Description
A personal loan is one of the best considerations in financial emergencies because of its unsecured nature and easy availability. However, it is rather a confusing task to select between top lenders like HDFC Bank and Axis Bank. Both are leading private sector banks in India. We have drawn a detailed comparison between the features of HDFC Bank personal loan and Axis Bank personal loan.
HDFC Bank personal loan VS Axis Bank personal loan
Feature |
HDFC Bank |
Axis Bank |
Age limit |
21 years to 60 years |
21 years to 60 years |
Rate of interest |
10.50% to 21.30% p.a. |
12% to 24% p.a. |
Processing fee |
Up to 2.50% of loan amount (subject to Min Rs. 2,999; Max Rs. 25, 000) |
1.5% to 2% of the principal + GST |
Loan amount |
Up to Rs. 40 lakhs |
Up to Rs. 15 lakh |
Loan tenure |
From 12 to 60 months |
From 12 to 60 months |
Prepayment charges |
|
Nil |
Income criteria |
|
Net monthly income: Rs. 15,000 |
Additional interest on late payment |
2% per month on EMI / principal overdue |
2% per month on principal overdue |
Cancellation charge |
NIL (However, processing fee will be retained) |
|
Cheque bounce charges |
Rs. 400/- per bounce plus GST |
Rs.500/- per instance of cheque bounce |
HDFC Bank personal loan
HDFC Bank personal loan is one of the most availed loans in India. Borrowers can get a personal loan from Rs. 50,000 up to Rs. 40 lakhs for varied financial requirements. HDFC Bank personal loan interest rates range from 10.50% to 21.30% p.a. and the loan can be repaid within 60 months as per your convenience. You can get a personal loan up to Rs. 40 lakhs for your various financial needs. Net monthly income to get a personal loan would be based on your city of residence:
Why should you get a personal loan from HDFC Bank?
- Multipurpose loan: HDFC personal loan is available for a variety of financial needs such as a wedding, home repair, travel, medical emergency and more.
- Attractive interest rates: HDFC personal loan interest rate is one of the lowest rates in the market starting from as low as 10.50% p.a.
- Hassle-free application: Applying for the Personal loan is completely online and paperless. You can apply for a loan by filling some basic details and submitting a few KYC documents.
- Fast disbursal: The banks disburse a personal loan in 10 seconds for its existing customer and within 4 hours for non-HDFC customers.
- Personal loan balance transfer: If you transfer the outstanding balance on your personal loan from the current lenders to HDFC Bank, you can enjoy the following benefits:
- Attractive interest rate: 11.49% p.a.
- Flat processing fee of Rs. 3999
- Best in class customer service
- Personal accident cover: Borrowers can avail of the personal accident cover of up to Rs. 8 lakh by paying a nominal premium during loan disbursal.
Axis Bank personal loan
Axis Bank offers a personal loan to customers who experience financial difficulties in buying house, vehicle, paying medical bills, wedding expenses, higher education fee and a lot more. Salaried employees and self-employed individuals alike can get a personal loan from Axis Bank with minimal documentation.
Why should you get a personal loan from Axis Bank?
- Flexible eligibility criteria: Axis Bank offers a personal loan for young borrowers aged as low as 21 years and up to 60 years. Moreover, anyone whose net monthly income starts from Rs. 1500 can get an unsecured personal loan.
- Simplified documentation: The personal loan can be availed online with minimum documentation in a hassle-free manner.
- Flexible repayment methods: Customers who have got the loan can repay it through multiple convenient channels, including RTGS, NEFT, and ECS, as per their preference.
- Flexible tenure: Apply for a flexible personal loan tenure ranging from 12 to 60 months.
- No prepayment and foreclosure charges: Borrowers can close their loan at any point over the loan tenure. There is no prepayment and foreclosure charge.
Which loan should you get?
What loan is best for you depends on a variety of factors such as your eligibility, repayment capacity and flow of income.
Who is HDFC Bank personal loan best for:
- A borrower who is searching for a low-interest rate personal loan.
- A borrower whose monthly salary is more than Rs. 20,000.
- A borrower who is not considering prepaying or foreclosing loan ahead of tenure.
Who is Axis Bank personal loan best for:
- Individuals with a minimum monthly salary as low as Rs. 15,000 can apply for Axis Bank personal loan.
- If you think you can pay the loan before the defined tenure, Axis Bank personal loan is a better option for you.
Bottom line
Afinoz is a one-stop destination for customized rate quotes on loans and investment products in India. You can compare various personal loan schemes from multiple lenders and apply for the best one as per your eligibility and requirement. We strive to make personal financial decisions easy, seamless and transparent for our customers. We have designed a system that provides comprehensive results and enables customers to compare products simultaneously so that they can access the right product.