The advantages of an online loan market

By abithadeepak | September 20, 2008

In this time and age where the Internet is seen as the mother of all information sources, the Indian online loan marketplace is in woeful lack and has plenty of scope to make a world of difference.

Getting personalised rate quotes from multiple banks is a time consuming process and even after getting the quotes, one still needs to bargain hard to get the best deal. Also, given the complexity of loans, it is difficult to determine if one has zeroed in on the best product without reading through the fine print of the loan offers.

The need of the hour in the Indian loan marketplace is an innovative platform that will help the potential loan seeker evaluate the numerous options that are screaming for attention and choose the most ideal loan product that is compatible to his income and budget.

BankBazaar.com realised this urgent need for a website that helps loan applicants make instant but wise choices. BankBazaar.com’s core lies in its innovation that provides the best user experience. On BankBazaar.com, a loan seeker can get competing personalized loan quotes from multiple banks within 2 minutes, can compare these offers using simple tools and can apply directly to the bank.

It takes about 12 minutes to find and apply for a loan on www.BankBazaar.com as compared to hours of rushing from one bank to another bargaining for the best quotes. Also, BankBazaar.com makes it easy to compare the costs of various offers, so banks and NBFCs offer their lowest interest rates on BankBazaar.com as they are competing with each other in order to win the customer’s business.

BankBazaar.com has roped in some of the best names in lending including AIG Consumer Finance, ABN AMRO Bank, HDFC Bank, Reliance Consumer Finance, Kotak Mahindra Bank, ING Vysya Bank and Deutsche Bank. BankBazaar.com is expected to have more than 15 banks and NBFCs as partners in the near future.

BankBazaar.com, ‘virtually’ hand holds the applicant right to the loan, best compatible to his needs with real time loan comparisons available instantly for the picking. With the best brains in the business working behind the scenes, the company is paving the way for the much needed change.

 

BankBazaar.com is leading the way to a highly interactive, engaging, useful and result oriented consumer experience in the personal finance segment and aims to build the world’s premier financial services marketplace, made in India.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

2 thoughts on “The advantages of an online loan market

  1. Vinay Ujjannavar

    Hi,

    I had recently applied car loan with SBI, who rejected my loan due to CIBIL status being shown as "WRITTEN OFF". This was the status with two credit cards. One with ICICI and other with Deutsche Bank. With ICIC, due to disputes I had not made a payement, and outstanding went to 57K. So in order to get it cleared I made a forceful setllement amount of 17K which actually is not my transactions. But still I made it, with no way out. But in case of Deutsche bank, I had made a settlement of 20k as against 28K of outstanding. After making the settlement, I still used to get statements. On enquiring, the customer care said that, the settlement is done, and the staements are autogenerated, so please ignore them. Now after 7 months, I come to know that I have an outstanding of 16K for that card as reported by the CIBIL. When I contact the bank, they say they are not sure how long will it take to zero in the account and update the CIBIL to zero!!!!!!. But at the same time, till they update, my outstanding will go on incresing and the same will be reported to CIBIL. I am left in a soup with no idea what to do. I really dont know now, whom to approach for loan, and untill when do I wait to wait to get a clean record from CIBIL. Can anyone please advice me????

    Reply
  2. Bheema

    Dear Sir,

    I am planning to buy a home and wanted to take a joint home loan. Before going for joint home loan, I am having following Doubts: please calrify.
    1. If I go for joint home loan, what will be the payment procedure ?
    2. From whose account the EMI will be deducted ?
    3. Where I have to show the ratio of say example: 65% and 35% ?
    4. I am having savings account in SBH, and my spuse is having savings account in SBI. Then, the toatl EMI will be deducted from which account.
    5. How can we claim tax benefits. i.e: under which sections?

    kindly reply.

    Reply

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