Personal loan Interest rates: SBI vs Axis Bank vs HDFC Bank

A personal loan is the most viable option available to individuals in times of financial emergencies. These kinds of loans are easily available and do not require much paperwork. This kind of loan does not have any limit on the end-usage. Moreover, since you do not have to pledge for any collaterals, it can come to your financial rescue in times of need. However, the interest rates of personal loans are quite high. Thus you must go through the interest rates of different banks before making a decision. 

At present, SBI personal loan, Axis Bank and HDFC Bank are offering certain impressive interest rates along with certain attractive benefits and features. Here we have provided the list of them for you. 

State Bank of India

State Bank of India is one of the leading financial institutions in the country. The bank offers different sorts of loan schemes to serve the various needs of borrowers. This includes Xpress Elite, SBI Pension Loan, Pre Approved Loan and Xpress Credit Loan. The SBI Personal Loan schemes can be utilised for a variety of purposes such as foreign vacation, expansion of business, medical emergency, home renovation, debt consolidation and the likes. 

Rate of interest: The interest rate ranges from 10.45% to 16.55%. 

Features

• Borrowers can avail of a loan amount of up to Rs. 20 lakhs. 
• The bank charges a processing fee of 1% on the amount of the loan. 
• The tenure of repayment is between 6 months to 6 years. 
• The individual availing for the loan must have an income of Rs. 15000 monthly. 
• The criterion for age is between 21 years to 60 years by the time the loan matures. 
• The bank charges a prepayment fee of 3% of the prepaid loan amount. 

Benefits

• SBI Personal Loans offer a flexible tenure. 
• There are different loan schemes to cater to the needs of salaried, self-employed and pensioned individuals. 
•  The loan tenure is quite flexible. 
• The entire process requires minimum documentation.
• The processing of the loan is also very quick. 

Axis Bank

The Axis Bank personal loan is one of the best funding options available at times of financial setbacks. It can come in handy given its quick processing and documentation.

Rate of interest: The Axis Bank personal loan interest rate ranges from 12% to 24%. 

Features 

• Borrowers can avail of a loan of Rs. 15 lakhs. 
• The processing fee is 1.5% to 2% of the prepaid loan amount plus GST. 
• The bank offers a repayment tenure of 5 years. 
• An income of Rs. 15000 is mandatory to apply for this loan
• Individuals between the age of 21 to 60 years can apply for this loan. 
• The bank does not charge any preclosure fee. 

Benefits

• The bank offers a flexible loan tenure. 
• The interstate rates are competitive. 
• The bank provides special offers for a personal loan balance transfer. 
• The bank offers provisions of NEFT, ECS, RTGS and other channels for the repayment procedure. 
• The application process is quick. 
• The documentation process is also minimum. 

HDFC Bank

HDFC is one of the most popular banks in India. HDFC Personal Loan provides the facility of speedy processing and quick documentation which makes it the most viable option during financial emergencies. 

Rate of interest: The rate of interest of HDFC Personal Loan ranges from 10.35% to 21.30%. 

Features

• A borrower can avail of a loan amount of Rs. 40 lakhs. 
• The tenure of repayment is between 1 year to 5 years. 
• The bank charges a processing fee of 2.50% on the principal amount. This can be up to Rs. 2999 of the principal amount. 
• It is mandatory for the borrower to have an income of Rs. 15000 monthly to avail of this kind of loan. 
• The borrower must also have an overall working experience of two years with one year of experience in the current job. 
• The age criterion ranges from 21 years to 60 years at the time when the loan matures. 
• The bank imposes a prepayment charge of 4% on the loan amount. 

Benefits

• The tenure of this loan is pretty flexible. 
• The entire process involves very little documentation. 
• The bank has the provisions of insurance covers for severe accidents and illnesses. 
• The bank offers the provision of Sarv Suraksha Pro Policy which can provide coverage for accidents, hospitalization and permanent disability. 
• The processing is quite quick and the loan amount is disbursed on the day it is applied for. 

By now there is no doubt that these three banks offer the best interest rates. However, before applying for a personal loan it is imperative that you check the eligibility criteria and the documents required to apply for the loan. Never forget to keep your documents ready to save your time and effort. Other than this, remember to maintain a good credit score. For it is the most important factor that decides whether the bank will approve you as a creditworthy individual or not. 

 

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