is fast.
(` in bn)
| Particulars | 31-03-08 | 31-03-09 |
| Profit After Tax (PAT) | 41.58 | 37.58 |
| Personal Loans | Total retail advances | % of retail advances |
| Total retail advances | % of retail advances | 144.13 |
| 10.7 | 108.66 | 9.9 |
| Highlights of ICICI Bank Personal Loans | ||
| ? | Salaried | Self Employed |
| Loan Scheme | Personal Loan | Personal Loan |
| Loan Type | Term Loan | Term Loan |
| Loan Amount | Min. – ` 50000 | Max. – ` 1500000 |
| Min. – ` 50000 | Max. – ` 1500000 | |
| Tenure | Min. – 12 Yrs. | Min. – 12 Yrs. |
| Interest Rate | Min. – 12 % | Max. – 22 % |
| Min. – 14 % | Max. – 24 % | |
| Time to Process Loan | 3 days | 2 days |
4.Punjab National Bank: PNB personal loans are meted out to permanent defence personnel which comprise officials of Military Station Headquarters, BSF, CRPF, CISF, ITBP, permanent central / state Govt employees, etc. the loans can be repaid in 60 EMIs or in the residual period of services, whichever is earlier.
(` in crores)
| Particulars | Qtr ended 30-09-08 | Qtr ended 30-09-09 |
| Net Profit | 707 | 927 |
| Personal Loan advances | 976 | 956 |
| Highlights of PNB personal loans | ||
| ? | Salaried | Self Employed |
| Loan Type | Term Loan | Term Loan |
| Loan Amount | The maximum loan amount ` 3,00,000/- or 30 times monthly net salary, whichever is lower. | The maximum loan amount ` 3,00,000/- or 30 times monthly net salary, whichever is lower. |
| Tenure | Min. – 12 Yrs. | Min. – 12 Yrs. |
| Interest Rate | Min. – 14 % | Max. – 15 % |
| Min. – 14 % | Max. – 15 % | |
5.UCO Bank: UCO cash is a personal loan scheme that has been customized in a manner which can take care of varied needs like marriage, medical expenses, traveling, and other personal obligations. One can repay the loan in 48 EMIs.
(` in lakhs)
| Particulars | Qtr ended 30-06-08 | Qtr ended 30-06-09 |
| Net Profit | 13344 | 17885 |
| Revenue from Retail Banking | 68929 | 96693 |
| Highlights of UCO Bank Personal Loans | ||
| ? | Salaried | Self Employed |
| Loan Type | Term Loan | Term Loan |
| Loan Amount | Min. – ` 50000 | Max. – ` 1500000 |
| Min. – ` 50000 | Max. – ` 1500000 | |
| Tenure | Min. – 12 Yrs. | Min. – 12 Yrs. |
| Interest Rate | Min. – 13.5 % | Max. – 13.5 % |
| Min. – 13.5 % | Max. – 13.5 % | |
| Time to Process Loan | 7 days | 7 days |
6.HSBC: MyTerms Credit from HSBC bank has four simple repayment options along with competitive interest rates. There are also special relationship discounts on existing customers.
(` in 000s)
| Particulars | 31-03-08 | 31-03-09 |
| Net Profit | 11922960 | 12912812 |
| Revenue from Retail Banking | 27799775 | 31998584 |
| Highlights of HSBC Bank Personal Loans | ||
| ? | Salaried | Self Employed |
| Loan Scheme | My Terms Credit | My Terms Credit |
| Loan Type | Term Loan | Term Loan |
| Loan Amount | Min. – ` 50000 | Max. – ` 1500000 |
| Min. – ` 50000 | Max. – ` 1500000 | |
| Tenure | Min. – 12 Yrs. | Min. – 12 Yrs. |
| Interest Rate | Min. – 13 % | Max. – 15 % |
| Min. – 13 % | ? | |
7.IDBI: IDBI personal loan is offered along with an insurance cover, helping you in tough times. The insurance cover is meant to take care of the EMI's.
(` in lakhs)
| Particulars | 31-03-08 | 31-03-09 |
| Net Profit | 24500 | 31367 |
| Revenue from Retail Banking | 307167 | 533947 |
| Highlights of IDBI Bank Personal Loans | ||
| ? | Salaried | Self Employed |
| Loan Type | Term Loan | Term Loan |
| Loan Amount | Min. – ` 50000 | Max. – ` 1500000 |
| Min. – ` 50000 | Max. – ` 1500000 | |
| Tenure | Min. – 12 Yrs. | Min. – 12 Yrs. |
| Interest Rate | Min. – 16.4 % | Max. – 20.4 % |
| Min. – 16.4 % | Max. – 22.4 % | |
| Time to Process Loan | 7 days | 7 days |
8.Standard Chartered Bank: Standard Chartered personal loans come with no securities, collaterals and guarantors. Coupled with a special health insurance from Royal Sundaram, there are special rates for existing customers and easy documentation.
($ in mn)
| Particulars | Qtr ended 30-06-08 | Qtr ended 30-06-09 |
| Operating Profit | 2586 | 2838 |
| Income from Cards, Personal Loan, Unsecured lending | 1089 | 954 |
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