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Compare Personal Loan - IDFC First Bank vs HDFC Bank

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Bank
Parameters
Interest Rate
Interest Rate
10.49% - 22.00%
10.25% - 22.00%
Processing Fees
Processing Fees
Upto 2.00%
Upto 2.50% Min Rs. 999
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 40 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
₹ 2,137
Part Payment Charges
Part Payment Charges
Allowed after 3 months at In case of Smart Personal Loan at Nil Charges
Allowed after 12 months at 2-4%
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 12 months at 2 - 4%
Eligible Age
Eligible Age
23 to 60 Years
21 to 60 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 25,000
Current Work Experience
Current Work Experience
6 Months
1 Month
Total Work Experience
Total Work Experience
12 Months
12 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.6/5.0
4.5/5.0
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Compare EMI of IDFC First Bank and HDFC Bank Personal Loan

Loan Amount IDFC First Bank HDFC Bank
₹ 1 Lakh ₹ 2,149 ₹ 2,137
₹ 5 Lakh ₹ 10,744 ₹ 10,685
₹ 10 Lakh ₹ 21,489 ₹ 21,370
₹ 12 Lakh ₹ 25,787 ₹ 25,644

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

HDFC Bank offers lower Personal Loan EMI at 2137 on a Personal Loan for 60 Months as compared to IDFC First Bank with a minimum EMI of 2149 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 IDFC First 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 10.25%, which is lower than the lowest interest rate of IDFC First Bank at 10.49%. Hence, HDFC 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 HDFC Bank charges a processing fees of Upto 2.50% Min Rs. 999.
  • HDFC Bank offers Personal Loan upto an amount of ₹ 75 Lakh while IDFC First Bank offer Personal Loan upto an amount of ₹ 40 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. HDFC Bank and IDFC First Bank gives the option to close the loan after 12 months at 2 - 4% and 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan. This makes HDFC Bank a better option for Personal Loan.
  • HDFC Bank and IDFC First Bank allow part payment on Personal Loan after 12 months at 2-4%. HDFC Bank applies a charge of 2-4% and IDFC First Bank charges Nil charges on Personal Loan.
  • IDFC First Bank has an average customer ratings of 4.6, while HDFC Bank has an average customer rating of 4.5, 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 – HDFC Bank or IDFC First Bank?

As per the current rates, HDFC Bank offers a lower interest rate of 10.25% on Personal Loan when compared to IDFC First Bank which offers a Personal Loan at 10.49%.

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Personal Loan News - Jun 2021
  • 2021-06-16 : ICICI STACK launched by ICICI Bank for Corporates
    ICICI Bank announced the launch of ICICI STACK for Corporates. This will provide customised digital banking services to companies in over 15 leading industries. ICICI STACK is going to offer digital banking solution banking solutions to corporates to seamlessly meet their banking requirements.
  • 2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
    Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
  • 2021-06-15 : Indian Overseas Bank declared a profit of Rs 831 crore
    IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
  • 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.
*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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