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Online loan shopping sites make borrowing easier

Loan Web sites can help you get home loans, personal loans, auto loans and credit cards, reports Archana Khatri.

india Updated: Nov 05, 2007 23:26 IST
Archana Khatri
Archana Khatri
Hindustan Times

Did you know that Internet sites offering loans help you getting a better deal from the banks offering you loans? Loan Web sites can help you get home loans, personal loans, auto loans and credit cards.

An individual aspiring to a loan product can log on to websites such as,, and The sites offer articles and newsletters that help in making an informed choice.

Some loan websites also offer EMI (equated monthly instalment) calculators or information on negotiating tips.

The loan sites on the Internet also offer contact points from different banks that add to the negotiating power of the applicant.

"We offer a platform to consumers to compare interest rates, that really helps in getting lower interest rates from banks,” says Amar Goyal of

All banks do not offer loans to all applicants. Depending on the applicant’s profile, which includes whether the applicant is salaried or a self-employed individual, whether he has an outstanding loan, his credit limits with credit cards, if he has any, and a number of other factors are considered by banks before starting a negotiating deal with an applicants.

Typically a loan Web site matches the profile of the applicant with 10 to 15 banks. The profile may match with only 4 or 5 banks and the applicant may finally be negotiating with 2 to 3 banks for a competitive interest rate.

The process of applying for the loan is simple. One only needs to fill up the online application form.

Harsh Roongta of says, "We call up the consumer with 10 minutes of filling up the online forms for the loan.” has chat sessions for specific loan products with different banks. The applicants can chat with the bank or the direct selling agent of the bank regarding a particular loan type. The calendar for chats appears on the website.

Wribhu Tyagi, CEO, says, "We realized that a lot of applicants are apprehensive about filling an online form containing personal details. But they are still comfortable with the Internet as a channel and are used to chat as an application”.

Banks associated with live chat sessions include HDFC, UTI, Citibank, Standard Chartered, ICICI, IDBI and HSBC.

First Published: Nov 05, 2007 23:25 IST