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Loan comparison of SBI Personal Loan vs HDFC Bank Personal Loan

SBI Personal Loan

HDFC Bank Personal Loan

Interest Rate

11% onwards per annum
Starts from 10.90% per annum

Loan Amount

Up to 20 Lakhs
Up to Rs. 40 Lakh

Loan Tenure

6 Months to 6 Years
Up to 5/6 years

Loan Processing fees

Up to 1.5% of loan amount + tax
Up to Rs. 6,500 + GST

EMI per Lakh

Rs. 1832 Per Lakh
N/A

Part Payment Charges

Not allowed
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

Minimum monthly income should be Rs. 15000 or Rs. 24,000
Minimum Rs. 25,000 per month

Documents

* Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card

* Ration Card, Bank Account Statement, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties)

* Bank Account Statement, Salary Slips, ITR, Form 16

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

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