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Compare Personal Loan - Indian Overseas Bank vs HDFC Bank

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Bank
Parameters
Interest Rate
Interest Rate
10.80% - 10.80%
10.25% - 22.00%
Processing Fees
Processing Fees
Rs. 204 Per Lakh
Upto 2.50% Min Rs. 999
Loan Amount
Loan Amount
₹ 50,000 to ₹ 15 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
₹ 2,164
₹ 2,137
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 12 months at 2-4%
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 12 months at 2 - 4%
Eligible Age
Eligible Age
21 to 58 Years
21 to 60 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 25,000
Current Work Experience
Current Work Experience
12 Months
1 Month
Total Work Experience
Total Work Experience
36 Months
12 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.5/5.0
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Compare EMI of Indian Overseas Bank and HDFC Bank Personal Loan

Loan Amount Indian Overseas Bank HDFC Bank
₹ 1 Lakh ₹ 2,164 ₹ 2,137
₹ 5 Lakh ₹ 10,821 ₹ 10,685
₹ 10 Lakh ₹ 21,643 ₹ 21,370
₹ 12 Lakh ₹ 25,971 ₹ 25,644

Which is a better bank for Personal Loan – HDFC Bank or Indian Overseas Bank?

HDFC Bank offers lower Personal Loan EMI at 2137 on a Personal Loan for 60 Months as compared to Indian Overseas Bank with a minimum EMI of 2164 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 Indian Overseas 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 Indian Overseas Bank at 10.80%. Hence, HDFC Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Indian Overseas Bank charges a processing fees of Rs. 204 Per Lakh 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 Indian Overseas Bank offer Personal Loan upto an amount of ₹ 15 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. Indian Overseas Bank gives the option to close the loan after 1 months at Nil prepayment charges and HDFC Bank gives the option to close the loan after 12 months at 2 - 4%. This makes Indian Overseas Bank a better option for Personal Loan.
  • HDFC Bank allows part payment on Personal Loan after 12 months at 2-4%, while Indian Overseas Bank does not offer part payment facility on Personal Loan. This makes HDFC Bank a better option for Personal Loan.
  • HDFC Bank has an average customer ratings of 4.5, while has an average customer rating of , based on which it is clear that HDFC 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 Indian Overseas Bank?

As per the current rates, HDFC Bank offers a lower interest rate of 10.25% on Personal Loan when compared to Indian Overseas Bank which offers a Personal Loan at 10.80%.

Know all about Personal Loan

Know more about Indian Overseas Bank Personal Loan

Know more about HDFC Bank Personal Loan

Compare Indian Overseas Bank Personal Loan With Other Banks

Compare HDFC Bank Personal Loan With Other Banks

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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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