Its well said if someone has burnt their hands in hey day, he will be cautious.Similar is the case with the banks and NBFC these days.Apply for the personal loan and you will feel the difference if you have done the same before recession stroked indian economy in 2008. Prior to that banks were highly aggressive towards disbursing personal loans. and of course, don't forget credit cards. How banks were involved in a cut throat competition of distributing the same.The time was when you would have received several calls from tele executives from different banks offering credit cards with silver ,gold and platinum plans. The two top Pvt. Sector banks were leading from the front line. And they did it successfully.Students,Businessman, Call Center Executives etc Started possessing multiple credit cards. Similar was the case with personal loan.Banks and NBFC disbursed thousand of crores of rupees in personal loan.However this was the period when our economy was booming like anything.Everyone wanted to make hey while the sunshine.No one had ever expected of a sudden downfall.During the recession period people underwent job cuts , salary cuts and as a result started defaulting their emi's which caused huge losses to the banks and NBFC's. When the recession period came to an end.the same period never came back. Today banks are more rigid in their policies for personal loan than they used to be prior to the recession.However different banks and NBFC have different policies. So if you are applying for a personal loan , you need to check on their websites or consult a loan adviser about your profile fitment with one or more banks and NBFC. However NBFC are slightly liberal in terms of disbursing personal loans but their rates of interest will be higher than that of banks.But if need money dont hesitate to apply with them. fulletron india is market leader in this segment as far as personal loan is concerned.their interest rate varies from 17% to 27%. However , you need to check it out with them because it depends on your profile.Today their policy seems to be discouraging personal loans but simultaneously they do not want this product to be shut down. So they have limited the disbursed amount for their branches. So out of 10 application chances of getting only 3 to 4 application disbursed will be the standard criteria these days they are following. So you are lucky if your loan get sanctioned. If you are a cibil defaulter, then there is 90% chance that your application will be rejected. however if you have made settlement with the banks and cleared all the outstanding amount you will be eligible forgetting the closure letter from the bank and removal of your name from cibil default list. You need to contact your bank for the same.Check out for more information about personal loan in mumbai here.
