SBI Vs HDFC Vs ICICI Vs Axis Bank: Top 10 banks currently offering personal loans starting at 8.9%

Borrowers must carefully gauge their options and go for a loan that best meets their requirements.

Personal loans come to the urgent rescue of the cash-strapped and help fulfill critical financial goals. These open-ended, unsecured financing facilities could be slightly pricier than the best secured loan offers, but they are still ideal for those who don’t possess or don’t want to pledge the necessary collateral to get a loan against securities such as gold, property, mutual fund investments, fixed deposits, endowment plans, car, etc.

In addition, personal loans are also the preferred financing tool for those whose loan requirement is bigger than the value of their security. If you have a stable income and a good credit score, you can get a personal loan at a rate just slightly higher than, say, a gold loan. In fact, according to the latest research by as per data available on September

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Do green loans stack up against regular loans?

In the current world we live in, it’s no surprise that many Aussies are looking to go green. 

While it’s unlikely that recycling, composting or steering away from single-use plastic will cost you an arm and a leg, other efforts come with a heftier price tag. 

Meet the green personal loan.  

Whether you’re installing solar panels, getting a water tank or even making the switch to an eco-friendly car, these loans are designed to make your sustainable dream come true. 

How do green loans differ from regular personal loans? 

Unlike a general personal loan, a green loan is specifically for the purchase of products that are environmentally friendly. 

These could include: 

  • Solar panels 
  • Solar hot water systems
  • Solar battery systems 
  • Water tanks
  • Grey water treatment systems 
  • Double glazing 
  • Eco-friendly or “green” vehicle. 

And the good news is, these loans often come with a lower interest rate. 

“Not only do

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Loans| You can prepay personal loan without any penalty charges

a close up of text on a white background: Usually a bank will not ask for additional papers after sanction of a loan.

© Provided by The Financial Express
Usually a bank will not ask for additional papers after sanction of a loan.

By Chaitali Dutta

Will the bank levy penalty if I prepay a personal loan of Rs 2 lakh?

-Rajesh Katara

No. Usually personal loans are on a floating rate basis. In such loans, you may repay the loan any time, subject to the conditions put in the sanction letter. Please read the sanction letter carefully to see if they have mentioned any upper limit for repayment or a restricted period from the loan disbursed for repayment.

My home loan was sanctioned before the lockdown. Now, the bank wants a fresh employment letter. I got a new job in August and it is not accepting that. Should I go to another bank as I have paid booking amount?

-Ajay Kaushik

This may be due to the stress on the job front

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Now Finance Secured Personal Loan Review

Main points to consider with a Now Finance personal loan

Now Finance secured personal loans feature personalised rates. Therefore, the better your credit score, the lower the rate that you could be offered. Rates vary between 5.95% p.a. and 15.45% p.a. with comparison rates varying between 7.60% p.a. and 17.07% p.a.

Now Finance also offers a personalised service, where loan customers are allocated a personal loan advisor to guide them through the loan process. These advisors can talk to you over the phone to help you understand your rate, repayment schedule, and all fees and charges associated with your personal loan application. Loan advisors are there to help borrowers from application to settlement, and even throughout their loan term.

Features of a Now Finance personal loan

Now Finance’s personal loans come with the following features:

  • Personalised rate. Rates for Now Finance loans are risk-based. So, the better your score, the
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Is your SBI home, personal loan eligible for restructuring? How to check online

SBI’s retail customers upon logging in the portal will be asked to key in their account number. After completion of OTP validation and inputting a few necessary information, the customer will come to know their eligibility and receive a reference number. This reference number will be valid for 30 days and within which time customers can visit the branch to complete the required formalities.

C.S. Setty, Managing Director (Retail & Digital Banking), SBI expressed the hope that with the launch of this portal, the customers will find it operationally convenient to check their eligibility before they go to a branch.

Under this resolution framework framed by RBI, such borrowers are eligible whose loan accounts were classified as standard and not default for equal to or more than 30 days as on 1 March, 2020, and their incomes are impacted by Covid-19.

Retail customers will be offered a simple option to

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You don’t need perfect credit to get a personal loan

A low credit score doesn’t have to stand in your way if you want to get a personal loan to cover an emergency or consolidate your debts.

Borrowers with bad credit, which is a FICO score below 630, may need to put in some extra work to qualify for a personal loan. But taking these steps can not only help you get approved, they could also get you a cheaper interest rate.

Clean up your credit, shrink your debt

Before you apply for a personal loan, get a copy of your credit report to see what the lender will see on it, says Adrienne Ross, a Washington-based certified financial planner. You can get one free copy of your report from all three major credit bureaus at

The details on your credit report can show you why your score is low and signal how to address the issues before a

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SBI’s resolution framework | FAQs about personal loan restructuring

a person standing in front of a store: SBI's resolution framework | FAQs about personal loan restructuring

© Faizan Javed
SBI’s resolution framework | FAQs about personal loan restructuring

State Bank of India (SBI), the country’s largest lender, has released some FAQs to answer customers’ queries on loan restructuring during the COVID-19 pandemic.

The bank released two sets of FAQs – one for personal loans and another for borrowings in the non-personal segment, such as corporate loans.

SBI also launched an online portal where customers can check their eligibility under the resolution framework.

Here are the the highlights from the FAQs on personal loans:

What kinds of loans are covered?

EMIs on housing and related loans, education loans, auto loans, and personal loans included in the scope of the resolution framework.

The loan should be a “Standard Account” as on the date of application for

relief under this framework and should have been “standard” and also not in default for more than 30 days as on March

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What you need to know

As the U.S. contends with the coronavirus pandemic, many consumers are facing financial distress. The U.S. unemployment rate is at 8.4 percent, with 13.6 million people unemployed, according to the latest data from the Bureau of Labor Statistics. In response to the uncertainty of the current crisis, some financial institutions have developed coronavirus hardship loans to help consumers.

a man sitting at a table using a laptop computer: Man works from home on laptop

© Girts Ragelis/Shutterstock
Man works from home on laptop

“A coronavirus hardship loan can help borrowers who have lost their income, or job, due to the pandemic,” says April Lewis-Parks, director of education and corporate communications at Consolidated Credit, a nonprofit credit counseling service. “Some of these loans offer low – or even zero – interest rate periods along with deferment or flexible repayment plans.”


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If you’ve been financially affected by the coronavirus, find out how this relief option works and whether hardship loans are right for your situation.


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What is a Secured CD Loan?

We want to help you make more informed decisions. Some links on our site — clearly marked — will take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

It’s easy to see the appeal of a CD-secured loan: easy approval, fast cash, and lower interest rate than other personal loans. 

But these loans aren’t quite as simple as they might seem, so make sure you know what you’re getting into before you sign the dotted line. 

If you have a CD and are considering taking out a CD-secured loan, here’s what you need to know.

Is a CD Secured Loan Right For You?

The main reason you should consider a CD loan is to improve your credit. Banks are more likely to approve the loan because they already hold your collateral – your CD.

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Everything you need to know about payday loans


Angela Lang/CNET

For the millions of Americans living paycheck to paycheck, running out of money is a constant, looming concern. Approximately 12 million people take out short-term, unsecured loans — sometimes called “payday” loans — every year, according to the Federal Reserve Bank of St. Louis. And though these loans may help them survive until they receive their next paycheck, they also exact a steep toll. Still, with millions of Americans out of work or facing reduced hours due to the COVID-19 pandemic, many will continue to depend on this dangerous financial tool. 

If you don’t have a strong credit history, it may be difficult to secure a traditional loan or credit card. But there are plenty of lenders that will let you borrow without a credit check, with few questions asked. The terms will be severe, however, and they’ll certainly end up costing you far more than you borrowed.

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