Loan comparison of Axis Bank Personal Loan vs HDFC Bank Business Loan

Axis Bank Personal Loan

HDFC Bank Business Loan

Interest Rate

Starts from 11.25% per annum
Starts from 10.75% per annum

Loan Amount

Up to 40 Lakhs
Up to Rs. 50 lakhs (up to Rs. 75 lakhs in select locations)

Loan Tenure

Up to 84 months
Up to 48 months

Loan Processing fees

Up to 2% of the loan amount + GST
Up to 2% of the loan amount NIL Processing Fees for loan facility up to Rs. 5 Lakhs availed ​​​​​​ by micro and small Enterprises

EMI per Lakh

N/A
N/A

Part Payment Charges

Foreclosure / partial payment Policy : After 1 EMI / Partial payment allowed. Foreclosure zero after 12 months
06 – 24 months: 4% of total principal outstanding, 25 – 36 months: 3% of total principal outstanding More than 36 months: 2% of total principal outstanding Note: HDFC Bank doesn't permit part/full prepayment of loans until repayment of at least 6 EMIs Part-payment allowed of up to 25% of the principal outstanding, after payment of 12 EMIs, once in the financial year and twice during the entire loan tenure. HDFC Bank does not levy any foreclosure/prepayment charges for fixed rate business loan facility of up to Rs. 50 Lakh availed by Micro & Small Enterprises (MSE) and closure from own sources

Minimum Income

The minimum net monthly income should be Rs. 15,000
N/A

Documents

Latest 3 months pay slips

Latest 3 months Bank statements

KYC Documents ( PAN & Adhaar)

Form 16 mandatory

PAN Card – For Company/Firm/Individual

A copy of any of the following documents as identity proof:

Aadhaar Card

Passport

Voter's ID Card

PAN Card

Driving License

A copy of any of the following documents as address proof:

Aadhaar Card

Passport

Voter's ID Card

Driving License

Bank statement of the previous 6 months

Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, after being CA Certified/Audited

Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)

Other Mandatory Documents [Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)]

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