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Compare IDBI Bank vs SBI Personal Loan

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Bank
Interest Rate
Interest Rate
12.00% - 13.50%
10.55% - 12.05%
Processing Fees
Processing Fees
1.00%
Nil
Loan Amount
Loan Amount
₹ 50,000 to ₹ 10 Lakh
₹ 50,000 to ₹ 15 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
6 to 72 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,224
₹ 1,880
Part Payment Charges
Part Payment Charges
Allowed after 1 month at 2% of the outstanding loan amount + applicable taxes
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 6 months at 3%
Eligible Age
Eligible Age
22 to 60 Years
21 to 58 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 24,000
Current Work Experience
Current Work Experience
12 Months
12 Months
Total Work Experience
Total Work Experience
36 Months
24 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.6/5.0
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Compare Personal Loan EMI of IDBI Bank and SBI

Loan Amount IDBI Bank SBI
₹ 1 Lakh ₹ 2,224 ₹ 1,880
₹ 5 Lakh ₹ 11,122 ₹ 9,402
₹ 10 Lakh ₹ 22,244 ₹ 18,804
₹ 12 Lakh ₹ 26,693 ₹ 22,565

Which is a better bank for Personal Loan – SBI or IDBI Bank?

SBI offers lower Personal Loan EMI at Rs. 1880 for 72 Months compared to IDBI Bank with a minimum EMI of Rs. 2224 for 60 Months. In addition, average customer ratings for SBI is currently at 3.6/5.0, making it a good choice for taking a Personal Loan.

How does SBI Personal Loan compare with IDBI Bank Personal Loan?

It is important to make a detailed comparison of SBI and IDBI Bank on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its 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 SBI Loan is 10.55%, which is lower than the lowest interest rate of IDBI Bank at 12.00%. Hence, SBI is offering a cheaper loan option.
  • Compared to other Personal Loan charges such as processing fees, IDBI Bank charges a processing fee of 1.00%, while SBI charges a processing fee of Upto Nil.
  • SBI offers Personal Loan upto an amount of ₹ 15 Lakh, while IDBI Bank offers Loan upto an amount of ₹ 10 Lakh. Therefore, SBI can be a better option if you are looking for a high value amount.
  • One feature that makes Personal Loan a better option is the foreclosure facility. IDBI Bank gives the option to close the loan after 1 months at Nil prepayment charges and SBI gives the option to close the loan after 6 months at 3%. This makes IDBI Bank a better option for Personal Loan.
  • IDBI Bank allows part payment on Personal Loan after 1 months at 2% of the outstanding loan amount + applicable taxes, while SBI does not offer a part payment facility. This makes IDBI Bank a better option for instant loan requirements.
  • SBI has an average customer rating of 3.6. In contrast, has an average customer rating of , based on which it is clear that SBI has a high customer service focus, an easy process and a quick turnaround.

Which bank offers a lower interest rate on Personal Loan – SBI or IDBI Bank?

As per the current rates, SBI offers a lower interest rate of 10.55% on loans compared to IDBI Bank, which offers a Personal Loan at 12.00%.

Know more about IDBI Bank Personal Loan

Know more about SBI Personal Loan

Compare IDBI Bank Personal Loan With Other Banks

Compare SBI Personal Loan With Other Banks

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Personal Loan News - Dec 2022
  • 2022-11-02 : Karnataka Bank Registers Net Profit in the Q2 of 2022-23
    The bank has registered a net profit of ₹411.63 crores in the Q2 of 2022-23. In the corresponding quarter, it saw ₹125.61 crores, thus registering a growth of 227.70 percent.
  • 2022-10-18 : SBI launches its digital banking unit in Goa
    As part of the Union government’s initiative, a digital banking unit (DBU) of the State Bank of India (SBI) was inaugurated in Goa. The initiative aims to ensure that the benefits of digital banking reach every nook and corner of the country. The DBUs will offer banking products and services to the customers 24x7.
  • 2022-09-12 : Union Bank of India hikes interest rates - home, car EMIs set to rise
    Union Bank of India has increased its marginal cost-based lending rate (MCLR) in the range of 0.05 per cent to 0.35 per cent, which would make the loans from the bank more expensive. MCLR rates for overnight and one-month tenures to 7.00 per cent and 7.15 per cent, thus increasing them by 5 bps. For the three-month tenure, the rates are the same as before and are at 7.25 per cent.
  • 2022-09-09 : HDFC Bank to introduce 10-second personal loan service
    India’s largest private sector lender HDFC Bank is aiming at introducing the 10-seconds loan service for everyone including those who do not have an account with the bank. The bank has been a paradigm pioneer in 10-second loans for existing customers and has been able to deliver this over the past six years.
  • 2022-09-07 : Kotak Mahindra Bank Goes Live with Client Onboarding via Face Authentication
    The bank has become the first to enable client onboarding via face authentication and does not require an additional device except the mobile phone.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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