Loan comparison of SBI Personal Loan vs HDFC Bank Personal Loan
Interest Rate
Starts from 10.30% onwards per annum
Starts from 10.90% per annum
Loan Amount
Up to Rs. 35 lakhs
Up to Rs. 40 Lakh
Loan Tenure
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
Up to 5/6 years
Loan Processing fees
Up to 1.50% of the Loan Amount (subject to minimum Rs. 1000 & maximum Rs. 15000), plus GST
Up to Rs. 6,500 + GST
EMI per Lakh
Part Payment Charges
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
Premature Closure Charges (For Full & Part Payment): Up to 24 EMI- 4% of principal outstanding,
Post 24-36 EMI - 3% of principal outstanding,
>36 EMI - 2% of principal outstanding
Prepayment charge would be applicable on the principal outstanding amount, Part prepayment would be allowed post servicing of 1st EMI, up to 25% of Principal Outstanding. It is allowed only once in the financial year and twice during the entire loan tenure. Charges would be applicable as above on the part pre-payment amount.
Minimum Income
Government/Defence Sector employees: Rs. 20,000; Corporate Sector employees: Rs. 25,000
Minimum Rs. 25,000 per month
Documents
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)
Latest 3 months pay slips
Latest 6 months Bank statements in PDF format
KYC Documents ( PAN & Adhaar)
Employee ID card, Form 16, Previous emp proof if any
Employment less than 1 Yr qualification proof required
