At Bachat Finance, our goal is to simplify complex credit procedures with the help of smart financial calculators. From EMI and balance transfer calculators to FD and investment tools, we bring everything together in one place. With quick and accurate results, you can easily estimate your monthly payments, plan ahead, and ensure better financial management with timely repayments.
Types of loan
At Bachat Finance, we simplify the complexities of credit and finance with our wide range of financial calculators. Whether you need an EMI calculator, balance transfer calculator, or FD calculator, our tools help you plan smarter. With instant access to accurate calculations, you can easily estimate your monthly payments, manage your finances efficiently, and ensure timely repayments with confidence.
PERSONAL LOAN
Get instant funds for your personal needs with minimal paperwork and fast approval. Flexible EMIs and competitive interest rates tailored to your profile.
HOME LOAN
Make your dream home a reality with easy financing options. Enjoy long tenure, low interest, and quick disbursal.
BUSINESS LOAN
Fuel your business growth with quick and collateral-free business loans. Customizable repayment options for SMEs and startups.
EDUCATION LOAN
Secure your child’s academic future with easy education finance. Covers tuition, accommodation, and travel expenses globally.
LOAN AGAINST PROPERTY
Unlock the value of your property to meet business or personal expenses. High loan amount with affordable EMIs and flexible tenure.
PROJECT LOAN
Finance your large-scale infrastructure or expansion projects easily. Structured funding with flexible repayment and expert guidance.
GOLD LOAN
Get instant cash by pledging your gold at best market value. Quick approval and hassle-free repayment options.
WORKING CAPITAL LOAN
Keep your business running smoothly with working capital support. Designed to maintain daily operations and cash flow stability.
MICRO FINANCE
Empowering small entrepreneurs with accessible micro-financing solutions. Low-interest, easy repayment, and community-driven growth support.
OD/CC
OD/CC (Overdraft/Cash Credit) facilities provide businesses with flexible working capital to manage daily operations and cash flow. Withdraw funds as needed within your sanctioned limit and pay interest only on the amount used.
Nationalised Banks (Public Sector Banks)
Banks where the majority of shares are held by the Government of India and which focus on providing affordable financial services to all sections of society.
Examples:
State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB), Union Bank of India, etc.
Loan Process
- Application: Borrower submits loan application (online or branch) with KYC (identity, address), income proof, employment details, bank statements.
- Verification: Bank verifies credit score (eg. CIBIL), employer stability,income, repayment capacity.
- Sanction: Bank issues sanction letter with interest rate, tenure, EMI schedule.
- Documentation: Execution of loan agreement, mortgage/hypothecation if needed (especially for secured loans).
- Disbursement: After paperwork, loan amount is credited to borrower’s account (or to seller/ vendor if home loan/vehicle).
- Repayment: EMI starts as per schedule.
Typical Interest Rates & Fees
- For a personal loan from a public-sector bank: as per recent data interest rates start around 10.05% to 15.05% p.a. for some banks.
- Processing fees: for example, up to 1.5% of loan amount (min ₹1,000; max ~₹15,000) in one bank.
- Home loans: Many nationalised banks offer competitive rates (for example some home-loan rates around 8% p.a. for large amounts).
Disbursement Time
- A typical bank disbursement timeline: For personal loans, some nationalised banks may take about 7 working days after document submission.
- For secured or larger loans (home, business) the process may take longer (days to couple of weeks) depending on verification, property/legal checks.
Ideal For
- Borrowers seeking safety, stable rate, government backing.
- Rural/urban customers, agriculture, priority sector lending.
Savings + basic finance needs.
Private Sector Banks
Banks owned by private shareholders (non-government majority), focused on efficient customer service, digital banking, and a wide product range.
Examples:
HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, etc.
Loan Process
- Application: Online or branch, often faster digital verification (salary account, employment verification).
- Pre-approved offers: Many private banks offer pre-approval based on existing relationship.
- Sanction & documentation: Similar to nationalised banks but often quicker.
- Disbursement: Faster processing & more digital workflows.
- Repayment: EMI schedule as per sanction, often with flexibility/opt-ins for digital payments.
Typical Interest Rates & Fees
- For personal loans: Private banks’ interest rates range widely — for example 10.90% to 24% p.a. for one major private bank.
- Processing fees: Up to 2% of loan amount or fixed fee (e.g., ₹6,500 + GST) in some banks.
- Note: The interest rate depends heavily on credit score/employer/profile.
Disbursement Time
- Many private banks advertise 24 hours or even same-day disbursement after full documentation.
- For “instant” loans/online only products, it can be 2 business days or even within a few hours for pre-approved cases.
Ideal For
- Salaried urban customers, required fast and premium services.
Larger loan amount, digital convenience, faster turnaround.
Non-Banking Financial Companies (NBFCs)
Financial institutions that provide banking-like services (loans, credit) but do not have a full banking licence (cannot accept demand deposits in the same way). They often serve niche segments and provide faster, more flexible credit.
Examples:
HDB Financial Services (you’re employed here), Bajaj Finance, Tata Capital, Shriram Finance
Loan Process
- Application: Often online/no-branch, minimal paperwork especially for small unsecured personal loans.
- Verification: Quick credit checks, income/asset verification may be lenient compared to banks.
- Sanction: Faster decisions, often within hours.
- Disbursement: Very quick, “instant” for smaller amounts.
- Repayment: Flexible EMIs, sometimes shorter tenures, and often higher interest.
Typical Interest Rates & Fees
- NBFCs charge higher interest rates compared to banks because their cost of funds is higher.
- Example: Personal loan interest rate for NBFCs may start around 11% and go up to 28% or more.
- Processing fees: 1-3% or more of the loan amount for some small/instant loans.
Disbursement Time
- Very fast compared to banks; many NBFCs advertise 24 hours or even within a few hours (10–30 minutes) for small unsecured loans.
Ideal For
- Borrowers needing quick finance, smaller ticket sizes, less strict criteria.
- People who may not meet stricter bank criteria but need credit quickly.
- Summary
Nationalised Banks
Interest Rate
7.60% – 15% p.a.
Loan Amount
₹30K - ₹5L
Disbursement Time
5–10 days
Processing Fees
Up to 2% of loan amount
Key Advantage
Safe & Government-backed
Private Banks
Interest Rate
8% – 24% p.a.
Loan Amount
₹1L - ₹5L
Disbursement Time
1–3 days
Processing Fees
Up to 3% of loan sanctioned
Key Advantage
Fast & Digital
NBFCs
Interest Rate
9% – 28% p.a.
Loan Amount
--
Disbursement Time
Same day – 1 day
Processing Fees
Up to 2%
Key Advantage
Quick & Flexible
Private funder
Interest Rate
15% – 40%% p.a.
Loan Amount
₹50K - ₹25L
Disbursement Time
1–3 days
Processing Fees
Up to 3% of loan amount
Key Advantage
Fast & Digital only secured loan some negative civil are accepted
Micro finance
Interest Rate
15% – 35% p.a.
Loan Amount
₹1L - ₹25L
Disbursement Time
Same day – 1 day
Processing Fees
Up to 2% of loan amount (Min. Rs 2,500 & Max. Rs 8,500)
Key Advantage
Quick & Flexible low budget loan
Our Products
Frequently Asked Questions (FAQs)
What factors do lenders consider when approving loan?
There are several key factors that lenders consider when deciding whether to sanction a loan or not. One of the primary factors is the credit score of the potential borrower and their credit history.
What is the difference between secured loans?
The primary difference between an unsecured loan and a secured loan is collateral. In the case of a secured loan, the borrower has to pledge an asset to the lender. This could be their property or their vehicle.
What is the loan term?
The loan term, or loan duration, is a crucial part of the loan wherein the borrower is expected to repay the whole borrowed amount. This term is usually defined by the lender on the basis of the customer’s creditworthiness and borrowing history.
Can I prepay or pay off the loan early?
Yes, you can repay the loan amount early as part of the prepayment policies defined by banks. However, one must review their loan agreement as there might be prepayment penalties involved. These vary from bank to bank.
How does loan refinancing work?
Refinancing a loan is a great way to reduce the interest rates on an existing debt. With refinancing, a borrower can avail of the benefit of a new loan that will help them pay their existing debt and continue with a reduced monthly installment payment.
Do I need to renew my license?
Yes, there are provisions for availing of a loan without any steady income or documents. Various financial institutions offer these benefits to their customers on the basis of a pre-approved financing. Borrowers can check out the best possible interest rates and other policies from various lenders and decide on the bank that suits their financial capacity.
