BankBazaar.com gets you the lowest personal loan rates
Lowest rates: We have negotiated with HDFC Bank, CitiFinancial & Fullerton to get you the best rates.
Speed: Get personal loan quotes customized to your profile online in 2 minutes.
Easy comparison: Compare loan offers on the basis of total cost & customer satisfaction.
Transparency: Aimed at helping you make the right choice, we provide objective and transparent information about your loan options.
Privacy: Get customized quotes without sharing any contact info. Your application is sent only to the lender you choose, and is never shared with anyone else.
Trust: BankBazaar is a completely neutral marketplace and will never promote one lender over another.
Free: BankBazaar.com does not charge you any fees to use our services.
How to get a personal loan on BankBazaar.com
Use the eligiblity calculator above to receive customized personal loan quotes in a few seconds
Compare the personal loan offers you receive and apply for the one you like
Your application will be sent electronically to the lender you chose. The lender will contact you within one day.
BankBazaar will update you on your loan application status via email & SMS alerts
How long does it take to get a personal loan
Personal loans are typically disbursed within one week of when you submit your supporting documents
Your personal loan eligibility and personal loan interest rate
A personal loan is an unsecured loan, which means that the borrower does not need to provide the bank with any security (ex. property, jewels). Personal loans can be taken for any purpose, be it for a holiday or a wedding expense.
Most banks and NBFCs offer personal loans up to Rs. 15 lakhs, which can be repaid over a period of up to 5 years. The loan amount you are eligible for and the personal loan interest rate you will be charged are dependent on factors such as monthly income, employment history, residence history and credit history. Banks typically cap the monthly payment (EMI) on your loan to about 50% of your monthly take home income.
Typical fees and charges payable for a personal loan
Lenders charge a processing fee of 2% to 3% of the loan amount, which may vary based on credit profile.
If you repay your personal loan earlier than the agreed time frame, lenders charge a pre-closure penalty of about 4% of the pre-closed loan amount.
Comparing personal loan quotes from different banks/NBFCs
Banks quote interest rates in many different ways (ex. monthly reducing rate, flat rate), hence just looking at the interest rate value alone might not give you a true picture of which personal loan quote is the best. The processing fee should also be considered when comparing loan quotes. The best way of finding out which personal loan quote is the cheapest is by comparing the total amount that you need to pay in order to completely pay off your personal loan.
Total cost of personal loan = Loan amount + Total interest charged throughout loan tenure + Processing fees & related taxes
If you need your loan quickly, compare the average time taken by the bank to disburse a personal loan. Compare the customer satisfaction ratings of each bank, as the application processes are different for each bank.
Personal Loan