Compare Personal Loan - IDFC First Bank vs HDB Financial

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Bank	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL Syndicate Bank Muthoot Union Bank of India Canara Bank Bank of Maharashtra Andhra Bank Allahabad 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	SBI HDFC Bank ICICI Bank Bajaj Finserv 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 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 10.49% - 22.00%	13.00% - 36.00%
Processing Fees	Processing Fees Upto 2.00%	Upto 3% of Loan Amount
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 40 Lakh	₹ 1 Lakh to ₹ 20 Lakh
Loan Tenure	Loan Tenure 12 to 60 Months	12 to 60 Months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 2,149	₹ 2,275
Part Payment Charges	Part Payment Charges Allowed after 3 months at In case of Smart Personal Loan at Nil Charges	Allowed after 6 months at Nil Partpayment charges
Foreclosure Charges	Foreclosure Charges Allowed after 12 months at 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan	Allowed after 6 months at Nil foreclosure charges
Eligible Age	Eligible Age 23 to 60 Years	22 to 60 Years
Minimum Income	Minimum Income ₹ 20,000	₹ 20,000
Current Work Experience	Current Work Experience 6 Months	6 Months
Total Work Experience	Total Work Experience 12 Months	6 Months
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 4.6/5.0	4.3/5.0

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Compare EMI of IDFC First Bank and HDB Financial Personal Loan

Loan Amount	IDFC First Bank	HDB Financial
₹ 1 Lakh	₹ 2,149	₹ 2,275
₹ 5 Lakh	₹ 10,744	₹ 11,377
₹ 10 Lakh	₹ 21,489	₹ 22,753
₹ 12 Lakh	₹ 25,787	₹ 27,304

Which is a better bank for Personal Loan – IDFC First Bank or HDB Financial?

IDFC First Bank offers lower Personal Loan EMI at 2149 on a Personal Loan for 60 Months as compared to HDB Financial with a minimum EMI of 2275 for 60 Months. Average customer ratings for IDFC First Bank is currently at 4.6/5.0 which makes it a good choice for taking a Personal Loan.

How does IDFC First Bank Personal Loan compare with HDB Financial Personal Loan?

It is important to do a detailed comparison of IDFC First 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 IDFC First Bank Personal Loan is 10.49%, which is lower than the lowest interest rate of HDB Financial at 13.00%. Hence, IDFC First Bank is offering a cheaper loan option.
When compared on other Personal Loan charges such as processing fees, IDFC First Bank charges a processing fees of Upto 2.00% while HDB Financial charges a processing fees of Upto 3% of Loan Amount.
IDFC First Bank offers Personal Loan upto an amount of ₹ 40 Lakh while HDB Financial offer Personal Loan upto an amount of ₹ 20 Lakh. IDFC First 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. HDB Financial gives the option to close the loan after 6 months at Nil foreclosure charges and IDFC First Bank gives the option to close the loan after 12 months at 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan. This makes HDB Financial a better option for Personal Loan.
HDB Financial and IDFC First Bank allow part payment on Personal Loan after 6 months at Nil charges. HDB Financial applies a charge of Nil charges and IDFC First Bank charges Nil charges on Personal Loan.
IDFC First Bank has an average customer ratings of 4.6, while HDB Financial has an average customer rating of 4.3, based on which it is clear that IDFC First 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 – IDFC First Bank or HDB Financial?

As per the current rates, IDFC First Bank offers a lower interest rate of 10.49% on Personal Loan when compared to HDB Financial which offers a Personal Loan at 13.00%.

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Personal Loan News - Jun 2021

2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
2021-06-11 : YONO to offer fast-tracked two-wheeler loans and express credit
The State Bank of India YONO app is going to offer fast track two-wheeler loans and express credit, a high-value personal loan. SBI is planning to expand the YONO product basket. YONO will be offering two-wheeler loans along with personal loans of small ticket size, between Rs 5-10 lakhs.
2021-06-11 : MyLoanCare collaborates with three of the top app-based lenders
MyLoanCare Ventures Pvt Ltd has collaborated with three of the top app-based lenders - MoneyTap, EarlySalary, and Paysense to make Instant Small Ticket Personal Loans convenient, transparent and much quicker.
2021-06-11 : MyLoanCare collaborates with three of the top app-based lenders
MyLoanCare Ventures Pvt Ltd has collaborated with three of the top app-based lenders - MoneyTap, EarlySalary, and Paysense to make Instant Small Ticket Personal Loans convenient, transparent and much quicker.
2021-06-10 : Rural Loan Collections to be affected by the Second wave
As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.

*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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