Looking, personal, loan?, Try, bankbazaar.com

Bankbazar is your one stop (almost) shop to find a suitable personal loan. It is a neat web2.0 tool to check on the telemarketer who just called you and also to know about the prevailing loan rates.

It has tied up with at least 6 private banks. I did not see any PSU in the list. Also missing are the big guns ICICI Bank, HSBC. For everything else BankBazaar fits the bill.

Let me break down the process involved for you.

There are 3 steps involved:
· Fill the details : You fill in your details like (employment, current salary, existing credit cards and loans etc…)
· View Quote: This would happen by checking against several different banks like ING Vysya Bank, HDFC Bank, Reliance Consumer Finance, ABN Amro, Deutschce bank, Kotak Mahindra Bank. It will then return the quotes from several different banks. It has returned me with 2 loans upto 3 lakh eligibility.
· Submit your application: This is where you will go through with the application. I did not go through the process for two reasons. One is the interest rates are above 17% and second reason is I wasn’t looking for a loan.

The whole process takes less than 15 minutues.

The coolest part is the break up of the loan amount. It has given me the total interest you will end up paying along with service tax and other fees.  This is normally not available for the uninitiated. May be looking at the final figure you might not even take the loan.  No banks will tell you how much extra you end up paying for the personal loan. I like the transparency.
INGVysya has tied up with bankbazaar today to roll out some of their products.  This is a good indication that bank bazaar is a tool for the future.

BankBazaar also has a comparision for home loan rates. They will soon be providing comaprision for Auto loans, educational loans, business loans and Credit Cards. That would just be the killer application once done.

I am little confused with the name bank bazaar. Their tag line is “Find your loan instantly“. The more appropriate name would be loanbazaar. My only guess is their future intentions of jumping into other areas of banking.

Overall, very nice idea and I really liked it. Scalability is also very easy and they need to tie up with PSU’s and other banks to take this to the next level.

You can vote for them in the Tata NEN contest. Alternatively you can  type HOT<space>443 and sms to 56767.