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About the author
Ananya Shrivastava
Ananya Shrivastava is a Content Writer at LoansJagat, specialising in finance-focused news, blogs, and long-form articles on Indian markets, RBI policy, personal finance, and lending. She has authored over 450 blogs and 250 news pieces, combining technical knowledge with rigorous research to simplify complex financial concepts into clear, engaging content. With a marketing-driven lens and sharp editorial judgment, she consistently achieves top Google rankings while ensuring every claim is backed by verified data.
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Banks & NBFCs Offers
LoansJagat is the better choice for most borrowers. It compares offers from over 50 banks and NBFCs in a single application and typically secures a lower rate than any one bank's walk-in offer, at no extra cost. A direct bank loan restricts you to a single lender's rate with no room to compare.
Borrowers looking for a personal loan usually pick one of two routes. They walk into their salary account bank and accept whatever rate is quoted. Or they use a marketplace like LoansJagat to see offers from more than 50 lenders before signing anything. This article compares both approaches on interest rate, eligibility, documentation, processing time, and regulatory safety.
A direct bank loan means applying to one specific bank, such as SBI or HDFC Bank, and stopping there.
You see one rate. You do not know if a cheaper one exists elsewhere, because no comparison happens. SBI's personal loan rate currently ranges from 10.00% to 15.00% per annum, published on its official site in August 2026. HDFC Bank quotes 9.99% to 24.00% per annum depending on the applicant. Land at the top of that range and there is nothing to negotiate with, since one bank has no rival offer sitting on the table.
LoansJagat is a loan marketplace built to give borrowers a comparative view before they commit to any lender.
One application on LoansJagat replaces multiple branch visits and repeated paperwork at each bank.
LoansJagat puts an applicant's profile in front of several lenders at once, so those lenders end up competing. A single bank branch has no such pressure, since the applicant has nothing to compare it against.
More lenders in the running usually means a lower EMI at the end. The final rate reflects the best offer on the table, not the first one quoted.
LoansJagat lists its eligibility criteria upfront. Applicants know where they stand before submitting a single document.
Direct banks keep their internal criteria private until after an application is filed. An applicant can finish an entire bank's paperwork and still not know if they qualify.
Both routes ask for similar KYC documents, since every lender involved answers to the RBI regardless of how the application reaches them. What changes is how many times you hand these over.
Apply directly, and you resubmit these at every bank you approach. Apply through LoansJagat, and you submit once, and the platform shares them with every matching lender.
A single direct bank application usually takes 3 to 7 working days for approval, depending on that bank's internal checks. Compare several banks manually, one application at a time, and the same process can stretch into weeks.
LoansJagat runs multiple lender checks together, not one after another, so an applicant gets comparative offers inside a single application window instead of several separate ones.
The lender that finally disburses the loan sets the processing fee and foreclosure charge, not the channel used to apply.
*T&C Apply
LoansJagat does not charge borrowers to compare offers, and the bank fees stay the same either way. There is no cost to compare first.
Yes. LoansJagat works within the RBI (Digital Lending) Directions, 2025, effective from May 8, 2025, which govern any platform connecting borrowers to multiple regulated lenders.
The rules are specific. A platform working with several lenders must show every matching offer without pushing one over another through hidden ranking or misleading design. Loan disbursal goes straight into the borrower's bank account. Repayments go straight back to the lender, never through the platform. Grievance officer details must sit on the platform itself, visible to anyone. A single-bank quote carries none of these obligations.
Rohit Verma, a 32-year-old marketing manager in Delhi, applied directly to his salary account bank for a ₹5,00,000 personal loan over 5 years and was quoted 12% per annum. His EMI came to around ₹11,122 a month, adding up to about ₹6,67,320 over the full tenure.
He then compared offers through LoansJagat and found a lender ready to extend the same amount and tenure at 10.5% per annum. His EMI fell to around ₹10,745 a month, adding up to about ₹6,44,700 over 5 years.
One comparison through LoansJagat saved Rohit ₹22,620 in interest. His direct bank had no reason to bring up a cheaper offer sitting elsewhere.
A direct bank loan hands you one rate with no way to check if it holds up. LoansJagat lays out offers from 50+ banks and NBFCs, at no cost to you, under the transparency rules set by the RBI Digital Lending Directions, 2025. Applying through LoansJagat is a smart financial move before you commit to any single bank.
The lender makes the final approval decision. Once the debt consolidation loan is sanctioned, multiple EMIs become one.
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