Which bank is better to apply for loan in India?

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Member since: Mar 06
Posts: 27
Location: Chandigarh

Post ID: #PID Posted on: 03-03-06 01:00:00

A friend of mine, might need to take a loan of about 1 to 1.5 lakh rupees from some bank here in India. But he will return it only after reaching Canada. Please suggest a bank which will be better in both the following cases.

1. If he sends the whole loan amount back as soon as he reaches Canada (may be a bank which charges interest for only that number of days in which he returns the loan).

2. Or if he keeps the money and return it back in installments.

He asked SBI, Bank of Punjab. They say even if you return the loan with in a month or two they will take the whole interest, they will calculate for 3 years.

(Note: He is a Govt. Employee)

Member since: Feb 06
Posts: 164
Location: Mississauga

Post ID: #PID Posted on: 03-03-06 09:03:59

Hi Chandigarhian,

Can you let me know for what purpose the loan is sought to be availed.Secondly, I am an exbanker and I do not think that there is no way by which a bank could recover interest for the whole term of loan even if it is prematurely closed.But my guess is that your friend may not have got it right from the bank.The bank would well be within its right to charge a penal interest for preclosure of loan.


Member since: Jul 05
Posts: 526

Post ID: #PID Posted on: 03-03-06 12:49:36

I am surprised at your choice of this forum for this question.
You can go to any nationalised bank and get a personal loan of Rs. 50,000.00 without any collateral, only with two guarantors.

Two such loans are sufficient to make Rs.100,000.00. It is fast, within Manager's powers, will take just half an hour.

You can repay at your convenience, using any of the two methods suggested by you above. Going rate of interest would be around 9.5% to 10.0 % per annum.


Member since: Oct 05
Posts: 60
Location: Mississuauga, Brampton

Post ID: #PID Posted on: 03-03-06 15:26:41

Hi chandigarhian,

He has few more options!!!!!!!!!

He can try taking personal loan from the Credit Card sectors,or from close relatives,,,,,friends.....

There are two Indian banks in Canada(State Bank of India,,,,and ICICI) and one Canadian Bank is in India....(Scotia) .

He can try these banks for easy loan repayment.

Good Luck


Member since: Mar 06
Posts: 27
Location: Chandigarh

Post ID: #PID Posted on: 06-03-06 01:32:08

First of all thanks for the responses.

Actually, he never felt the need in past to take any kind of loan for any purpose. So doesn't know anything about this whole thing.

But I am sure that when he asked SBI and Bank of punjab, they said that even if you return the whole amount before time, they will charge all the interest calculated for 3 years. And interest for 3 years comes out to be a big amount.

Why I posted this message on this site is that he needs this money to go to canada. And I thought maybe someone might have taken such loan before going to canada and would suggest.

He has got money but not the exact amount that he is supposed to show at the port for him and his family. So he wants to take some loan from bank instead of asking from relatives.

He asked for personal loan.

Member since: Feb 06
Posts: 164
Location: Mississauga

Post ID: #PID Posted on: 06-03-06 04:13:32

Hi Chandigarhian,

Again let me reiterate that there is no way by which he could be asked to pay the full interest if he is going to repay it early.You may kindly ask your friend to get it clarified directly from the administrative office.


Member since: Dec 05
Posts: 85
Location: India

Post ID: #PID Posted on: 06-03-06 05:21:49

ok I will ask him to go again and check

Thanx and regards

P.S. When you ask a question, please send along your Date, Time and Place of Birth.

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