Compare Union Bank of India vs HDFC Bank Personal Loan

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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 Cashe Axis Finance	SBI HDFC Bank ICICI Bank Bajaj Finserv IDFC First Bank Axis Bank Tata Capital Fullerton India IndusInd Bank Kotak Bank RBL Bank IIFL HDB Financial IDBI Bank Karur Vysya Bank Muthoot Yes Bank Standard Chartered Bank Canara Bank Bank of Maharashtra Andhra Bank Allahabad Bank Federal Bank Syndicate Bank Bank of Baroda PNB Indian Overseas Bank Indian Bank Corporation Bank Cashe Axis Finance
Interest Rate	Interest Rate 10.20% - 13.90%	11.00% - 22.00%
Processing Fees	Processing Fees 0.5%, Min Rs. 500	Upto 2.50% Min ₹ 999
Loan Amount	Loan Amount ₹ 50,000 to ₹ 5 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 ₹ 2,135	₹ 2,174
Part Payment Charges	Part Payment Charges Allowed after 0 months at Nil prepayment charges	Allowed after 12 months at 2-4%
Foreclosure Charges	Foreclosure Charges Allowed after 0 months 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 NA	1 Month
Total Work Experience	Total Work Experience NA	1 Month
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 3/5.0	4.5/5.0

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Compare Personal Loan EMI of Union Bank of India and HDFC Bank

Loan Amount	Union Bank of India	HDFC Bank
₹ 1 Lakh	₹ 2,135	₹ 2,174
₹ 5 Lakh	₹ 10,673	₹ 10,871
₹ 10 Lakh	₹ 21,346	₹ 21,742
₹ 12 Lakh	₹ 25,615	₹ 26,091

Which is a better bank for Personal Loan – Union Bank of India or HDFC Bank?

Union Bank of India offers lower Personal Loan EMI at Rs. 2135 for 60 Months compared to HDFC Bank with a minimum EMI of Rs. 2174 for 60 Months. In addition, average customer ratings for Union Bank of India is currently at 3/5.0, making it a good choice for taking a Personal Loan.

How does Union Bank of India Personal Loan compare with HDFC Bank Personal Loan?

It is important to make a detailed comparison of Union Bank of India 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 Union Bank of India Loan is 10.20%, which is lower than the lowest interest rate of HDFC Bank at 11.00%. Hence, Union Bank of India is offering a cheaper loan option.
Compared to other Personal Loan charges such as processing fees, Union Bank of India charges a processing fee of 0.5%, Min Rs. 500, 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 Union Bank of India offers Loan upto an amount of ₹ 5 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. Union Bank of India gives the option to close the loan after Zero months at Nil prepayment charges and HDFC Bank gives the option to close the loan after 12 months at 2 - 4%. This makes Union Bank of India a better option for Personal Loan.
HDFC Bank and Union Bank of India allow part payment on Personal Loan after 12 months at 2-4%. HDFC Bank applies a charge of 2-4% and Union Bank of India charges Nil charges on Personal Loan.
HDFC Bank has an average customer rating of 4.5. In contrast, Union Bank of India has an average customer rating of 3, 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 – Union Bank of India or HDFC Bank?

As per the current rates, Union Bank of India offers a lower interest rate of 10.20% on loans compared to HDFC Bank, which offers a Personal Loan at 11.00%.

Know more about Union Bank of India Personal Loan

Know more about HDFC Bank Personal Loan

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Personal Loan News - Jun 2022

2022-05-13 : Punjab National Bank Increases Personal Loan Rates
The bank has increased the rates by 40 basis points, and after the revision, the bank offers personal loans starting from 8.85% to 14.85%.
2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
2022-05-12 : Indian Bank Revises Personal Loan Rates
Indian Bank has increased the rates on personal loans, and as a result, the bank offers the lowest rates starting at 8.90% to upto 9.40%.
2022-05-10 : Canara Bank Hikes Personal Loan Interest Rates
The bank has increased the lowest personal loan rates from 12.40% to 12.80%.

*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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