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Compare IDFC First Bank vs SBI Personal Loan

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Bank
Interest Rate
Interest Rate
10.49% - 22.00%
10.30% - 13.60%
Processing Fees
Processing Fees
Upto 2.00%
Nil
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 40 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
₹ 2,149
₹ 1,868
Part Payment Charges
Part Payment Charges
Allowed after 3 months at In case of Smart Personal Loan at Nil Charges
Not Allowed
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 3%
Eligible Age
Eligible Age
23 to 60 Years
21 to 58 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 24,000
Current Work Experience
Current Work Experience
6 Months
12 Months
Total Work Experience
Total Work Experience
12 Months
24 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.6/5.0
3.6/5.0
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Compare Personal Loan EMI of IDFC First Bank and SBI

Loan Amount IDFC First Bank SBI
₹ 1 Lakh ₹ 2,149 ₹ 1,868
₹ 5 Lakh ₹ 10,744 ₹ 9,339
₹ 10 Lakh ₹ 21,489 ₹ 18,677
₹ 12 Lakh ₹ 25,787 ₹ 22,413

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

SBI offers lower Personal Loan EMI at Rs. 1868 for 72 Months compared to IDFC First Bank with a minimum EMI of Rs. 2149 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 IDFC First Bank Personal Loan?

It is important to make a detailed comparison of SBI and IDFC First 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 10.30%, which is lower than the lowest interest rate of IDFC First Bank at 10.49%. Hence, SBI is offering a cheaper loan option.
  • Compared to other Personal Loan charges such as processing fees, IDFC First Bank charges a processing fee of Upto 2.00%, while SBI charges a processing fee of Upto Nil.
  • IDFC First Bank offers Personal Loan upto an amount of ₹ 40 Lakh, while SBI offers Loan upto an amount of ₹ 15 Lakh. Therefore, 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 the foreclosure facility. SBI gives the option to close the loan after 6 months at 3% 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 SBI a better option for Personal Loan.
  • IDFC First Bank allows part payment on Personal Loan after 3 months at Nil charges, while SBI does not offer a part payment facility. This makes IDFC First Bank a better option for instant loan requirements.
  • IDFC First Bank has an average customer rating of 4.6. In contrast, SBI has an average customer rating of 3.6, based on which it is clear that IDFC First Bank 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 IDFC First Bank?

As per the current rates, SBI offers a lower interest rate of 10.30% on loans compared to IDFC First Bank, which offers a Personal Loan at 10.49%.

Know more about IDFC First Bank Personal Loan

Know more about SBI Personal Loan

Compare IDFC First Bank Personal Loan With Other Banks

Compare SBI Personal Loan With Other Banks

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Personal Loan News - Oct 2022
  • 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.
  • 2022-09-07 : HDFC Bank Expands Personal Loan in 10 Seconds
    The bank will offer Personal Loan in 30 seconds to all, including self-employed and non-existing customers of HDFC Bank.
  • 2022-08-18 : HDFC bank opens its first all women branch in Kerela`s kozhikode.
    HDFC has opened its first all-women branch in Kozhikode. The branch, located in Cherootty Road, the hub of traders in the district, will have 4 women bankers. HDFC Bank is driving diversity and inclusion within the organization with a special focus on enhancing gender diversity.
*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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