Loan comparison of Axis Bank Personal Loan vs HDFC Bank Personal Loan
Interest Rate
10.49% onwards per annum
10.50% - 21.00% per annum
Loan Amount
Up to Rs. 40 Lakh
Up to Rs. 40 Lakh
Loan Tenure
Up to 60 months
12 to 60 months
Loan Processing fees
Up to 2% of the loan amount + GST
Up to Rs. 4999
EMI per Lakh
Rs. 1074 Per Lakh
Rs. 1878 Per Lakh
Part Payment Charges
* 5% for 0 to 12 months * 4% for 13 to 24 months * 3% for 25 to 36 months * 2% for greater than 36 months
For salaried individuals there's no pre-payment in Part or Full permitted until repayment of 12 EMIs. Part-payment is allowed up to 25% of Principal Outstanding, and can be done only once in the financial year and twice during the loan tenure.
Following are Part-payment Charges (on part-payment amount):
Salaried- 13-24 months - 4% of principal outstanding
25-36 months - 3% of principal outstanding
>36 months - 2% of principal outstanding
Minimum Income
The minimum net monthly income should be Rs. 15,000
Minimum Rs. 25,000 net income per month
Documents
* Duly filled application form
* KYC documents
* Loan agreement duly signed and Standing Instruction (SI) Request / ECS Forms
* Docs declaring the continued employment for the applicant
* Identity proof such as a copy of passport/voter ID card/driving license/Aadhaar
* Address proof such as a copy of passport/voter ID card/driving license/Aadhaar
* Bank statement of previous 3 months and passbook of previous 6 months
* Two latest salary slip/current dated salary certificate with the latest Form 16
