HDFC Personal Loan VS SBI Personal Loan. Which One is Better?

16 Jun 2021 3 min read
Personal Loan: HDFC Personal Loan Vs SBI Personal Loan - Which one you should choose?

When you think of a personal loan, SBI personal loan, HDFC personal loan or ICICI personal loan, etc comes to your mind first. These banks offer the best personal loan products to suit your desires/needs. Here, we will help you compare and choose the right option for yourself. 

 HDFC Personal Loan vs SBI Personal Loan

Banks HDFC Personal Loan SBI Personal Loan
Interest Rate 11.25% % to 20.70% 11.95 % to 14.55%.
Loan Amount 50000 to Rs 15 Lacs Rs 10000 to Rs 15 Lacs
Processing Fee 1 % to 2.5% 2% to 3%
Pre Payment Charges  4 % Up to 1%

Comparative insight between two best personal loans available today - HDFC personal loan and SBI personal loan.

 Offer -  Though both the banks bring forth offers at regular intervals if you apply at the Afinoz platform you earn 1% cashback on the disbursed loan amount.

1. Interest rates

A personal loan interest rate is different for different customers, depending on their income, credit profile, bargaining power, etc. The interest rate of the HDFC personal loan is currently in the range of 14.75 % to 20.70 % for the salaried and self-employed class.

When it comes to the SBI personal loan, the rates are in the range of 11.95 % to 14.55 %.

2. Loan amount

You can apply for HDFC personal loan amount from Rs 50000 to Rs 15 Lacs. If you need a bigger loan amount, you may add the income of your spouse and can apply for a joint loan.

Whereas, you can apply for SBI personal loan amount from as low as Rs 10000 to Rs 15 Lacs. The approval depends on your repayment history and financial record.                                                                      

3. Processing fees

When you apply for HDFC personal loan, you will be asked for a processing fee in the range of 1% to 2.5 % of the approved loan amount.

When you apply for SBI personal loan, the processing fee is charged in the range of 2 % to 3 %, along with the applicable service tax.

4. Prepayment charges

If you belong to the salaried class, no prepayment is allowed for an HDFC personal loan until you repay at least 12 EMIs. Afterward, prepayment charges are levied in the following manner-

  • Between 13 to 24 months- 4 % of the outstanding principal
  • Between 25 to 36 months- 3 % of the outstanding principal
  • Beyond 36 months- 2 % of the outstanding principal

In a personal loan by SBI, the prepayment charges are levied in the following manner-

  • Between 13 to 24 months- 4 % of the outstanding principal
  • Between 25 to 36 months- 3 % of the outstanding principal
  • Beyond 36 months- 2 % of the outstanding principal

5. Loan Tenure

HDFC personal loan provides convenient options to repay your loan within a minimum period from 12 months to a maximum of 60 months.In a personal loan by SBI, your loan tenure is stretched up to 84 months. 

What is a cheapest personal loan? 

The cheapest personal loan is the one given at the lowest interest rates on personal loans. This is because the lowest interest rate for personal loans means the lowest EMI, since the interest paid would be lower. Thus, with the least repayment pressure, these loans can be accomplished.

How do I search my SBI and HDFC Bank Personal Loan eligibility? 

By using the online Personal Loan eligibility calculator, you can verify your eligibility for SBI, HDFC Bank Personal Loan. To verify the amount of loan you are eligible for, you have to enter information such as the appropriate loan amount, occupation, income, current commitments, work experience, etc. You should apply for the eligible amount of loan to repay the EMI that you can service comfortably.

 The bottom line:

Afinoz.com can help you get the best personal loan with its best in class supports and equitable comparison insights.  Through our online platform, you can have the instant approval of your loan with a real-time tracking facility. On top of that Afinoz offers 1% cashback on the disbursed loan amount, irrespective of the bank you choose as a lending partner. 

Personal Loan Articles :   

​​​​​​​FAQs

Ques. Which bank offers lower interest rate on a personal loan? 

Ans:- As per the current rates, compared to HDFC Bank, which provides a personal loan at 10.50 percent, SBI offers a lower interest rate starting from 9.60 percent on personal loans. 

Ques. How can I move my Personal Loan from SBI Bank to HDFC Bank? 

Ans:- With a Personal Loan balance transfer facility, you can transfer your personal loan from SBI to HDFC Bank. You need to follow a particular protocol for this, which includes clearing off dues, receiving a NOC, applying for a new bank, obtaining approval, etc. The transfer of the personal loan balance is an ideal way to reduce the loan burden, as you can turn to a lower interest rate for personal loans. 

Ques. How do I choose the best bank for a Personal Loan ?

Ans:- By making a thorough comparison between the top lenders on the basis of interest rates, transaction fees or personal loan deals, you can select the best bank for a personal loan. In addition, to select the best personal loan deal, you can visit online marketplaces like Afinoz.com. Here, depending on your loan requirement, you will get the option to choose the best bank among the shortlisted ones. 

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