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Which bank is best for personal loan quora

which bank is best for personal loan quora

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which bank is best for personal loan quora

: Which bank is best for personal loan quora

Which bank is best for personal loan quora
Which bank is best for personal loan quora
which bank is best for personal loan quora

11 Best Banks for Personal Loan in India – 2021

If you ask me, which bank is the best for a personal loan in India, then I would ask you – Why do you need a personal loan?

That is because personal loans should be taken only in emergency situations.

I won’t recommend anyone to take a personal loan.  A personal loan should be the last option because of the high-interest charges.

You should repay your personal loan within 3 to 6 months.

If you take Rs. 100,000 loan for 12 months at the interest of 24% then you would end up re-paying around Rs. 1,13,400.

Personal loans help you sort out short-term financial crisis but costs you high-interest charges. Don’t misuse the personal loan facility otherwise you could end up in a financial mess.

You can take a personal loan either from a bank or from a private finance company.

11 Best Banks for Personal Loan in India for 2021

#1. State Bank of India Personal Loan

SBI, Personal Loan

You can get a personal loan from SBI under three categories – SBI Xpress Credit Personal Loan, SBI Pension Loan, and SBI Quick Personal Loan.

SBI personal loan is accessible to all salaried persons having a minimum service of 1 year and to pensioners.

SBI Xpress Credit Personal Loan

Xpress Credit personal loans are for employees working at the below entities and maintaining a salary account with SBI.

The entities include Central & State Government, Quasi-Government, Central & profit making State PSUs, Educational Institutions of National Repute, and Selected Corporates who have a business relationship with the Bank.

SBI Pension Loan

SBI pension loan is for persons who are Central, State Government, Family or Defence Pensioners. Drawing their pension through one of the SBI branches and are not more than 76 years of age.

SBI Quick Personal Loan

SBI Quick personal loan is available to employees working with Central & State Government, Quasi-Government, PSUs, Educational Institutions of National Repute, and with corporates.

You should have a minimum net monthly income of Rs. 15,000 and there is no requirement of maintaining a salary account with SBI.

If you are thinking to take a personal loan for education then you should first check the best bank for an education loan in India

SBI Personal Loan Interest Rates

Ranges from 9.60% to 13.85%

Other Personal Loan Details

Loan AmountUp to 20 Lakh
Processing FeeUp to 1.5%;
Minimum – Rs. 1,000 and Maximum – Rs. 15,000
Late Fee 24% p.a
Prepayment Charges  3% on prepaid amount
Loan Tenure Up to 72 months

No pre-closure charges if the account is closed from the proceeds of a new loan account opened under the same scheme.

<strong>Why You Should Apply for SBI Personal Loan</strong>
  • Lowest net monthly income requirement (Rs. 15,000)
  • Three categories of personal loan- SBI Xpress Credit, SBI Pension Loan, and SBI Quick Personal Loan.
  • The wide network of SBI branches makes service availability for people residing anywhere in the country.
  • Loan allowed only upto Rs. 20 Lakhs.

Eligibility Criteria

Abbreviation Used:

NMI- Net Monthly Income

EMI- Equated Monthly Installments

NMP- Net Monthly Pension

<strong>SBI Xpress Credit Personal Loan</strong>

Minimum NMI of Rs. 15,000

EMI / NMI ratio should not exceed 50%

<strong>SBI Quick Personal Loan</strong>

Minimum net monthly income of Rs. 15,000

EMI / NMI ratio up to 50%

Minimum service of 1 year

<strong>SBI Pension Loan</strong>

Below 76 years of age

EMI / NMP ratio should not exceed 50%

Documents Required

  • Application Form or online application through SBI web portal
  • PAN Card
  • ID Proof & Address Proof
  • Latest Salary Slip with ITR, bank account statement for last 6 months
  • Your salary/ pension account number with SBI for Xpress Credit & Pension Loan.

#2. HDFC Bank Personal Loan

HDFC Bank Personal Loan

You have an option to borrow from Rs. 50,000 to Rs. 40 Lakhs as a personal loan from HDFC Bank. The loan is available for a salaried individual across corporate, PSUs and government which bank is best for personal loan quora the documentation is complete, your personal loan will be disbursed within 4 hours. The existing HDFC customers can get personal loan approvals in 10 seconds.

Along with loan, you can also avail an accident or loan insurance cover at a nominal premium.

HDFC Personal Loan Interest Rates

Ranging between 10.40% to 21.13%

Other Personal Loan Details

Loan AmountUp to 40 Lakh
Processing FeeUp to 2.5%
Minimum – Rs. 2,999 and Maximum – Rs. 25,000
Late Fee 24% p.a
Prepayment Charges Up to 12 months- not allowed
13-24 months – 4% of principal outstanding
25-36 months – 3% of principal outstanding
>36 months – 2% of principal outstanding
Loan Tenure Up to 60 months

Part-payment allowed only once in a financial year and twice during the loan tenure.

Part-payment allowed up to 25% of the principal outstanding.

<strong>Why You Should Apply for HDFC Personal Loan</strong>
  • Up to Rs. 40 Lakhs of personal loan
  • 2% pre-closure charges (after 36 months) is lower than other banks
  • Zero hidden charges, and convenient repayment options
  • Minimal paperwork and documentation.
  • Interest which bank is best for personal loan quora is comparatively on the higher side.
  • Up to 2.5% processing fees

Eligibility Criteria

Employees ofPvt Ltd, PSU including central, state and local bodies
AgeBetween 21 and 60 years
Work PeriodJob for at least 2 years,
with a minimum of 1 year with the current employer
Net income
per month
Person having HDFC bank salary account – Minimum Rs. 25,000
Non- HDFC Bank salary account holder – Minimum Rs. 50,000

Documents Required

  • Application Form or online application through HDFC web portal
  • ID Proof, Address Proof
  • 3 Month bank statement (Passbook of previous 6 months)
  • 2 Latest salary slip or current dated salary certificate with the latest Form 16.
  • Proof of end-use

#3. Axis Bank Personal Loan

Axis Bank, Personal Loan

If you want a hassle-free personal loan and also earn reward points then Axis bank is the option. You can avail of personal loans from Rs. 50,000 to Rs. 15 Lakhs and earn up-to 450 edge rewards points. Each point has a value of Re. 0.20 to 0.25.

You can choose to repay the loan in 12 to 60 months period.

Personal Loan Interest Rates Axis Bank

Ranging from 12% to 24%

Personal Loan Details

Loan AmountRs. 50,000 to 15 Lakh
Processing Fee1.5% to 2% of the loan amount
Late Fee 24% p.a
Part-payment/ Foreclosure Charges 0 to 12 months – 5%
13 to 24 months – 4%
25 to 36 months – 3%
more than 36 months – 2%
Loan Tenure 12 to 60 months
<strong>Why You Should Apply for Axis Bank Personal Loan</strong>
  • Quick approval with minimum documents
  • You can earn reward points while applying for a personal loan
  • High-Interest rate
  • Rs. 15 Lakhs of the loan amount (even less than what SBI offers)
  • Preference for salaried persons

Eligibility Criteria

Employees ofGovt (including PSU, central, state and local bodies),
Public and Private Ltd employees and salaried doctors
Minimum Age 21 years
Maximum Age60 years at the time of maturity of the personal loan
Net monthly incomeMinimum of Rs. 15,000

Documents Required

  • Application form
  • ID proof, & Residence proof
  • Income proof and Bank statement
  • Standing instruction request / ECS forms

You may also like to read – Best Bank for Home Loan in India

#4. Bajaj Finserv Personal Loan

Bajaj Finserv, Personal Loan

Bajaj Finserv offers personal loan only to salaried professionals. The loan procedure is entirely online, which means you can get instant online loan approval and the loan amount is disbursed within 24 hours.

Bajaj FinServe is the only financial institution that lets you repay whole of the outstanding loan amount after the first EMI.

Bajaj Finserv Personal Loan Interest Rates

Starting from 13% onwards

Other Personal Loan Details

Loan AmountUp to 25 Lakh
Processing FeeUp to 4.13%
Late Fee2% to which bank is best for personal loan quora per month
Foreclosure Charges
Part-payment Charges
Loan Tenure12 to 60 months

Preclosure Condition – preclosure can be made after the payment of first EMI.

Annual maintenance charges: 0.25%

<strong>Why You Should Apply for Bajaj Finserv Personal Loan</strong>
  • Get instant approval and the loan amount is disbursed within 24 hours.
  • You can repay loan amount even after the first EMIs.
  • High processing charges
  • High minimum salary requirement
  • Focused only on salaried class.
  • 0.25% annual maintenance charges

Eligibility Criteria

Age23 to 55 years
Monthly IncomeDepending upon your residing city. For example, in metro cities your monthly income should be at least Rs. 36,000.

Documents Required

  • KYC Documents
  • Passport size photograph
  • Previous 3 months Bank account statement of salary account
  • CIBIL score of 700+ preferred

#5. Bank of Baroda Personal Loan

Bank of Baroda, Personal Loan

Bank of Baroda offers a personal loan to both salaried and self-employed individuals. Bank of Baroda even considers insurance agents for the personal loan.

Depending upon your eligibility, the loan amount can be up to Rs. 10 Lakh for a maximum tenure of up to 60 months.

Personal Loan Interest Rates Bank of Baroda

BRLLR+SP*+3% to BRLLR+SP+8.35% based on relationship and the risk rating of applicants.
Present BRLLR = 6.85% & *SP- Strategic Premium = 0.25%.

Personal loan ROI – 10.10% to 15.45%

Other Personal Loan Details

Loan AmountUp to 10 Lakh
Processing Fee2%.
Minimum – Rs. 1,000 and Maximum – Rs. 10,000
Late Fee 24% p.a.
Pre-closure ChargesNIL
Loan Tenure Up to 60 months
<strong>Why You Should Apply for Bank of Baroda Personal Loan</strong>
  • No foreclosure or part-payment charges
  • Personal loan for employees, professionals, self-employed business persons and insurance agents
  • Max loan amount of Rs. 10 Lakhs only
  • Preference to persons having salary account with Bank of Baroda

Eligibility Criteria

EligibilitySalariedSelf Employed/Business
Age21 to 6021 to 65
Minimum Work Experience/ Service1 year1 year of stable business.

Insurance Agents: minimum of 2 years of business

Specific guidelines for loan eligibility:

ParameterSalaried employees*Others**
Repayment Capacity60 % of Gross Monthly Income40% to 60% of Gross Monthly Income
PeriodMaximum 60 monthsMaximum 48 months

*Means: Salaried employees with 1-year service and having salary account with Bank of Baroda

**For others:

  • Loan Amount up to Rs. 2 Lakhs: Satisfactory account relationship with Bank of Baroda or any other Bank.
  • Above Rs. 2 Lakhs: Satisfactory account relationship for at least 6 months with Bank of Baroda.

Documents Required

SalariedSelf Employed/Business
Application Form along with asset & liability detailsApplication Form along with asset & liability details
ID Proof, Address ProofID Proof, Address Proof
Last 3-month payslip, Form 16 or ITRLast 2 years – ITR, Form 26AS, Balance sheet and P&L, Business proof
6 Months bank statement6 Months bank statement

Best Bank That Offers Lowest Interest Rate Personal Loan in 2021

#6. Citibank Personal Loan

Citi Bank, Personal Loan

Citibank’s personal loan starts at the lowest rate of 9.99% for Instant personal loans. Citibank gives preference to the salaried class for personal loans.

The loans are available up to Rs. 30 Lakhs. Salaried borrowers employed with reputed companies with higher net take-home salary enjoy lower interest rates as compared to persons with lower take-home salary.

Citibank Personal Loan Interest Rates

Ranging from 9.99% to 16%

Other Specification

Loan AmountUp to 30 Lakh
Processing FeeUp to 3%
Late Fee There are no late payment charges
Pre-closure Charges 4%
Loan Tenure 3 months to 60 months
<strong>Why You Should Apply for CitiBank Personal Loan</strong>
  • Lower interest rate for salaried persons with high net take-home salary
  • Loan amount from Rs. 10,000 which bank is best for personal loan quora Rs. 30,00,000
  • Get quick approval on loan within 48 hours
  • No late payment charges

Eligibility Criteria

Citibank does not explicitly specifies eligibility criteria but the personal loan is based on factors such as your income, quantum of loan, loan tenure and credit score.

The website only discloses that the following persons are eligible for Citibank Personal Loan:

  • All salaried individuals, self-employed professionals and business owners
  • Existing Citibank customers with a Suvidha, Branch or a Mortgage relationship

The quantum of loan and interest rate varies based on –

  • Net take-home salary in case of a salaried person and
  • Annual gross take-home income for professionals and non-professionals.

Documents Required

SalariedSelf Employed
Proof of Identity & ResidenceProof of Identity & Residence
Proof of AgeProof of Age
Length of employment/ Continuity of business:
1.Letter from employer
2. Old pay slip/ Form 16
Length of employment/ Continuity of business:
1. Lease Deed
2. Ownership documents
3.Utility Bills
4.Tax returns from the same city
5. 3-year-old bank statement
Proof of income & occupation:
1. Latest 2 salary slip
2. Last 3 month Bank Statement
Proof of income & occupation:
1. Last 1 year IT Returns
2. Computation of income
3. 1 Year audited P&L
4. Last 3 month Bank statement

#7. Standard Chartered Bank Personal Loan

Standard Chartered Bank Personal Loan

Standard Chartered Bank charges interest rates from 11.99% for personal loans offered up to Rs. 50 Lakhs. That is one of the highest amounts of personal loans offered by any bank.

Standard Chartered Bank Personal Loan Interest Rates

11.99% onwards

Other Personal Loan Details

Loan AmountUp to 50 Lakh
Processing Feeup to 2.25% of the loan amount
Late Fee 24% p.a.+ Rs. 495
Foreclosure ChargesForeclosed between 0 to 12 EMI – 5%
Foreclosed between 12 to 24 EMI – 4%
Foreclosed between 25 to 36 EMI- 2%
> 36 EMI – 1%
Loan Tenure Up to 60 months
Maximum part-payment is 25% of the outstanding in a year.
<strong>Why You Should Apply for Standard Chartered Personal Loan</strong>
  • You can take loan of up to Rs. 50 Lakh
  • No securities, collaterals, or guarantors required
  • 50% discount in processing charges for online application
  • Rs. 495 Late fees
  • up to 2.25% processing charges
  • Bank branches are not available everywhere

Eligibility Criteria

The bank provides EMI Calculator for eligibility. The Loan Amount is sanctioned depending on the borrower’s repayment capacity, income, location and age.

EligibilitySalariedSelf Employed/Business
Age22 to 5822 to 58
Income/ProfitRs 22,000 pmRs 2 Lakh p.a
Min. Work Experience1 year1 year at least
in the current business.

Document Required

  • Online application
  • ID Proof, Address Proof
  • 3 Months Bank Statement
  • Latest ITR or Form 16 for salaried and Income report for self-employed/ business persons.

#8. ICICI Bank Personal Loan

ICICI Bank Personal Loan

ICICI bank charges interest rates from 10.50% on personal loans. You can avail loan up to Rs. 25 Lakhs without any collateral or security.

For existing ICICI Bank customers, there are attractive benefits such as reduced documentation and automatic pre-eligibility condition.

The above benefits are based on your relationship with the bank, which can be via a bank account, credit card, or any other loan account.

ICICI Bank Personal Loan Interest Rates

Ranging from 10.50% to 19%

Other Personal Loan Details

Loan AmountUp to 25 Lakh
Processing FeeUp to 2.25% of loan amount
Late Fee24% p.a
Pre-payment Charges5% on principal outstanding
Loan Tenure12 to 60 months

You can pre-pay the entire loan amount after 12 or more EMIs have been paid.

<strong>Why You Should Apply for ICICI Personal Loan</strong>
  • Low-interest rate of 10.50%.
  • Quick loan processing & disbursement
  • High preclosure charges of 5%
  • High Rs. 30,000 minimum salary requirement

Eligibility Criteria


Age: 23 to 58 years

Monthly Income: Minimum of Rs 30,000

Total years in job/profession: 2 Years

Years in current residence: 1 Year

<strong>Self Employed</strong>

Age: 25 to 65 years

Minimum Turnover: Rs. 40 Lakhs (Non-Professionals) Rs. 15 Lakhs(Professionals)

Minimum PAT: Rs. 1 Lakh (Non-Professionals) Rs. 2 Lakhs for self-employed individuals

Business Stability: At least 5 years, 3 years for doctors

Existing relationship with ICICI Bank: Minimum 1 year

Documents Required

SalariedSelf Employed/Business
Application FormApplication Form
ID Proof, Address ProofID Proof, Address Proof.
Proof of Residence or Office ownership
Latest 3-month salary slips &
Bank Statement
Audited Financial for the last 2 years,
6 months Bank Statement,
2 Passport size photographsProof of continuity of business

Check out – best bank for gold loan in India

#9. Kotak Mahindra Bank Personal Loan

kotak Mahindra Bank, Personal Loan

Kotak Mahindra bank extends personal loans to only salaried persons. You can take a personal loan of Rs. 50,000 to Rs. 20 Lakh with an interest rate starting from 10.75%.

Kotak Mahindra Bank Personal Loan Interest Rates

10.75% to 24%

Personal Loan Details

Loan AmountRs. 50,000 to 20 Lakh
Processing FeeUp to 2.5% of the loan amount
Late Fee 36% p.a
Pre-closure Charges Up to 12 months- not allowed
> 12 months – 5%
Loan Tenure 12 to 60 months
<strong>Why You Should Apply for Kotak Mahindra Personal Loan</strong>
  • Personal loan from Rs. 50,000 to Rs. 20,00,000
  • Quick approval in metro cities
  • No preclosure before 12 months
  • 3% per month late payment charges

Eligibility Criteria

Employee ofMNC, Public or Pvt limited company
AgeBetween 21- 58 years
 Net salaryRs. 20,000 per month
Min. educational qualificationGraduate
Min. work experience
Active resident of the city
At least 1 year
For at least 1 year

Document Required

  • ID Proof, Address Proof
  • 3 Month bank statement with income details
  • Salary slip for the last 3 months
  • 2-3 Passport size photograph

#10. Tata Capital Personal Loan

Tata Capital, Personal Loan

Tata capital offers a personal loan of up to Rs. 25 Lakh. You can benefit from a lower EMI because the loans are for an extended period of up to 72 months.

Tata Capital Personal Loan Interest Rates

Ranging between 10.99% to 19%

Other Personal Loan Details

Loan AmountRs. 75,000 to 25 Lakh
Processing FeeUp to 2.75% of the loan amount
Late Fee36% p.a.
Foreclosure Charges
Part-payment Charges
4.5% of the principal outstanding
2.5% of the principal outstanding
Loan Tenure Up to 72 months

Part-payment & Foreclosure can be done after 6 months of availing loan. 25% maximum part-payment allowed in a year.

<strong>Why You Should Apply for Tata Capital Personal Loan</strong>
  • Minimal paperwork and documentation
  • The loan amount ranges from Rs. 75,000 to Rs. 25,00,000
  • Repayment tenures ranging from 12 to 72 months
  • 36% p.a. high late fees
  • Foreclosure and part-payment charges
  • 25% maximum part-payment allowed in a year

Eligibility Criteria

Eligibility Details
Age22- 58 years
Minimum monthly incomeRs. 15,000
JobShould be in the same job for 1 year
Work experience Minimum of one-year

Documents Required

  • Photo Identity Proof & Address Proof
  • Income Proof: Bank statement for last 6 months
  • Salary slips for last 3 months
  • Employment certificate stating one year of continuous employment

#11. Yes Bank Personal LoanYes Bank

You can get personal loans ranging from Rs. 1 Lakh to Rs. 40 Lakhs from Yes Bank at the interest rate starting from 13.99%. Yes Bank does not require you to bring in any collateral for availing personal loans.

Yes Bank takes approximately 5 days (after all documentation has been completed) for appraisal decision and if sanctioned the funds are disbursed in a matter of hours.

Yes Bank Personal Loan Interest Rates

13.99% to 16.99%

Personal Loan Details

Loan AmountRs. 1 Lakh to 40 Lakh
Processing FeeUp to 2.5% of which bank is best for personal loan quora loan amount
Minimum – Rs. 999
Late Fee
Pre-part payment Charges
 24% p.a
2% on part payment amount
Pre-closure Charges Up to 12 months- not allowed
Which bank is best for personal loan quora between 13 – 24 months – 4%
Foreclosed between 25 – 36 months – 3%
Foreclosed between 37 – 48 months – 2%
> 48 months – NIL
Loan Tenure12 to 60 months

No pre-part payment allowed before 12 EMI’s are repaid. After that 20% to 25%, part-payment allowed once a year.

<strong>Why You Should Apply for Yes Bank Personal Loan</strong>
  • Personal loan amount from Rs. 1 Lakh to Rs. 40 Lakhs
  • 1-minute eligibility calculator (Online + mPowered Bot)
  • 12 EMI’s lock-in for pre-part payment
  • Foreclosure & Pre-part payment charges

Eligibility Criteria

Yes Bank uses an online eligibility calculator and mPowered Bot for assessing personal loan eligibility. You need to provide the following information to check eligibility:

  • Age
  • Monthly income
  • PAN no and contact details
  • EMIs and other recurring expenses
  • Employer details
  • Employment history
  • Residence details like rented/or owned and the period of residence

Document Required

  • Application form
  • ID Proof, Address Proof
  • 3 Month bank statement with income details

Best Personal Loan Interest Rates Comparison in India 2021

NameInterest Rate
Interest Rate
SBI9.60%13.85%Up to 1.5%3%
HDFC Bank10.40%21.13%Up to 2.5%2% – 4%
Axis Bank12%24%1.5% to 2%2% – 5%
Bajaj Finserv13%N.A.Up to 4.13%4%
Bank of
SCB11.99%N.A.up to 2.25%1% – 5%
Citibank9.99%16%Up to 3%4%
ICICI Bank10.50%19%Up to 2.25%5%
Kotak Bank10.75%24%Up to 2.5%5%
Tata Capital10.99%19%Up to 2.75%4.5%
Yes Bank13.99%16.99%Up to 2.5%2% – 4%

Factors Affecting Interest Rate on Personal Loan

Personal loan interest rates are not fixed even for customers of the bank. The interest rate for every personal loan application is based on various factors such as  CIBIL score, applicant’s profession, income level, and relationship with the bank.

Let’s discuss these factors affecting the personal loan interest rates in detail.

#1. CIBIL Score

CIBIL score plays the most important role when you apply for any type of loan or a credit card.

CIBIL score reflects your repayment ability. Low credit score implies that there are higher chances of defaulting on loan payments. Whereas a high score not only increases the chances of loan approval but also getting low-interest rates.

Take a look at the SBI personal loan interest rate variation due to the CIBIL score.

persona loan cibil score

In case you have a lower score, here are the Steps to 11 Powerful Ways to Improve the CIBIL Score.

#2. Salaried or Self-Employed

Salaried individuals have a fixed source of income which makes banks confident about the regular payment of the EMIs & repayment of the loan amount.

Whereas in case of self- employed individuals, banks are suspicious of their ability to pay EMIs on time.

As a result, the personal loan interest rate is cheaper for salaried individuals than self-employed individuals.

#3. Level of Income

Income level is always the indicator of the financial status. Higher the income level higher will be the financial status and higher is the probability of which bank is best for personal loan quora of the loan.

Therefore, banks impose a certain minimum income clause in the eligibility criteria. Besides, in some cases, the income level is the deciding factor of interest rate.

For example, look at the Citi bank interest rate chart below

personal loan

personal loan 2

#4. Loan Amount

Interest rates could also vary due to the loan amount. Some banks fix loan amount slabs for deciding the interest rates.

To promote bigger loans, banks can reduce interest rates for customers as bigger the loan amount higher is the bank’s income.

So, if you are looking for a bigger personal loan. Chances are that you may get one at a lower interest rate. See below how the interest rate varies with respect to  the loan amount

personal loan interest vary as per loan amount

#5. Employer Reputation

Employer reputation is also a contributing factor that decides the interest rate. If the borrower is working with a reputed company, there are higher chances of getting a loan at a lower interest rate.

As seen below the interest rate is varying with respect to the rating of the employer.

personal loan sbi employer rating

#6. Relationship with Bank

Your prior relation with the bank also affects the interest rate at which you can avail personal loan. If you have a good relation with the bank, there are decent chances of getting the loan at lower rates.

In general, banks charge lower interest rates for customers who have been with them for a long period of time.

personal loan relationship with bank

My Final Advice

Most of the time borrowers only consider the interest rate while applying for personal loan and neglect all other fees & charges. As a result, they end up paying a decent sum of money as charges.

Therefore, when applying for a personal loan, keep in mind other factors like processing charges, preclosure charges, late payment charges and other charges.

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Too Many People Fall Into This One Huge Financial Trap (Good News: It's Easy to Avoid)

What is life's biggest "trap" people fall into? originally appeared on Quora - the place to gain and share knowledge, empowering people to learn from others and better understand the world.

Answer by Ron Rule, CEO @ As Seen On TV, on Quora:

The biggest trap that people fall into in life comes down to one word: debt.

Your credit score should really be called a "sucker score" because it's a number that exists for only one reason: to tell banks how much money they're going to be able to make off of you. The higher it is, the more of your money goes to them.

That's not how they sell it, of course. They sell it as a metric for determining "credit worthiness". But if you really break down what makes a credit score higher or lower, you'll see that they aren't being honest about what it actually is.

For example, if you're the type of person who doesn't use credit all that much, but can make large purchases and pay them off in a matter of days or weeks, that should be an indicator that you're the most "credit worthy" person on the planet. Right? Shouldn't the people who do that have the highest credit scores?

Nope. You're actually penalized for that, and your credit score goes down. Banks hate you, because you don't carry debt long enough for them to make anything off of you.

You know who banks like? The people who take a long time to pay things off. That's why they tell you to carry a balance on your credit cards, to finance things you could easily pay cash for and take your time paying it off, to refinance your house and start the loan over for another 30 years instead of paying it down, and so on. And when you do these things, they "reward you" with a higher credit score - so you can keep borrowing more, keep juggling as much as you can afford, and keep your money flowing to them.

That's why they give you "bonuses" like the ability to skip payments, reward points, airline miles, limit increases, and the like. That's why they send you offers in the mail for retailers who give you discounts when you use their card. Want to trade up a car you're already upside down on? No problem, just roll the negative equity into the loan for the new one. Go pick out a boat while you're at it.

Banks win when you stay in debt.

And that's the trap people fall into - perpetual debt. Most people don't even realize they're being played, they've been taught how to be good little customers and focus on their credit score. You purposely stay in debt when you don't need to, so you have the option of using debt when you want to. Eventually all of your money is going out the door to monthly how to protest property taxes online in tarrant county, and then you need to use a credit card at the grocery store just to manage your day to day cash flow. Today, most people couldn't even afford the car they're currently driving if they hadn't financed it. That's sad.

What's more sad is that none of that stuff is even yours. You're just renting it from the bank. All it takes is one little hiccup in your income for the house of cards to come crashing down, the bank takes it all back, and everything you paid along the way was for nothing.

And what happens when you figure the game out, and decide to opt out of it? When you actually pay off everything and have no more debt? Your credit score goes to zero.

Yep, literally zero. It's not a myth.

How's that for irony? Actions that should have told banks "Give this guy whatever amount of money he wants, you can trust him." instead became "Screw that guy, he won't play the game and we aren't going to make squat off him."

But you know what? I'm pretty happy about that. I decided a long time ago that if I couldn't pay cash, I couldn't afford it. I looked at my paycheck, then looked at how much of it was going out the door toward monthly payments, and imagined what my savings account would look like if it wasn't.

Buying cars, taking trips, all of it gets really easy when your paycheck goes into your bank account and stays there instead of going right back out to bills.

You can get out of the trap - you just have to commit to staying out of debt. Pay off your credit cards and close them. Ignore the interest rates, just start with the one with the smallest balance, focus all of your extra cash on paying it off, then close it and work your way up to the next one.

Pay off your car and keep driving it instead of running out and financing another one. You could write a check for your next car if your car payment was going into your savings account for a year or two.

Break the cycle, live on what you make, and your credit score won't matter.

This questionoriginally appeared on Quora - the place to gain and share knowledge, empowering people to learn from others and better understand the world. You can follow Quora on Twitter, Facebook, and Google+. More questions:


FAQ: Loans

What is Loans on Truecaller?

Truecaller offers term loans. A term loan is a loan that is repaid in regular payments over a set period of time. 

Who is eligible for Truecaller Loans?

At this point in time, we only provide salaried individuals with loans. In addition, here are the criteria we consider:

Our own proprietary credit scoring process.

Your Credit Bureau score. We don’t provide loans if your Credit Bureau score is less than 650.

Your monthly in-hand salary should not be less than Rs.13,500. If you’re self-employed, your monthly income should be a minimum of Rs.25,000

How do I know if I am eligible for a Truecaller Loan?

If you are eligible for the offer, it will be seen on the landing page under the banking tab of the Truecaller app.

 What is the amount I’m eligible for?

The amount offered is between Rs.10000 to Rs.5 lakh. The actual amount you’re eligible for will be displayed in the app.

Are there any charges/fees for using Truecaller Loans?

We only charge a one-time processing fee that’s dynamically calculated. For instance, if you’ve borrowed Rs.50,000 as a loan, the applicable processing fee will be deducted from the loan amount while the remaining funds will be transferred to your account.

What Are The Steps I’ll Need To Follow To Get A Loan From Truecaller?

You can get an instant loan on Truecaller without any paperwork by following these steps:

  1. Complete and submit your loan application on the app.
  2. Once you’ve submitted your loan application, we’ll go through your documents and assess your creditworthiness along with other important details on your application.
  3. Post the verification process, we’ll send you a NACH form, which you’re required to print, sign on, scan, and send back to us. This NACH form is to enable the auto-debit facility for your bank account so you can pay your EMIs on time automatically.
  4. On receiving your NACH form, we’ll send you a loan agreement on the app. You’ll need to review and submit the agreement. Post this, your loan amount will be credited into your bank account in a few hours.

What are the unique features of Truecaller Loans?

Instant Loan withdrawal when you need it - anytime, anywhere

No prepayment fees.

Flexible EMIs as per your convenience

Where to apply for a Truecaller Loan?

If you have a Truecaller Loan offer, you will see it on the landing page under the banking tab of the Truecaller app for pay registered users & under the payments tab for non-pay users. Click on the Truecaller Loan card, and complete the sign-up process in the app. Once we receive the documents, we will enable Truecaller Loans for you and the money can be withdrawn anytime you want.

Can I Get Multiple Loans At A Time From Truecaller?

No, we don’t provide multiple loans at the same time. However, you can finish your existing repayments and start a fresh loan whenever you need to.

How do I pay my monthly EMI?

The loan EMI will be automatically deducted from your bank account. This is done only after you’ve authorized us to deduct the proposed EMI amount that’s specified during the loan request process in the app.

What is NACH?

National Automated Clearing House (NACH) is a mandate which bank is best for personal loan quora you, telling your bank to make regular monthly payments on your behalf. Once set up, it is an easy and automatic method to pay the EMI.

Will you send EMI reminders?

We will send you EMI reminders 2 days before the EMI due date & on the EMI due date as well.

Where can I see my payment due date?

The EMI due date will be updated on the Truecaller Loans card on the landing page under the banking tab of the Truecaller app.

What happens if I don’t pay my EMI on time?

We do not charge any late payment fees. However, paying the EMI is very important in order to maintain a healthy credit score.

Can I change my repayment date?

Currently, the EMIs are collected only on the 5th of every month.

How can I make payments in case of failure of my NACH registration?

In case of failure of NACH registration, we will re-attempt setting up your NACH mandate. If the EMI due date arrives before the NACH mandate is set up, you can make the payments through the Truecaller app

What happens if I miss the payment on the due date?

There will be no late payment penalty charged by our partner NBFC, failure to service EMI might impact you in the following manner:

Credit rating (reporting which bank is best for personal loan quora Credit Bureau)

NBFC may initiate recovery proceedings to recover the dues apart from the late payment charges

Why Is The Amount Of NACH Higher Than My EMI?

The amount in the NACH form is equal to your loan amount but your EMI remains the same as what you’ve chosen on the app. This is done for your convenience by reducing multiple NACH authorizations when taking an additional loan.

For instance, each time you borrow more money through a top-up loan or credit line, we’ll have to get a new NACH mandate to accommodate the change in the EMI amount.

To avoid such a cumbersome process, we have simplified things by taking a single NACH mandate authorization, which is equal to your initial loan amount.

What can I use the Truecaller Loan for?

You can use the Truecaller Loan for absolutely anything you want. Whether you want to buy a new phone, take a vacation, or cover yourself in times of emergency

Is a good CIBIL score required for my application to be accepted?

If you see the Truecaller Loans card in your app, you already have an offer. A good CIBIL score is not mandatory for you to receive an offer.

What should I do in case my application was rejected?

Your application will be rejected only if there are discrepancies in the documents you have signed on. We will get in touch with you to complete the sign-up process again.

How do I cancel my registration for Truecaller Loans?

Please email us at [email protected] to cancel registration for Truecaller Loans.

What is the minimum and maximum tenure for repayment of withdrawal?

The minimum tenure for repayment of withdrawal is 3 months and the maximum tenure is 18 months.

How is the Interest calculated?

The applicant would be charged interest on a daily basis for the cash withdrawn from Truecaller at the rate mentioned in the app. Interest will accrue on a daily basis and will need to be paid on the dates shown on the app.

Can I avail a partial disbursement?

No, Loans on Truecaller is a term loan. The amount you choose at the time of registration will be disbursed after the documents and repayment details get approved.

What are the costs associated with the withdrawal of the money from the Truecaller Loan account?

There is no cost associated! No document pick-up fees,pre-closure fees, or any other fees.

What are the documents I need to submit to avail cash disbursement from Truecaller Loans?

Here’s the list of documents you will need to apply for a loan on our app:

  • Identity Proof – Aadhaar/PAN Card
  • Current Address Proof – If Aadhaar Card doesn’t feature your current address
  • Bank Statement (Salary A/C) – Last 3 months’ statement with salary credits

Please make sure that the documents listed above are valid at the time of submission of your loan application.

What Are The Applicable Rates Of Interest For A Loan?

The rate of interest starts from 16% p.a. and will be based on the assessment of your spending patterns by our algorithm.

Is There Any Collateral/Security For This Loan?

This loan is collateral-free.

Can You Really Process The Loan And Disburse The Amount In 24 Business Hours?

We try our best to process your loan within 24 business hours. This time period starts when you’ve reviewed and submitted your loan agreement. It ends once you receive the loan amount in your account.

To keep you informed, the time taken for your loan application, NACH mandate, and eligibility check is not part of this 24-hour period. These steps usually involve plenty of discussions between you and our customer support team. This makes it difficult for us to provide you with a conclusive timeline.

Please note that our business hours are from Monday to Friday: 10:00 AM – 6:00 PM.

Am I Allowed To Change The Loan Amount Once I’ve Applied For It?

No, you can’t change your loan amount on the app after you’ve submitted your application. If you’ve made any errors during the application process, please email us at [email protected] 

Do keep in mind that you can’t change the loan amount or the terms after you’ve reviewed and submitted the Loan Agreement.

Is There A Reason Why You Need My Bank Details?

We’ll need your bank details to transfer the loan amount to your account and to deduct the Easy Monthly Installments (EMIs) for the loan.

I’ve Completed The First Three Steps Of The Loan Application Process On Your App. However, I’m Not Able To Proceed To The Next Step – The “Repayment details” Stage. What Do I Have To Do To Move Further?

Once your loan application is submitted on our app, our internal team will verify your Credit Bureau score. Thereafter, we will verify all the documents you’ve uploaded. Keep in mind that we will send the NACH form to your registered email address only once we’ve approved your documents.



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