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Personal Loan

A personal loan is usually of a smaller amount than a mortgage and used for personal purposes, instead of commercial/business needs. It includes loans for reasons like going on vacation, wedding, buying of new furniture and various other needs that arise for an individual.

Characteristic of Personal Loan
  • Personal loans are usually “Unsecured Loans”, which means they are offered without any collateral in return. Such loans are mainly based on the credit history of the customer who hasn’t defaulted on his/her credit card payments.
  • The interest rates of Personal Loan are allotted based on the salary of the customer, amount being borrowed and credit history, amongst others.
  • The interest rates of Personal Loan are allotted based on the salary of the customer, amount being borrowed and credit history, amongst others.
  • Requires the least bit of paper-work and is usually approved within 48 hours of application submission.
  • Additional to the processing fee, charges for late payment penalty, pre-payment fee, administration charges and cheque bounce charges are also included in the personal loan.

Home Loan

Home loans are given to individuals who are interested in buying/constructing houses. It is supported by banks or financial institutions who loan a certain amount, based on the need of the individual(s). Loans can be applied for purchase, construction or improvement of homes.

Characteristic of Home Loan
  • The asset i.e. your home/property is pledged as security collateral. In case of failure of payment of the loan on a timely basis, the bank/lender would be entitled to retrieve the asset.
  • The loan amount varies, with minimum amount being Rs 2,00,000/-
  • • The repayment time period, which ranges upto 30 years, is fixed based on the amount taken as loan and includes the outstanding principal plus the interest costs.
  • • The principal amount and the interest together constitute the EMI (Equated Monthly Installment) of the loan.

The loan charges include registration charge, fee for processing, prepayment penalty, commitment charge and miscellaneous charges for documentation & consultation.

Home Loan

There is a home loan for every requirement, take a look:
  • Home Purchase Loans
  • Land Purchase Loans
  • Home Construction Loans
  • Home Improvement Loans
  • Home Conversion Loans
  • Home Extension Loans
  • Bridge Loans
Documents Required for Home Loan
  • Duly signed and filled application form.
  • Passport-size photograph
  • Statements of investments, if any
  • Copy of plan approved for the proposed construction/extension
  • Cost estimation or valuation report from the bank's (or finance company's) panel CA
  • Allotment letter of housing board/NOC of the society/builder etc.
  • Bank statement and salary slips
In addition to these, you will have to also submit the following documents:
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.

Credit Card

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  • Welcome gift voucher worth Rs. 3,000 from popular brands
  • Spend linked gift vouchers worth Rs. 6,000
  • 5X Reward Points on Dining, Grocery and International spends
  • Card Anniversary gift voucher worth Rs. 3,000

VEHICLE LOAN

Car Loan - Compare Deals from Top Banks in India starting @ Interest Rates as low as 7%. Check Eligibility and Apply for a Car Loan online on Bankbazaar.

Loan Tenure: 1 year to 8 years

Processing Fees: Depends on the bank

What is a Used Car Loan?

Used Car Loans are given to individuals who are interested in buying a used car for their personal/professional needs. Various banks provide Used Car Loans, up to a certain percentage of the price of car or even on zero down-payment, based on their offers.

Characteristic of Used Car Loan
  • Applicable for both Used Cars
  • Interest rates can be fixed or variable
  • A tax deduction maybe applicable if car is to be used for business/professional purposes
  • Flexible time period for repayment of loan is also made available