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Compare Personal Loan - Standard Chartered Bank vs Axis Finance

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Bank
Parameters
Interest Rate
Interest Rate
11.50% - 18.00%
13.00% - 18.00%
Processing Fees
Processing Fees
1.00%
2%
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 50 Lakh
₹ 50,000 to ₹ 25 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,199
₹ 2,275
Part Payment Charges
Part Payment Charges
Allowed after 12 months at 2%
Allowed after 3 months at Nil Part-Payment Charges
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at 5% charges before 12 months, 4% charges after 12 months
Allowed after 6 months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period
Eligible Age
Eligible Age
23 to 58 Years
21 to 58 Years
Minimum Income
Minimum Income
₹ 25,000
₹ 25,000
Current Work Experience
Current Work Experience
3 Months
12 Months
Total Work Experience
Total Work Experience
36 Months
24 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.4/5.0
4.4/5.0
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Compare EMI of Standard Chartered Bank and Axis Finance Personal Loan

Loan Amount Standard Chartered Bank Axis Finance
₹ 1 Lakh ₹ 2,199 ₹ 2,275
₹ 5 Lakh ₹ 10,996 ₹ 11,377
₹ 10 Lakh ₹ 21,993 ₹ 22,753
₹ 12 Lakh ₹ 26,391 ₹ 27,304

Which is a better bank for Personal Loan – Standard Chartered Bank or Axis Finance?

Standard Chartered Bank offers lower Personal Loan EMI at 2199 on a Personal Loan for 60 Months as compared to Axis Finance with a minimum EMI of 2275 for 60 Months. Average customer ratings for Standard Chartered Bank is currently at 4.4/5.0 which makes it a good choice for taking a Personal Loan.

How does Standard Chartered Bank Personal Loan compare with Axis Finance Personal Loan?

It is important to do a detailed comparison of Standard Chartered 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 Standard Chartered Bank Personal Loan is 11.50%, which is lower than the lowest interest rate of Axis Finance at 13.00%. Hence, Standard Chartered Bank is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Standard Chartered Bank charges a processing fees of 1.00% while Axis Finance charges a processing fees of 2%.
  • Standard Chartered Bank offers Personal Loan upto an amount of ₹ 50 Lakh while Axis Finance offer Personal Loan upto an amount of ₹ 25 Lakh. Standard Chartered 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. Standard Chartered Bank gives the option to close the loan after 1 months at 5% charges before 12 months, 4% charges after 12 months and Axis Finance gives the option to close the loan after 6 months at Nil Foreclosure Charges. 2% if foreclosure is done within the lock-in period. This makes Standard Chartered Bank a better option for Personal Loan.
  • Axis Finance and Standard Chartered Bank allow part payment on Personal Loan after 3 months at Nil charges. Axis Finance applies a charge of Nil charges and Standard Chartered Bank charges 2% on Personal Loan.
  • Axis Finance with an average customer ratings of 4.4 is equally comparable to Standard Chartered Bank with an average customer rating of 4.4. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Personal Loan – Standard Chartered Bank or Axis Finance?

As per the current rates, Standard Chartered Bank offers a lower interest rate of 11.50% on Personal Loan when compared to Axis Finance which offers a Personal Loan at 13.00%.

Know all about Personal Loan

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Personal Loan News - Jun 2021
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    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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