NEWS & ADVICE : PERSONAL LOAN
Personal loans in India: Features and Benefits
By Ankit Sharma
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HSBC Bank Personal Loan

Hongkong and Shanghai Banking Corporation or HSBC has started its stellar banking operations in India and offers its personal loan under the name MyTerms CreditTM Personal Loan. This excellent personal loan scheme lets you choose how to repay. The MyTerms CreditTM Personal Loan gives easy 4 easy repayment options and the borrower is free to choose the one that is best for him.

Features:

The HSBC MyTerms CreditTM Personal Loan offers a loan for amounts ranging between Rs. 50,000 to 15,00,000 depending on the repayment capacity of the borrower. The borrower has a choice to repay the loan back in 12, 18, 24, 36, 42, 48 and 60 months.

Benefits:

The MyTerms CreditTM Personal Loan has 4 easy repayment options listed below:

1. Lower EMI in the first year and after a year you can pay a higher EMI.

2. Interest on utilised amount only, not on the entire loan. The entire personal loan amount is with HSBC bank and the interest will be charged only on the amount you withdraw.

For example:

Personal loan amount sanctioned: Rs. 3 lakhs
Personal loan amount withdrawn by you:. 2.5 lakhs.
With a personal loan from HSBC you have to pay interest only on Rs. 2.5 lakh.

3. Last EMI waiver
By paying a marginally higher interest rate, HSBC bank will help you get your last EMI completely refunded. (Available for personal loans of 48-month tenor only and applicable if your repayment is consistent throughout the period of the personal loan).

4. Standard EMI repayment
You pay the same EMI every month during the tenor of the personal loan.

In addition to the above, there is no collateral, security or guarantor requirements and the loan process is quick and hassle free. The personal loan is issued on 12 months credit card/ retail loan track record. HSBC bank also offers personal loan balance transfers. So, if you want to transfer you current personal loan to HSBC you can do it at attractive interest rates. HSBC offers special relationship previliges for its existing customers. All HSBC customers (for 6 months or more) enjoy special discounts on processing fees 1% off for HSBC Premier clients and 0.5% off for other Personal Banking / credit card customers.

UTI Bank

UTI Bank's personal Loans can be used for any legitimate purpose like going on your dream holiday, buy the latest lifestyle gizmo, gift your wife a lovely diamond ring, renovate your house or just squash a temporary cash crunch. The personal loans from UTI bank has the following features and benefits.

Features:

UTI bank offers personal loans for salaried and self employed individuals and special loans for doctors, chartered accountants, engineers, architects, CS and ICWA. The amount of loan varies between Rs 50,000 to Rs 20 lacs depending on the repayment capacity of the borrower. The repayment tenures range from 12 to 60 months.

Benefits:

The UTI bank personal loan comes with attactive interest rates and a free personal accident insurance cover. These personal loans can be used for any purpose with no questions asked regarding the end use of the loan. The UTI bank personal loans have simple procedure, minimal documentation, and quick approval. UTI bank gives zero balance SB account facility to its personal loan customers and the personal loan is available against a repayment track record of any existing auto, personal or home loan and is also issued against proof of life insurance policy or premium receipts.


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(Comments Posted : 1) Post Your Comments
1. high rate of interest up to 60% City Finance Charged 55% and GE Money upto 30.01 Flat rate as per reducing balance method 60% and more ICICI Bank 42% reducing bal .RBI has no control so they charged any rate I have taken loan from ICICI Bank and count the montly installment 4928 but actully it cames up to Rs 4858 /- loan aggreement not send suddanny when complient made to RBI thay told you have signed aggriment I suggest to RBI to control on the rate of interest
Ghodekar Prashant (Posted: Jul 12, 2008)
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