personal loan is an unsecured loan which doesn

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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:

y You do not have an asset or security against which you could get a loan.

y You are sure that you will be able to repay the loan EMIs.

y Due to an emergency and you need funds immediately.

How Personal loan helps:

y With no security this is the only loan which would be available to you.

y Essential and emergency need is fulfilled.

y 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 outrightly 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 loantenure.

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.



Person

¡

Loan R ate of Interest

( Las¢

edited on : 24 July 2010 )

£ an ¤ Interest

R ates Apply

Citibank 16¥

5¦

-18¥

5¦

HDFC Bank 15¥

5¦

-22¦

Fullerton India 15 ¥ 5 ¦ -28 ¦

Citifinancial 16 ¦ -21 ¦

SBI 16 ¦ -20 ¦

BASIS TO COMPARE

P l I t t R t

(Last edited on : 24 July 2010)

§ ersonal 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

̈

our Company Status

Credit and Payment history.

Relationship with the Bank you intend to take loan from.

Individual¶s Negotiating Ability.

R ead below how these f actors eff ect 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.

Ban© s/R ate

s

Salaried

CAT A CAT B Others

Pre-Pay

ent

Charges

Processing Fees

Apply

Fullerton India

15.5% 21%-23% 21%-28% 4 2

HDFC Ban

15.5% (for 75,000 & above

salary),16%

(for 50,000-75,000

salary),17%

(for 35,000-50,000

15.5% (for 75,000 &

abovesalary),16%

(for 50,000-75,000

salary),

22% 4

2

if

salariedaccount in

HDFC -

other wise2.5



salary),

19% (below 35,000

salary)

17% (for 35,000-

50,000

salary),

19%

(below35,000 salary)

Citiban

16%

(more than 50000 salary),16.5%

(for 35000-50000 salary),

17.5% (between 22000-

35000 salary)

Only for

Citibank

accountholders: 17

% (for more

than 50000

salary),18%

(for 30000-50000 salary),

18.5% (20000-

30000 salary)

Only for

Citibank

accountholders: 17

% (for more

than 50000

salary),18%

(for 30000-50000 salary),

18.5% (20000-

30000 salary)

5 2

State Ban

of India/SBI

16%(

uarantorrequired)

16%-20%(

uarantorrequired)

16%-20%(

uarantorrequired)

N.A. 2

-3

CitiFinancial

16% 17%-18% 21% 5

2

Andhra

Ban

15.75%-16.75% 16.75%-

18.75% N.A. N.A.

Rs250-

Rs1000/-

Axis Ban !

16%18% 19%-23% Nill 2 "

Ban# of

Baroda15% 15.5% N.A. N.A. 2 $

Corporation Ban

%

14.5%(undertaking letter

required)

N.A. N.A. N.A.

1.50 & of

the loanamount or

Rs.500/-

ICICI Ban ' N.A. N.A. N.A. N.A. N.A.

StandardChartered

Ban(

14%-14.50% (for 1 lac & above

salary),15.50%-16.25% (for 50,000 to 1 lac

pm),16.50%-17.50%

(for 50,000 pm

salary)

17%-17.50%

(for 1 lac &

abovesalary),

17.50%-18.25%

(for 50,000 to

1 lac pm),

18%-19% (for 50,000 pm salary)

18.50%-19%

(for 1 lac &

abovesalary),

19%-19.75%

(for 50,000 to

1 lac pm),

20%-21% (for 50,000 pm salary)

2)

-5)

1)

-2)

Syndicate

Ban0

13.5%(against security of

IVP, NSC, KVP, LIC policies, RBI Relief

Bonds)

13.5%(against

security of

IVP, NSC,KVP, LIC

policies, RBIRelief Bonds)

13.5%(against

security of

IVP, NSC,KVP, LIC

policies, RBIRelief Bonds)

N.A. N.A.



United Ban1

Of India

16%

12%(Forpensioners)

16%-18%

12%(Forpensioners)

16%-18%

12%(Forpensioners)

N.A. N.A.

Vijaya Ban 2 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.R elationship with Ban3

: 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 [email protected] for inclusions or updates.

Top Bank R ate

of Interest

Processing

Fee

Apply

Here

Citibank 16.5 4 -18.5 4 2 4 APPL5

HDFC Bank 15.54

-224

24

- 2.54

APPL5

Fullerton India 15.54

-284

24

APPL5

Citifinancial 164

-214

24

APPL5

SBI 164

-204

24

-34

APPL5

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

Prepayment Charges:1% of loan amount if paid

before 6 months

Guarantor: No

Security: No

Margin: Nil

COMPA6

E : PE6

SONAL LOAN

State Bank of India Personal Loan

Introduction

SBI provi SBI Saral personal loan to hel p you in meeting anyk ind 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

comfor table repayment tenure.

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 monthly

income

Max Loan: 12

times the 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 sor t based on your preferences.

Bank

Rate

(%)

Eligibility

Min

Loan

(Rs)

Max Loan

(Rs)

Min

Tenure

(Months)

Max

Tenure

(Months)

HSBC Bank

Scheme: My Terms

Credit

13.00 Age:

21 - 58 Yrs.

Monthly Income:

Rs 7000.00

More

50000.00 600000.00 12 60 Mor

eInfo

Other Banks:

Syndicate

Bank

12.25 50000.00 300000.00 12 60 More

Info

State Bank

of

Hyderabad

12.25 24000.00 300000.00 12 72 More

Info

Bank of

India

Scheme:

star

personal

loans

12.50 50000.00 200000.00 12 36 MoreInfo

Punjab

National

Bank

12.75 Age:

21 - 58 Yrs.

Monthly Income: Rs 7000.00

More

15000.00 400000.00 12 60 More

Info

Indian

Overseas

Bank

12.75 50000.00 1000000.00 12 48 MoreInfo

Karnataka

bank

12.75 5000.00 2500000.00 12 60 More

Info

Allahabad

Bank

13.00 15000.00 75000.00 12 36 More

Info



Central

Bank of

India

13.00 50000.00 200000.00 12 48 More

Info

Oriental

Bank of

Commerce

13.00 50000.00 150000.00 12 60 More

Info

UCO bank 13.25 50000.00 1500000.00 12 48 More

Info

State Bank

of Bikaner

and Jaipur

13.25 50000.00 900000.00 12 60 More

Info

Jammu &

KashmirBank

13.25 50000.00 700000.00 12 84 MoreInfo

Vijaya Bank 13.75 50000.00 200000.00 12 60 More

Info

ICICI Bank

Scheme:

Personal

Loan

14.00 Age:

25 - 58 Yrs.


More

50000.00 1000000.00 12 48 More

Info

AXIS BANK

Scheme: Personal

Power

14.00 Age:

21 - 60 Yrs.

Monthly Income:

Rs 7000.00

More

100000.00 2000000.00 12 60 MoreInfo

Bank of

Maharashtra

Scheme:

Mahabank

Personal

LoanScheme

14.00 50000.00 150000.00 12 36 More

Info

State Bankof Patiala

14.00 25000.00 1000000.00 12 60 More

Info

State Bank

of Travancore

14.25 50000.00 1500000.00 12 60 More

Info

Bank of Baroda

Scheme:

BarodaPersonal

Loan

14.50 Age: 21 - 58 Yrs.

Monthly Income:

Rs 8000.00

More

20000.00 200000.00 12 36 More

Info

Indian Bank 14.50 50000.00 1500000.00 12 48 MoreInfo

Kotak

Mahindra

Bank

15.00 Age:

23 - 58 Yrs.

Monthly Income:

Rs 10000.00

More

50000.00 5000000.00 12 60 MoreInfo

CanaraBank

Scheme:

Can Budget

15.00 50000.00 1500000.00 12 60 More

Info

Dena Bank 15.00 15000.00 100000.00 12 36 More

Info

Deutsche

Bank

15.00 50000.00 1500000.00 12 60 More

Info



State Bank

of Mysore

15.00 50000.00 150000.00 12 36 More

Info

Union Bank

of India

15.00 10000.00 100000.00 12 36 More

Info

HDFC Bank

Scheme:

PersonalLoan

15.50 Age:

21 - 60 Yrs.

Monthly Income:

Rs 7000.00

More

25000.00 1000000.00 12 60 More

Info

AndhraBank

Scheme:

AB PersonalLoan

15.75 50000.00 1500000.00 12 60 More

Info

CatholicSyrian Bank

15.75 50000.00 2500000.00 12 60 More

Info

State Bankof India

Scheme:

SBI SaralPersonal

Loan

16.00 Age: 21 - 58 Yrs.

Monthly Income:

Rs 5000.00

More

24000.00 1000000.00 12 48 MoreInfo

Standard

Chartered

Bank

16.00 Age:

21 - 58 Yrs.

Monthly Income:

Rs 11000.00

More

50000.00 3000000.00 12 60 More

Info

ABN AMRO 16.00 Age: 25 - 70 Yrs.

Monthly Income:

Rs 15000.00

More

25000.00 1500000.00 12 60 More

Info

Citi Bank 16.00 Age:

21 - 58 Yrs.


More

40000.00 1500000.00 12 60 More

Info

IDBI Bank 16.00 50000.00 1000000.00 12 60 More

Info

Reliance

Capital Ltd.

16.00 50000.00 1700000.00 12 60 MoreInfo

Federal

Bank

16.25 50000.00 200000.00 12 60 More

Info

Centurion

Bank of

Punjab

18.00 50000.00 1500000.00 12 60 More

Info

Barclays 18.00 40000.00 1700000.00 12 84 MoreInfo

Highlights


Loan Scheme SBI Saral Personal Loan SBI 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

Fees & charges


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 repaymentcapacity. 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 thesalary 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 anyprepayment 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 monthlypayments 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 lowestfees 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 floatingone. 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, theinterest rate could decline or rise in line with the changes in the Bank's Medium TermLending 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 toreduce the tenor by prepaying the loan without any penalty.

- We provide finance for any personal need or requirement, the total amount beingdetermined 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, whichreduces 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 :

y Low interest rates. Further, we charge interest on a daily reducing balance!! y Low processing charges; only 2%-3% of loan amount y No hidden costs or administrative charges. y No security required ««which means minimal documentation«something that you

had always wanted. y 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)



y 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 anyfinancial 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 employedengineer, doctor, architect, chartered accountant, MBA with minimum 2 years

standing.

Salient Features

Loan AmountYour 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 RequiredImportant 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 wishto, 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.