Loan for Agriculturists Mahabank Kisan Credit Card Purpose Cultivation of crops Meeting the short-term credit needs of farmers for crop production and allied activities etc. Maintenance of farm equipments etc. Eligibility Agriculturist who owns agricultural land Amount As decided by District Technical committee & limit worked out for the purpose. Security Mortgage of land. Hypothecation of crop/Assets. Repayment Revolving credit facility for 3 years. Coinciding with harvesting of crops-season/marketing of produce. Other Terms & Conditions Assured and timely availability of working capital for crop cultivation. Borrowers are covered under personal accident insurance scheme. Insurance for notified crops is available. Minor Irrigation for Agriculturists Purpose Digging of new wells, revitalization of existing well, purchase of oil engine, electric motor, pump set installation of pipe line, sprinkler, irrigation, drip irrigation, tube well, bore well, etc. Eligibility Agriculturist who owns agricultural land. Amount For new dug wells as per the NABARD Unit costs for equipments/estimates. Security Mortgage of land, Hypothecation of movable assets and guarantors. Repayment Depending upon the repaying capacity 7 to 11 years. Other Terms & Conditions Proposed well should be located in white watershed area. It should not be in dark watershed area. Farm Mechanisation for Agriculturists Purpose Purchase of Tractors/Power tillers Purchase of Harvesters Purchase of Threshers & other farm implements Eligibility Agriculturist who owns at least 8 acres of Irrigated land. The Tractor should get at least 1500 hrs of work in a year. Amount As per cost of machinery Security Hypothecation of Tractor/trolley and accessories, Mortgage of land. Repayment 7 to 9 years. Other Terms & Conditions Comprehensive insurance of machinery with bank clause. Animal Husbandry Purpose Purchase of Cows/Buffaloes Poultry- Broiler Farm, Layers Farm, Hatchery Sheep/Goat Rearing Construction of Byre, Purchase of Machinery Working Capital Requirements. Eligibility Agriculturist, agri. Labour and / or those who have necessary expertise. Amount Animal cost - As per NABARD unit costs Others- as per the project. Security Hypothecation of Animals/Plant Machinery to be purchased Mortgage of land. Repayment 4 to 5 years with suitable installments. Other Terms & Conditions Insurance of all animals is essential. Horticulture Purpose Cultivation of fruit crops-mango, Pomegranate, Grapes etc. Eligibility Agriculturist with adequate provision of irrigation Amount As per NABARD Unit costs/ Project Security Mortgage of land. Hypothecation of crops. Repayment Within 15 years. Scheme for Financing Setting Up of Agri-Clinics and Agri-Business Centres for Agriculture Graduates Purpose Setting up of Agriclinics Setting up of Agribusiness Centers. Eligibility Agriculture graduates Amount Individiuals Max. Rs 10 lakh, Group Rs 50 lakh Security Hypothecation of Assets created out of bank loan Mortgage of land. Repayment 5 to 10 years. Scheme for Financing Farmers for Purchase of Land Purpose Purchase of land Eligibility Small & Marginal farmers, share croppers/Tenant farmers. Amount Maximum Rs 15,00,000/- Security Mortgage of land. Hypothecation of crop/Assets. Repayment As per the repaying capacity & incremental income. Other Terms & Conditions Total land holding including proposed land should not exceed 5 acres. Scheme for Financing Two Wheelers to Farmers Purpose Purchase of two wheeler. Eligibility Net annual Agril. Income above Rs 50,000/- or 5 acres of irrigated land. Amount Max. Rs 50,000/- Security Hypothecation of Asset. Guarantors. Repayment 3 to 5 years. Consumer Loans to Farmers Purpose Purchase of consumer durables. Eligibility Net annual Agril. Income above Rs 50,000/- or 5 acres of irrigated/10 acres seasonally irrigated land. Amount Max. Rs 50,000/-, for four wheelers Max. Rs 2 lakh. Margin 10% Security Hypothecation of assets. Repayment 3 to 5 years. Hi-tech Projects Purpose Hi-tech projects. Eligibility Agriculturist with knowledge of advance techniques in the farming. Amount As per the project cost. Security Hypothecation of goods Other collateral security. Repayment Within 6 to 8 years.

     
Why do I need personal loan?

Why do people take personal loans?

be it pecuniary aid for the renovation of your house
buying a new laptop
spending a vacation with the family
just for the mere need to pay off credit card dues. It acts as the perfect medium to smoothen up the cash flow in times of stringency. Identify the need and accordingly choose the type of the personal loan from the host of top personal loan finance companies in India. There is an array of companies providing personal loan finance to varied strata of the society.

Tips:

• Check your credit report before applying for loan
• Plan your budget and stick to it
• Borrow only the amount you need, do not borrow in excess.
• Know your APR(Annual Percentage Rate) i.e. How much the loan would cost in interest per year
• Look for payment delivery charges as some players charge you for early payment.
• Be careful about the risks involved in secured laons .i.e be sure that you will be able to repay.

List of top personal loan finance companies in India

1.State Bank of India: SBI offers SBI Saral personal loan customized in a manner that helps an individual meet varied kinds of personal expenses. The interest rates at which these loans are offered are quite competitive with no hidden costs or administrative charges, no prepayment penalties. It also comes with easy repayment term.

(` in crores)

Particulars	31-03-08	31-03-09
Net Profit	6729	9121
Personal Loan Advances	32168	36557

Highlights of SBI Personal Loans
?	Salaried	Self Employed
Loan Scheme	Saral Personal Loan	Saral Personal Loan
Loan Type	Term Loan	Term Loan
Loan Amount	Max Loan: 12 times the monthly income	Max Loan: 12 times the monthly income
Tenure	Min. – 12 Yrs.	Min. – 12 Yrs.
Interest Rate	Min. – 16 %	Max. – 16 %
	Min. – 16 %	Max. – 16 %
Time to process Loan	2 days	2 days

2.AXIS Bank: Axis bank's personal loans are meant for salaried persons, self employed individuals and also professionals. The processing of the loan is simple with easy documentation and fast approval.

(` in crores)

Particulars	31-03-08	31-03-09
Net Profit	1071	1815
Personal Loan as a % of Retail Assets	16%	12%
Retail Assets	13591.68	16051.78

Highlights on AXIS Bank Personal Loans
?	Salaried	Self Employed
Loan Scheme	Personal Power	Personal Power
Loan Type	Term Loan	Term Loan
Loan Amount	The loan amount approved depends on income and also other eligibility criteria of applicants.	The loan amount approved depends on income and also other eligibility criteria of applicants.
Tenure	Min. – 12 Yrs.	Min. – 12 Yrs.
Interest Rate	Min. – 15 %	Max. – 23 %
	Min. – 15 %	Max. – 23 %

3.ICICI Bank: ICICI bank's personal loan comes at attractive interest rates along with 12-60 months repayment choices. The processing is fast.

(` in bn)

Particulars	31-03-08	31-03-09
Profit After Tax (PAT)	41.58	37.58
Personal Loans	Total retail advances	% of retail advances
Total retail advances	% of retail advances	144.13
10.7	108.66	9.9

Highlights of ICICI Bank Personal Loans
?	Salaried	Self Employed
Loan Scheme	Personal Loan	Personal Loan
Loan Type	Term Loan	Term Loan
Loan Amount	Min. – ` 50000	Max. – ` 1500000
	Min. – ` 50000	Max. – ` 1500000
Tenure	Min. – 12 Yrs.	Min. – 12 Yrs.
Interest Rate	Min. – 12 %	Max. – 22 %
	Min. – 14 %	Max. – 24 %
Time to Process Loan	3 days	2 days

4.Punjab National Bank: PNB personal loans are meted out to permanent defence personnel which comprise officials of Military Station Headquarters, BSF, CRPF, CISF, ITBP, permanent central / state Govt employees, etc. the loans can be repaid in 60 EMIs or in the residual period of services, whichever is earlier.

(` in crores)

Particulars	Qtr ended 30-09-08	Qtr ended 30-09-09
Net Profit	707	927
Personal Loan advances	976	956

Highlights of PNB personal loans
?	Salaried	Self Employed
Loan Type	Term Loan	Term Loan
Loan Amount	The maximum loan amount ` 3,00,000/- or 30 times monthly net salary, whichever is lower.	The maximum loan amount ` 3,00,000/- or 30 times monthly net salary, whichever is lower.
Tenure	Min. – 12 Yrs.	Min. – 12 Yrs.
Interest Rate	Min. – 14 %	Max. – 15 %
	Min. – 14 %	Max. – 15 %

5.UCO Bank: UCO cash is a personal loan scheme that has been customized in a manner which can take care of varied needs like marriage, medical expenses, traveling, and other personal obligations. One can repay the loan in 48 EMIs.

(` in lakhs)

Particulars	Qtr ended 30-06-08	Qtr ended 30-06-09
Net Profit	13344	17885
Revenue from Retail Banking	68929	96693

Highlights of UCO Bank Personal Loans
?	Salaried	Self Employed
Loan Type	Term Loan	Term Loan
Loan Amount	Min. – ` 50000	Max. – ` 1500000
	Min. – ` 50000	Max. – ` 1500000
Tenure	Min. – 12 Yrs.	Min. – 12 Yrs.
Interest Rate	Min. – 13.5 %	Max. – 13.5 %
	Min. – 13.5 %	Max. – 13.5 %
Time to Process Loan	7 days	7 days

6.HSBC: MyTerms Credit from HSBC bank has four simple repayment options along with competitive interest rates. There are also special relationship discounts on existing customers.

(` in 000s)

Particulars	31-03-08	31-03-09
Net Profit	11922960	12912812
Revenue from Retail Banking	27799775	31998584

Highlights of HSBC Bank Personal Loans
?	Salaried	Self Employed
Loan Scheme	My Terms Credit	My Terms Credit
Loan Type	Term Loan	Term Loan
Loan Amount	Min. – ` 50000	Max. – ` 1500000
	Min. – ` 50000	Max. – ` 1500000
Tenure	Min. – 12 Yrs.	Min. – 12 Yrs.
Interest Rate	Min. – 13 %	Max. – 15 %
	Min. – 13 %	?

7.IDBI: IDBI personal loan is offered along with an insurance cover, helping you in tough times. The insurance cover is meant to take care of the EMI's.

(` in lakhs)

Particulars	31-03-08	31-03-09
Net Profit	24500	31367
Revenue from Retail Banking	307167	533947

Highlights of IDBI Bank Personal Loans
?	Salaried	Self Employed
Loan Type	Term Loan	Term Loan
Loan Amount	Min. – ` 50000	Max. – ` 1500000
	Min. – ` 50000	Max. – ` 1500000
Tenure	Min. – 12 Yrs.	Min. – 12 Yrs.
Interest Rate	Min. – 16.4 %	Max. – 20.4 %
	Min. – 16.4 %	Max. – 22.4 %
Time to Process Loan	7 days	7 days

8.Standard Chartered Bank: Standard Chartered personal loans come with no securities, collaterals and guarantors. Coupled with a special health insurance from Royal Sundaram, there are special rates for existing customers and easy documentation.

($ in mn)

Particulars	Qtr ended 30-06-08	Qtr ended 30-06-09
Operating Profit	2586	2838
Income from Cards, Personal Loan, Unsecured lending	1089	954

In finance, a loan is a debt evidenced by a note which specifies, among other things, the principal amount, interest rate, and date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower.

In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time. Typically, the money is paid back in regular installments, or partial repayments; in an annuity, each installment is the same amount.

The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice any material object might be lent.

Acting as a provider of loans is one of the principal tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.
Loan payment

The most typical loan payment type is the fully amortizing payment in which each monthly rate has the same value over time.

The fixed monthly payment P for a loan of L for n months and a monthly interest rate c is: