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Compare Personal Loan - Axis Bank vs HDFC

Bank
Parameters
Interest Rate
Interest Rate
10.49% - 16.75%
10.50% - 22.00%
Processing Fees
Processing Fees
Upto 1.75%,Min Rs.4,999
Upto 2.50% Min Rs. 1,999
Loan Amount
Loan Amount
₹ 50,000 to ₹ 25 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
₹ 2,149
₹ 2,149
Part Payment Charges
Part Payment Charges
Allowed after 1 month at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
Allowed after 12 months at 2-4%
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
Allowed after 12 months at 2 - 4%
Borrower’s Age
Borrower’s Age
21 to 60 Years
21 to 60 Years
Minimum Income
Minimum Income
₹ 25,000
₹ 20,000
Current Work Experience
Current Work Experience
1 Month
1 Month
Total Work Experience
Total Work Experience
12 Months
12 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.4/5.0
4.5/5.0
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Compare EMI of Axis Bank and HDFC Personal Loan

Loan Amount Axis Bank HDFC Bank
₹ 1 Lakh ₹ 12,482 ₹ 12,472
₹ 5 Lakh ₹ 62,408 ₹ 62,362
₹ 10 Lakh ₹ 1,24,816 ₹ 1,24,725
₹ 12 Lakh ₹ 1,49,779 ₹ 1,49,670

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

Axis Bank and HDFC Bank offer Personal Loan at the same rate of interest starting from 10.49%. Lowest EMI of Axis Bank is 2149 for a maximum tenure of 60 Months. Lowest EMI of HDFC Bank is Rs. 2149 for a maximum tenure of 60 Months.

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

It is important to do a detailed comparison of Axis 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 Axis Bank Personal Loan is 10.49%, which is lower than the lowest interest rate of HDFC Bank at 10.50%. Hence, Axis Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Axis Bank charges a processing fees of Upto 1.75%,Min Rs.4,999 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 Axis Bank offer Personal Loan upto an amount of ₹ 25 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. Axis Bank gives the option to close the loan after 1 months at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% and HDFC Bank gives the option to close the loan after 12 months at 2 - 4%. This makes Axis Bank a better option for Personal Loan.
  • Axis Bank and HDFC Bank allow part payment on Personal Loan after 1 months at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%. Axis Bank applies a charge of 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% and HDFC Bank charges 2-4% on Personal Loan.
  • HDFC Bank has an average customer ratings of 4.5, while Axis Bank has an average customer rating of 4.4, 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 – Axis Bank or HDFC Bank?

As per the current rates, Axis Bank offers a lower interest rate of 10.49% on Personal Loan when compared to HDFC Bank which offers a Personal Loan at 10.50%.

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

You can transfer your Personal Loan from Axis 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, Axis Bank offers the cheapest Personal Loan at 10.49%.

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

You can check your eligibility for Axis 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.

Know all about Personal Loan

Know more about Axis Bank Personal Loan

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Personal Loan News - Feb 2021
  • 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.
  • 2021-02-19 : RBI issued directives for HFCS
    RBI issued slew of directives related to maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio, among others for HFCs. The directives are aimed at protecting the interest of investors and depositors.
  • 2021-02-19 : Loan growth is back to pre covid levels
    Credit bureau TransUnion Cibil and MSME lender SIDBI reported that the loan growth is again back to pre covid levels. The revival was mainly due to the Emergency Credit Line Guarantee Scheme by public sector banks.
  • 2021-02-18 : Kotak Remit launched to send money abroad directly from phone
    Kotak Mahindra launched its outward forex remittance service, Kotak Remit. The service will allow its users to directly send money abroad from their phones. The feature is live on the Kotak Mobile Banking App.
*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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