Changing Patterns of the Indian Personal Loan Market


There are times come to our life when we need money for fulfil the desires of ours and our family. These desires can be visiting to a dream holiday vacation. purchasing an electronic appliance for our family, wedding of daughter etc. In the country like India, for the banks and other financial organisations, money can not be the barrier for fulfilling these desires. Indian Banks do provide loans for personal expenses at an affordable rate of interest and flexible terms and conditions.

Personal loans are provided to both salaried and self-employed individuals. Though there are special loans that being provide by the banks to the self employed professionals such as engineers, architects, doctors, chartered accountants, company secretaries and ICWAI graduates. Under the category of personal loan one can get a minimum amount of Rs. 20,000 and the loan amount can be extended up to Rs. 20 lakhs. The amount totally depends on some factors such as the financial standing of the borrower, repayment capacity of the borrower, past record of loan repayment and so on. The repayment option varies from bank to bank. Usually banks provide the repayment tenure period of one year to five years.

The personal loans are absolutely hassle-free loans. For getting the advantage of this kind of loan one does not have to keep anything as security or guarantor to the loan provider. The borrower will get the option to pay the loan amount by with easy Equated Monthly Instalments.

There are various Indian and foreign banks there which provides personal loans against a very moderate rate of interest and flexible terms and conditions. Among all the banks some of the best personal loan providers are State Bank of India – Loan For Personal Expenses, ICICI Bank – Available Loan For Personal Use, HDFC Bank – HDFC Bank Personal Finance, Bank of India – Star Personal Scheme, IDBI Bank – IDBI Personal Expense Finance, Bank of Baroda – Baroda Personal Financial Offer, Standard Chartered – EMI Refund Program Scheme, HSBC Bank – Smooth Personal Loan Repayment, Development Credit Bank – DCB Personal Vantage Plan and United Bank of India – United Personal Schemes. With a very affordable interest rate these banks offer customers highly flexible terms of repayment.

From these banks one can avail specialised best personal loans for under the category of Consumer Durable Loans, Festival Loans, Marriage Loans, Pension Loans and personal Computer Loans.

If we have a close look at the personal loan market in a developing country like India, we will be amazed to know that India has broken her long-standing shackles to emerge as one of the most promising names in the world of economic development, courtesy the loan market. Studies have revealed that the major constituent of the loan borrowers belongs to the middle and low economic classes. These economic classes have made the “right” use of these loans to strengthen their economic prosperity besides fulfilling their basic as well as luxurious needs with the help of these loans. It has also been seen that most of the leading financial institutions in the country are now focusing on customer appealing and budget-friendly loan deals to grab the attention of the masses. These changes have been greatly admired by the masses and this is clearly evident from the fact that a major part of the Indian working class use the personal loans as definitive measures to meet their needs.

By: Addi

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