HDFC vs SBI vs ICICI Where Should You Get Personal Loans From?

01 Apr 2020 5 min read
Personal Loan: HDFC vs SBI vs ICICI Where Should You Get Personal Loans From? - Afinoz

Personal loans are a way to use tomorrow’s income today, and unlike other loan products, the process involved is simple. But which bank you should choose for a personal loan completely depends on your requirements. All three banks have their benefits and schemes. 

In this article, we have provided you with some of the major details of the HDFC, SBI and ICICI Bank personal loans, which may help you in comparing the three and you can choose the best suited to you.

You should always check all terms of the loan. But the three most important things which you should prioritize before availing a loan are:

  • Interest Rate
  • Repayment Tenure
  • Loan Amount

Bank

Interest Rate

Maximum Loan Amount

Repayment Tenure

SBI Bank Personal Loan

10.90%-15.30%

Rs. 20 Lakhs

5 years

HDFC Bank Personal Loan

10.75%-21.50%

Rs. 40 Lakhs

5 years

ICICI Bank Personal Loan

10.99%-18.49%

Rs. 20 Lakhs

6 years

However, all the above three factors may differ based on various parameters like the loan scheme, eligibility, credit score, and others. Now, let’s have a quick look at the details of the personal loan offered by these banks:

SBI Bank Personal Loan

SBI offers customized personal loans under various schemes viz. Xpress Credit personal loan, Xpress Power personal loan and SBI Pension loan. Let’s have a look at the features:

#1. Xpress Credit Loan

  • SBI Xpress credit loan is a type of loan that comes with a low rate of interest.
  • It has zero hidden cost, and minimal processing fees and other charges. 
  • A maximum loan amount of Rs. 20 lakhs can be acquired under this loan scheme.
  • A borrower with the minimum gross monthly income of Rs.50,000 can avail of this loan.

#2. SBI Pension Loan

  • SBI designed this type of loan for the pensioners who are getting their pensions from the government.
  • SBI pension loan helps pensioners to meet their urgent or unexpected monetary requirements.
  • Low processing and prepayment fee are charged for SBI pension loans in comparison with other loans.
  • Defence personnel are exempt from processing fees.   
  • A central or state government pensioner, defence pensioner or a family pensioner can avail of loan under this scheme. 
  • The family pensioner’s age should not be more than 76 years.

#3. Xpress Power Loan

  • This type of loan is for customers who do not maintain their salary accounts with SBI. 
  • Under the Xpress Power Loan scheme, a borrower can avail of the minimum loan amount of Rs. 25,000 up to Rs. 15 lakhs/ 24 times NMI (Net Monthly Income).
  • The borrower’s minimum monthly income should be Rs. 15,000 for this loan scheme.
  • EMI/NMI ratio of a borrower should not be more than 50%.

Apply Now

HDFC Bank Personal Loan

HDFC Bank personal loan comes with many benefits to the customers. 

  • The HDFC personal loan EMIs starts at Rs 2,187per lakhs (t&c apply).
  • Flexible loan repayment tenure.
  • HDFC Personal Loan has a processing fee of up to 2.50% of the loan amount subject to the minimum of Rs. 2,999.
  • Easy online loan application through net banking on the HDFC website, or at an ATM.
  • Along with the personal loan, HDFC also provides the accidental cover offers to its customers.
  • You can even get the funds in 10 seconds if you are a pre-approved HDFC Bank customer.

See the best Offer

ICICI Bank Personal Loan

ICICI personal loan caters to all your personal financial needs. This product comes with many benefits and added perks, thus giving the borrower strong financial support. ICICI personal loan can be blindly trusted as it’s a brand that has already created its niche in the financial market.

  • Competitive rate of interest
  • Flexible loan repayment tenures
  • No security or collateral is required
  • ICICI personal loans can be used for multiple purposes
  • Easy documentation process
  • The quick and hassle-free loan procedure
  • ICICI personal loan with the balance transfer facility

Apply Online

To help you in selecting the best bank for availing a personal loan, here are a few tips:

1.  Do an EMI Calculation 

Before applying for a personal loan with a lender, try to know the approximate EMI which needs to be paid for the loan availed. So, you can compare the EMI’s and choose that suits you the best. Doing this also helps you in preparing a monthly budget based on income and expenses.

2. Compare the Interest Rates

Always compare the available personal loan offers. There are many online tools available which you can use for the comparison. This is an important step in the process of choosing the best personal loan. Interest rate comparison can enable you to get the best personal loan.  

3.  Know about all Costs & Penalties involved 

Before applying for a personal loan, it is essential to think pretty much about all costs and charges associated with the loan procedure. 

4.   Check for Documentation Process

The best personal loans can be considered those that you can get with minimal documentation. With online loans, you don’t need to do that, and you can apply for a personal loan online while sitting at your home. 

5.   The Loan Amount

The best bank for a personal loan can be one that is ready to offer you the exact amount you required. 

6. Check the Eligibility

Check the personal loan eligibility criteria of the bank before applying for it. In case a loan application gets rejected, it can harm your credit score. It also helps in increasing the chances of loan approval.

 
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