Compare Personal Loan - Allahabad Bank vs HDFC

Bank	SBI ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL HDB Financial Karur Vysya Bank Muthoot Union Bank of India Canara Bank Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank Syndicate Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Axis Finance	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL HDB Financial Syndicate Bank Muthoot Union Bank of India Canara Bank Bank of Maharashtra Andhra Bank Federal Bank Karur Vysya Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Axis Finance
Parameters
Interest Rate	Interest Rate 12.15% - 12.65%	10.50% - 22.00%
Processing Fees	Processing Fees 1.06%, Min Rs. 1068	Upto 2.50% Min Rs. 1,999
Loan Amount	Loan Amount ₹ 50,000 to ₹ 7.50 Lakh	₹ 50,000 to ₹ 75 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,232	₹ 2,149
Part Payment Charges	Part Payment Charges Allowed after 0 months at 2.25%	Allowed after 12 months at 2-4%
Foreclosure Charges	Foreclosure Charges Allowed after 0 months at 2.25%	Allowed after 12 months at 2 - 4%
Borrower’s Age	Borrower’s Age 25 to 58 Years	21 to 60 Years
Minimum Income	Minimum Income ₹ 20,000	₹ 20,000
Current Work Experience	Current Work Experience 24 Months	1 Month
Total Work Experience	Total Work Experience 0 Months	12 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	4.5/5.0

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Compare EMI of Allahabad Bank and HDFC Personal Loan

Loan Amount	Allahabad Bank	HDFC Bank
₹ 1 Lakh	₹ 11,180	₹ 12,472
₹ 5 Lakh	₹ 55,901	₹ 62,362
₹ 10 Lakh	₹ 1,11,801	₹ 1,24,725
₹ 12 Lakh	₹ 1,34,161	₹ 1,49,670

Which is a better bank for Personal Loan – HDFC Bank or Allahabad Bank?

HDFC Bank offers lower Personal Loan EMI at 2149 on a Personal Loan for 60 Months as compared to Allahabad Bank with a minimum EMI of 2232 for 60 Months. Average customer ratings for HDFC Bank is currently at 4.5/5.0 which makes it a good choice for taking a Personal Loan.

How does HDFC Bank Personal Loan compare with Allahabad Bank Personal Loan?

It is important to do a detailed comparison of HDFC Bank and Personal Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

Lowest Interest rate of HDFC Bank Personal Loan is 10.50%, which is lower than the lowest interest rate of Allahabad Bank at 12.15%. Hence, HDFC Bank is offering a cheaper loan option.
When compared on other Personal Loan charges such as processing fees, Allahabad Bank charges a processing fees of 1.06%, Min Rs. 1068 while HDFC Bank charges a processing fees of Upto 2.50% Min Rs. 1,999.
HDFC Bank offers Personal Loan upto an amount of ₹ 75 Lakh while Allahabad Bank offer Personal Loan upto an amount of ₹ 7.50 Lakh. HDFC Bank can be a better option if you are looking for a high value amount.
One feature that makes Personal Loan a better option is foreclosure facility. Allahabad Bank gives the option to close the loan after Zero months at 2.25% and HDFC Bank gives the option to close the loan after 12 months at 2 - 4%. This makes Allahabad Bank a better option for Personal Loan.
Allahabad Bank and HDFC Bank allow part payment on Personal Loan after Zero months at 2.25%. Allahabad Bank applies a charge of 2.25% and HDFC Bank charges 2-4% on Personal Loan.
HDFC Bank has an average customer ratings of 4.5, while has an average customer rating of , based on which it is clear that HDFC Bank has a high customer service focus, an easy Personal Loan process and a quick turnaround.

Which bank offers lower interest rate on Personal Loan – HDFC Bank or Allahabad Bank?

As per the current rates, HDFC Bank offers a lower interest rate of 10.50% on Personal Loan when compared to Allahabad Bank which offers a Personal Loan at 12.15%.

How can I transfer my Personal Loan from Allahabad Bank to HDFC Bank?

You can transfer your Personal Loan from Allahabad Bank to HDFC Bank with a Personal Loan balance transfer. For this, you need to follow a specific procedure that involves clearing off dues, getting a NOC, application to a new bank, getting approval, etc. The Personal Loan balance transfer is an excellent way to reduce the loan burden as you can switch to a lower Personal Loan interest rate.

How can I choose the best bank for Personal Loan?

You can choose the best bank for a Personal Loan by making a detailed comparison between top lenders on the basis of interest rates, processing fee or Personal Loan offers. Apart from that, you can visit online marketplaces like MyLoanCare to choose the best Personal Loan offer. Here, you will get the option of choosing the best bank amongst the shortlisted ones based on your loan requirement.

Which type of Personal Loan is the cheapest?

The cheapest Personal Loan is the one that is offered at the lowest Personal Loan interest rates. This is because the lowest Personal Loan interest rates mean the lowest EMI, as the interest charged will be less. Thus, these loans can be attained with the least repayment burden. Currently, HDFC Bank offers the cheapest Personal Loan at 10.50%.

How do I check my eligibility for Allahabad Bank and HDFC Bank Personal Loan?

You can check your eligibility for Allahabad Bank, HDFC Bank and Personal Loan by using MyLoanCare Personal Loan eligibility calculator. You have to enter details like required loan amount, occupation, salary, current obligations, work experience etc to check the amount of loan you are eligible for. You can apply loan for the eligible amount to repay the EMI you can comfortably service.

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Personal Loan News - Mar 2021

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IndusInd Bank is expecting to grow its loan portfolio by 15-18% year-on-year for the next two financial years under its fifth planning cycle.The Bank’s year-on-year growth in advances which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan was flat at Rs 2.07 trillion until December 2020. Its deposits which include fixed and recurring deposits, grew by 10% to Rs 2.39 trillion.
2021-02-26 : Canara Bank organized Mega Retail Expo in Mumbai
Canara bank organized a mega retail expo camp at Gala Auditorium, Patuck Campus in Santacruz (East). The retailers present at the expo displayed salient features of their products which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan. A total loan amount of Rs. 224.30 Crores were sanctioned through the expo.
2021-02-23 : SBI launched YONO Merchant app
SBI Payments launched YONO Merchant App to expand the digitisation of merchant payments in the country. The Bank is aiming to create a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Point of Sale (PoS) infrastructure in lesser penetrated areas of the country.
2021-02-23 : Tata Capital launched a campaign to introduce Shubharambh loan
Tata Capital joined hands with Zee Cinema to launch a campaign to introduce the Shubharambh loan. Shubharambh Loans are available across Business, Personal Two-wheeler, Used Car, Loan Against Property and Home Loans. Each product has special features that aims to benefit customers across categories.

*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More

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