If your question is, I need a 25,000 rupees loan urgently, then probably you are not at the right place. The article would be useful if your question is, what are the top 10 banks in India with the highest loan sanctioning rate for salaried people?
Or how to get a personal loan from an Indian bank? or which bank offers loans to foreigners? or how do I apply for a personal loan online? or how to get a personal loan from a bank in India if I don’t have a credit history? Then the post will be useful.
I applied for a personal loan with one of the top 5 banks in India and was appalled by the long-drawn process which included lots of documentation, physical verification, and endless follow-ups with the bank. This post is on how you can get a personal loan in India without any hassle, with some of the top Indian banks like SBI, HDFC, etc.
How to get a Personal Loan – 10 Interesting facts you wouldn’t know!
- Banks give out loans only after verifying your ID and Address Proof.
- There are many types of loans, which vary according to repayment capacity and loan tenure.
- A lot of documentation is required for a personal loan, especially if you are salaried. This varies from bank to bank, but some common requirements include income proof, last 6 months’ salary slips or Form 16 etc.
- Don’t expect the bank to give you a loan if your credit history is not clean. Banks check your CIBIL score before sanctioning a loan, and the chances of getting rejected are high, especially for salaried people with limited credit history. Many other factors determine your creditworthiness which includes repayment capacity, financial stability, etc.
- If you are into business or self-employed, then banks look for your credit history as well as that of your business to assess the risk involved in giving a loan. In such cases too banks check CIBIL score and other parameters mentioned above before approving a loan. Banks have a different opinions about non-performing assets (NPA) and bad loans. For some big nationalized banks like SBI, a non-performing asset is any loan where the interest or installment has not been paid by you for 90 days or more. Banks charge a provision of 1% on such accounts to avoid losses due to bad debtors.
- Personal loans are the first charge on your assets, meaning that once you default on a personal loan, the bank can seize your other assets as well. This is not the case for car loans and home loans, where banks have a second charge.
- If you plan to apply for a personal loan from the State Bank of India (SBI), then be prepared for a long wait even after your loan request has been submitted by the bank. SBI is one of the biggest banks in India, and hence it gets tougher to get your requests approved due to the huge demand for loans. If you are lucky, then expect the disbursal of your loan within 90 days or more!
- It is a common practice to apply for a personal loan from multiple banks at the same time, as every bank has different rates and processes for sanctioning a loan. If you want quick approval of your loan request, then approach well-known nationalized banks like SBI or HDFC.
- You can get a Personal Loan from a maximum of 3 banks.
- You can also avail of a Personal Loan if you are not working, by pledging valuable collateral against the loan.
How to apply for a personal loan through BankBazaar?
BankBazaar is an online comparison portal that helps you choose the best personal loan offers currently available in the Indian market. All you need to do is visit BankBazaar.com and register yourself on the portal.
After verifying your details, you can apply for a loan online in just 5 minutes by filling in a simple form with all your personal and financial information. You can also avail of a personal loan from any of the top nationalized banks listed in BankBazaar.com.
The best part is that you get multiple offers from different banks and hence have a better chance of getting your loan approved!
Paperless Work Process
Getting a personal loan can be a tedious task, especially if you are new to the world of loans. A lot of paperwork and physical verification is usually involved, apart from going back and forth with the loan provider. BankBazaar’s One-Stop Personal Loan Portal can simplify the entire process for you, as it has an exhaustive list of banks and NBFCs with their interest rates, eligibility criteria, and other relevant information.
BankBazaar also provides you with great tools like a CIBIL score checker to keep track of your credit score at all times. You can also get a free consultation from our personal loan experts at BankBazaar by simply calling them on 022 6181 6111!
Best Customer Service
BankBazaar has over 10,000 happy customers who have availed of a personal loan through the portal. Here is what Ramesh had to say about his personal loan experience through BankBazaar- “I was a new customer for a personal loan and I had a bad CIBIL score due to an old CC default. But, your executive explained the entire process in detail and helped me get my first personal loan from the Bank of Baroda within 72 hours! Thanks!“
How you need 25,000 rupees loan urgently. You should know that if you’re looking for a loan this is not the place to get it. You’ll need to find a bank or credit union which will give you the funds. Banks and credit unions are better than online lenders because they can offer you better rates and terms.