Compare Personal Loan - RBL Bank vs HDFC Bank

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Bank	SBI ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL HDB Financial Karur Vysya Bank Muthoot Union Bank of India Canara Bank Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank Syndicate 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 IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank IIFL HDB Financial Syndicate Bank Union Bank of India Canara Bank Bank of Maharashtra Muthoot Andhra Bank Allahabad Bank Federal Bank PNB Indian Overseas Bank Indian Bank IDBI Bank Corporation Bank Bank of Baroda Standard Chartered Bank Yes Bank Karur Vysya Bank Axis Finance
Parameters
Interest Rate	Interest Rate 14.00% - 23.00%	10.25% - 22.00%
Processing Fees	Processing Fees Upto 3.5%	Upto 2.50% Min Rs. 999
Loan Amount	Loan Amount ₹ 1 Lakh to ₹ 20 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 ₹ 2,327	₹ 2,137
Part Payment Charges	Part Payment Charges Not Allowed	Allowed after 12 months at 2-4%
Foreclosure Charges	Foreclosure Charges Allowed after 18 months at 3%-5%	Allowed after 12 months at 2 - 4%
Eligible Age	Eligible Age 25 to 60 Years	21 to 60 Years
Minimum Income	Minimum Income ₹ 25,000	₹ 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	4.5/5.0

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Compare EMI of RBL Bank and HDFC Bank Personal Loan

Loan Amount	RBL Bank	HDFC Bank
₹ 1 Lakh	₹ 2,327	₹ 2,137
₹ 5 Lakh	₹ 11,634	₹ 10,685
₹ 10 Lakh	₹ 23,268	₹ 21,370
₹ 12 Lakh	₹ 27,922	₹ 25,644

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

HDFC Bank offers lower Personal Loan EMI at 2137 on a Personal Loan for 60 Months as compared to RBL Bank with a minimum EMI of 2327 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 RBL 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 RBL Bank at 14.00%. Hence, HDFC Bank is offering a cheaper loan option.
When compared on other Personal Loan charges such as processing fees, RBL Bank charges a processing fees of Upto 3.5% 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 RBL Bank offer Personal Loan upto an amount of ₹ 20 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 gives the option to close the loan after 12 months at 2 - 4% and RBL Bank gives the option to close the loan after 18 months at 3%-5%. This makes HDFC Bank a better option for Personal Loan.
HDFC Bank allows part payment on Personal Loan after 12 months at 2-4%, while RBL Bank does not offer part payment facility on Personal Loan. This makes HDFC Bank a better option for Personal Loan.
HDFC Bank with an average customer ratings of 4.5 is equally comparable to RBL Bank with an average customer rating of 4.5. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Personal Loan – HDFC Bank or RBL Bank?

As per the current rates, HDFC Bank offers a lower interest rate of 10.25% on Personal Loan when compared to RBL Bank which offers a Personal Loan at 14.00%.

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Personal Loan News - Jun 2021

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.
2021-06-09 : Canara Bank announces personal loan scheme
Under the ‘Canara Suraksha personal loan scheme’, the bank is offering loans from ₹25,000 to ₹5 lakh to financially assist the customers for covid-related treatment. The moratorium is of six months and the scheme will be valid till September 30, 2021.
2021-06-09 : Healthcare credit facility announced by Canara Bank
Under the ‘Canara Chikitsa healthcare credit facility’, Canara bank will offer loans from ₹10 lakh to ₹50 crores to all the units engaged in servicing the healthcare. Valid till March 31, 2022, the loan will be available at concessional rates with a tenure of upto 10 years
2021-06-08 : Unsecured personal loan of upto Rs 5 lakh to be made available by the SBI
Under the Emergency Credit Line Guarantee Scheme (ECLGS) SBI is offering a collateral-free loan up to ₹5 lakh, allowing an unsecured ‘covid personal loan’ for covid treatment.
2021-06-01 : Karur Vysya Bank posted 24% growth in Q4 net
Karur Vysya Bank posted a 24% rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The lender credit growth during the year was higher at 8.87% and gross advances reached Rs 52,820 crore.

*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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