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Personal loans are the financial assistance from financial institutions for the immediate

personal needs
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.
• Personal Loan - Loan without any guarantee or security from Rs. 0.50 lac to Rs.
25 Lac. The Loan is given on the basis of Financials such as ITR, Salary Slip or
Form 16 or on the basis of track record as running or completed EMIs for loan as
home, personal or vehicle

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 for choosing a personal loan

The urgent need of the hour is to select the right company suiting your requirements that
too at competent rates. Who will bear the burden of personal loan interest rates that
nearly makes a hole in your pocket? You can opt for a secured or an unsecured personal
loan, totally depending on the credit history or the practice of the company.

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.
(Rs 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
Max Loan: 12 times the monthly Max Loan: 12 times the monthly
Loan Amount
income income
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Min. – 16 % Max. – 16 %
Interest Rate
Min. – 16 % Max. – 16 %
Time to process
2 days 2 days
Loan

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.

(Rs 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
Personal Power Personal Power
Scheme
Loan
Term Loan Term Loan
Type
The loan amount approved depends on The loan amount approved depends on
Loan
income and also other eligibility income and also other eligibility
Amount
criteria of applicants. criteria of applicants.
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Interest Min. – 15 % Max. – 23 %
Rate 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.

(Rs in bn)
Particulars 31-03-08 31-03-09
Profit After Tax (PAT) 4158 3758
Total retail advances 10866 14413
% of retal advances 10.7% 9.9%

Highlights of ICICI Bank Personal Loans


Salaried Self Employed
Loan Scheme Personal Loan Personal Loan
Loan Type Term Loan Term Loan
Min. – Rs 50000 Max. – Rs 1500000
Loan Amount
Min. – Rs 50000 Max. – Rs 1500000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Min. – 12 % Max. – 22 %
Interest Rate
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.

(Rs in crores)
Qtr ended Qtr ended
Particulars
30-09-08 30-09-09
Net Profit 707 927
Personal Loan advances 976 956

Highlights of PNB personal loans


Salaried Self Employed
Loan
Term Loan Term Loan
Type
The maximum loan amount The maximum loan amount
Loan
Rs.3,00,000/- or 30 times monthly net Rs.3,00,000/- or 30 times monthly net
Amount
salary, whichever is lower. salary, whichever is lower.
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Interest Min. – 14 % Max. – 15 %
Rate 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.

(Rs in lakhs)
Qtr ended Qtr ended
Particulars
30-06-08 30-06-09
Net Profit 13344 17885
Revenue from Retail Banking 689.29 966.93

Highlights of UCO Bank Personal Loans


Salaried Self Employed
Loan Type Term Loan Term Loan
Min. – Rs 50000 Max. – Rs 1500000
Loan Amount
Min. – Rs 50000 Max. – Rs 1500000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Min. – 13.5 % Max. – 13.5 %
Interest Rate
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.

(Rs in 000s)
Particulars 31-03-08 31-03-09
Net Profit 11922960 12912812
Revenue from Retail Banking 2779.9775 3199.8584

Highlights of HSBC Bank Personal Loans


Salaried Self Employed
Loan Scheme My Terms Credit My Terms Credit
Loan Type Term Loan Term Loan
Min. – Rs 50000 Max. – Rs 1500000
Loan Amount
Min. – Rs 50000 Max. – Rs 1500000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Min. – 13 % Max. – 15 %
Interest Rate
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.

(Rs 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
Min. – Rs 50000 Max. – Rs 1500000
Loan Amount
Min. – Rs 50000 Max. – Rs 1500000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Min. – 16.4 % Max. – 20.4 %
Interest Rate
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)
Qtr ended Qtr ended
Particulars
30-06-08 30-06-09
Operating Profit 2586 2838
Income from Cards, Personal Loan, Unsecured lending 1089 954

Highlights of Standard Chartered Bank Personal Loans


Salaried Self Employed
Loan Type Term Loan Term Loan
Min. – Rs 50000 Max. – Rs 1500000
Loan Amount
Min. – Rs 50000 Max. – Rs 1500000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Min. – 14 % Max. – 19 %
Interest Rate
Min. – 12 % Max. – 19 %
Time to Process Loan 4 days 4 days

9.Andhra Bank: Any kind of personal requirement, Andhra Bank personal loans can
meet all expenses.

(Rs in lakhs)
Particulars 31-03-08 31-03-09
Net Profit 57557.15 65305.12
Revenue from Retail Banking 200852 246860
Highlights of Andhra Bank Personal Loans
Salaried Self Employed
Loan Type Term Loan Term Loan
Min. – Rs 50000 Max. – Rs 1500000
Loan Amount
Min. – Rs 50000 Max. – Rs 1500000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Min. – 15.75 % Max. – 16 %
Interest Rate
Min. – 15.75 % Max. – 16 %
Time to Process Loan 4 days 4 days

10.HDFC: HDFC bank provides personal loan which is hassle free with no guarantor/
security/ collateral needed for approval. The interest rates are low too.

(Rs in lakhs)
Qtr ended Qtr ended
Particulars
30-06-08 30-06-09
Net Profit 46435 60611
Revenue from Retail Banking 327291 384334

Highlights of HDFC Personal Loans


Salaried Self Employed
Loan Scheme Personal Loan Personal Loan
Loan Type Term Loan Term Loan
Min. – Rs 25000 Max. – Rs 1000000
Loan Amount
Min. – Rs 25000 Max. – Rs 1000000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Min. – 16 % Max. – 16.5 %
Interest Rate
Min. – 16 % Max. – 16.5 %
Time to Process Loan 3 days 3 days