Loan comparison of Axis Bank Personal Loan vs SBI Personal Loan
Interest Rate
Starts from 11.25% per annum
Starts from 10.30% onwards per annum
Loan Amount
Up to 40 Lakhs
Up to Rs. 35 lakhs
Loan Tenure
Up to 84 months
Minimum 6 months and Maximum 84 months / Loan to be closed on or before the Date of Retirement/ Date of End of Contract/ 60 years of age, as applicable
Loan Processing fees
Up to 2% of the loan amount + GST
Up to 1.50% of the Loan Amount (subject to minimum Rs. 1000 & maximum Rs. 15000), plus GST
EMI per Lakh
Part Payment Charges
Foreclosure / partial payment Policy : After 1 EMI / Partial payment allowed. Foreclosure zero after 12 months
Prepayment charges:
Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 2% of the prepaid amount
Pre-payment charges may be waived for following category of customers:
Loans of Defense sector employees, being closed after 6 months from date of sanction.
Loans of Government/ Corporate sector employees, being closed after 3 years from date of sanction, or from the proceeds of a new loan account opened under the same scheme after 6 months from date of sanction.
Loans of Platinum & Rhodium variant of Corporate Salary package customers, being closed after 6 months from date of sanction
Minimum Income
The minimum net monthly income should be Rs. 15,000
Government/Defence Sector employees: Rs. 20,000; Corporate Sector employees: Rs. 25,000
Documents
Latest 3 months pay slips
Latest 3 months Bank statements
KYC Documents ( PAN & Adhaar)
Form 16 mandatory
Application Form along with photograph of the borrower
Permanent Account Number (PAN)
At least one copy of the Officially Valid Documents (OVDs)
6 months’ Salary Slips
Latest ITR/ Form 16. However, it is waived for all salaried employees for whom income tax is not applicable or not deducted by the employer, in line with the norms stipulated under Income Tax Act, e.g., customers having <1 year of service, customers having taxable Income in “Nil” Tax Rate %age slab, customers of any State/ UT with no income tax, etc.
6 months’ Salary Account Statement (i.e. account statement(s) where last 6 months’ salary is credited)
