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Compare SBI vs HDFC Bank Personal Loan

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Bank
Interest Rate
Interest Rate
9.60% - 15.65%
10.25% - 22.00%
Processing Fees
Processing Fees
Nil
Upto 2.50% Min ₹ 999
Loan Amount
Loan Amount
₹ 50,000 to ₹ 15 Lakh
₹ 50,000 to ₹ 75 Lakh
Loan Tenure
Loan Tenure
6 to 72 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 1,832
₹ 2,137
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 12 months at 2-4%
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 3%
Allowed after 12 months at 2 - 4%
Eligible Age
Eligible Age
21 to 58 Years
21 to 60 Years
Minimum Income
Minimum Income
₹ 24,000
₹ 25,000
Current Work Experience
Current Work Experience
12 Months
1 Month
Total Work Experience
Total Work Experience
24 Months
1 Month
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.6/5.0
4.5/5.0
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Compare Personal Loan EMI of SBI and HDFC Bank

Loan Amount SBI HDFC Bank
₹ 1 Lakh ₹ 1,832 ₹ 2,137
₹ 5 Lakh ₹ 9,162 ₹ 10,685
₹ 10 Lakh ₹ 18,325 ₹ 21,370
₹ 12 Lakh ₹ 21,990 ₹ 25,644

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

SBI offers lower Personal Loan EMI at Rs. 1832 for 72 Months compared to HDFC Bank with a minimum EMI of Rs. 2137 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 HDFC Bank Personal Loan?

It is important to make a detailed comparison of SBI and HDFC 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 9.60%, which is lower than the lowest interest rate of HDFC Bank at 10.25%. Hence, SBI is offering a cheaper loan option.
  • Compared to other Personal Loan charges such as processing fees, SBI charges a processing fee of Nil, while HDFC Bank charges a processing fee of Upto Upto 2.50% Min ₹ 999.
  • HDFC Bank offers Personal Loan upto an amount of ₹ 75 Lakh, while SBI offers Loan upto an amount of ₹ 15 Lakh. Therefore, 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 the foreclosure facility. SBI gives the option to close the loan after 6 months at 3% and HDFC Bank gives the option to close the loan after 12 months at 2 - 4%. This makes SBI a better option for Personal Loan.
  • HDFC Bank allows part payment on Personal Loan after 12 months at 2-4%, while SBI does not offer a part payment facility. This makes HDFC Bank a better option for instant loan requirements.
  • HDFC Bank has an average customer rating of 4.5. In contrast, SBI has an average customer rating of 3.6, based on which it is clear that HDFC 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 HDFC Bank?

As per the current rates, SBI offers a lower interest rate of 9.60% on loans compared to HDFC Bank, which offers a Personal Loan at 10.25%.

Know more about SBI Personal Loan

Know more about HDFC Bank Personal Loan

Compare SBI Personal Loan With Other Banks

Compare HDFC Bank Personal Loan With Other Banks

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Personal Loan News - Jan 2022
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    Cholamandalam Investment and Finance Company has created three new business divisions, Consumer & Small Enterprise Loan (CSEL), Secured Business & Personal Loan (SBPL) and SME Loan (SME), to drive the next wave of growth.
  • 2022-01-20 : Union Lenders Approves Reimbursement Amount of ₹974 cr for Pandemic Loan Moratorium.
    The Union Cabinet has approved a sanction of ₹973.74 crores for lenders to reimburse the loan moratorium. Earlier, on March 27, 2020, the Reserve Bank of India (RBI) had announced a loan moratorium on payment of instalments of term loans falling due between March 1 and May 31, 2020, due to the pandemic, which was extended to August 31.
  • 2022-01-07 : Tata Capital Launches Flexi Plus Loans for Different Categories
    Tata Capital has launched Flexi Plus loans across different products including, personal, business, loan Against Property, two-Wheeler and home Loans. The loan comes with longer tenure, overdraft facility and a step-up plan.
  • 2022-01-07 : EarlySalary Loan Disbursement Grew by 300 per cent in December 2021
    Early Salary has crossed ₹5,000 crore loan disbursement to grow loans by 300 per cent in December 2021.
  • 2022-01-06 : Canara Bank Q3 Net Profit Rises by 139.5%
    Canara Bank has reported a net profit of 139.5% to register a year-on-year profit of Rs. 1,667.3 cr in Q3.
*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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