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Compare Personal Loan - Axis Finance vs Standard Chartered Bank

Bank
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 Allahabad Bank Federal Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Yes Bank Karur Vysya 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 Andhra Bank Karur Vysya Bank Muthoot Yes Bank Standard Chartered Bank Union Bank of India Canara Bank Bank of Maharashtra Corporation Bank Allahabad Bank Federal Bank Syndicate Bank Bank of Baroda PNB Indian Overseas Bank Indian Bank IDBI Bank
Parameters
Interest Rate
Interest Rate
13.00% - 18.00%		 11.50% - 18.00%
Processing Fees
Processing Fees
2%		 1.00%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 25 Lakh		 ₹ 1 Lakh to ₹ 50 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months		 12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,275 		₹ 2,199
Part Payment Charges
Part Payment Charges
Allowed after 3 months at Nil Part-Payment Charges		 Allowed after 12 months at 2%
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period		 Allowed after 1 month at 5% charges before 12 months, 4% charges after 12 months
Borrower’s Age
Borrower’s Age
21 to 58 Years		 23 to 58 Years
Minimum Income
Minimum Income
₹ 25,000 		₹ 25,000
Current Work Experience
Current Work Experience
12 Months		 3 Months
Total Work Experience
Total Work Experience
24 Months		 36 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.4/5.0		 4.3/5.0
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Compare EMI of Axis Finance and Standard Chartered Bank Personal Loan

Loan Amount Axis Finance Standard Chartered Bank
₹ 1 Lakh ₹ 2,275 ₹ 2,199
₹ 5 Lakh ₹ 11,377 ₹ 10,996
₹ 10 Lakh ₹ 22,753 ₹ 21,993
₹ 12 Lakh ₹ 27,304 ₹ 26,391

Which is a better bank for Personal Loan – Standard Chartered Bank or Axis Finance?

Standard Chartered Bank offers lower Personal Loan EMI at 2199 on a Personal Loan for 60 Months as compared to Axis Finance with a minimum EMI of 2275 for 60 Months. Average customer ratings for Standard Chartered Bank is currently at 4.3/5.0 which makes it a good choice for taking a Personal Loan.

How does Standard Chartered Bank Personal Loan compare with Axis Finance Personal Loan?

It is important to do a detailed comparison of Standard Chartered 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 Standard Chartered Bank Personal Loan is 11.50%, which is lower than the lowest interest rate of Axis Finance at 13.00%. Hence, Standard Chartered Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Axis Finance charges a processing fees of 2% while Standard Chartered Bank charges a processing fees of 1.00%.
  • Standard Chartered Bank offers Personal Loan upto an amount of ₹ 50 Lakh while Axis Finance offer Personal Loan upto an amount of ₹ 25 Lakh. Standard Chartered 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. Standard Chartered Bank gives the option to close the loan after 1 months at 5% charges before 12 months, 4% charges after 12 months and Axis Finance gives the option to close the loan after 6 months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period. This makes Standard Chartered Bank a better option for Personal Loan.
  • Axis Finance and Standard Chartered Bank allow part payment on Personal Loan after 3 months at Nil charges. Axis Finance applies a charge of Nil charges and Standard Chartered Bank charges 2% on Personal Loan.
  • Axis Finance has an average customer ratings of 4.4, while Standard Chartered Bank has an average customer rating of 4.3, based on which it is clear that Axis Finance has a high customer service focus, an easy Personal Loan process and a quick turnaround.

Which bank offers lower interest rate on Personal Loan – Standard Chartered Bank or Axis Finance?

As per the current rates, Standard Chartered Bank offers a lower interest rate of 11.50% on Personal Loan when compared to Axis Finance which offers a Personal Loan at 13.00%.

How can I transfer my Personal Loan from Axis Finance to Standard Chartered Bank?

You can transfer your Personal Loan from Axis Finance to Standard Chartered 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, Standard Chartered Bank offers the cheapest Personal Loan at 11.50%.

How do I check my eligibility for Axis Finance and Standard Chartered Bank Personal Loan?

You can check your eligibility for Axis Finance, Standard Chartered 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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Know more about Axis Finance Personal Loan

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Personal Loan News - Mar 2021
  • 2021-03-05 : Axis Bank launches WhatsApp banking
    Axis Bank launched banking services on WhatsApp. The new facility will enable its retail customers to seek information regarding their account balance, recent transactions, credit card payments, fixed and recurring deposit details, besides getting their queries answered in real-time.
  • 2021-03-04 : 10 lakh customers of other bank are using ICICI’s banking app, iMobile Pay
    ICICI Bank reported that 10 lakh customers of other banks have started using its app, ‘iMobile Pay’. The Bank has achieved the feat in three months after it made the app open for all to use, including those not its customers. The bank anticipates that the number is likely to double in two months.
  • 2021-03-03 : Fullerton India made personal loan disbursal quicker
    Fullerton India now offers instant personal loans within just a few clicks.The digital application and paperless process allow customers to avail a personal loan from Fullerton India anywhere, anytime.Fullerton offers personal loans of up to Rs 25 lakhs starting at an attractive interest rate of 11.99%
  • 2021-03-02 : Banks credit rose by 6.58% and deposits by 11.75%
    Reserve Bank of India reported that the Bank credit which involves home, personal, LAP, two-wheeler, gold and education loans along with business and mudra loans grew by 6.58% to Rs 107.04 lakh crore in the fortnight ended February 12. Further, deposits which include FDs and RDs increased by 11.75% to Rs 147.81 lakh crore.
  • 2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
    The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
*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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