Loan comparison of IndusInd Bank Personal Loan vs Axis Bank Personal Loan

IndusInd Bank Personal Loan

Axis Bank Personal Loan

Interest Rate

Starts from 10.49% per annum

Starts from 11.25% per annum

Loan Amount

Up to Rs. 50 Lakhs

Up to 40 Lakhs

Loan Tenure

Up to 12 to 84 months

Up to 84 months

Loan Processing fees

Up to 3.5% of loan amount + GST

Up to 2% of the loan amount + GST

EMI per Lakh

N/A

Part Payment Charges

Prepayment allowed only after repayment of 12 EMIs. The charges will be 4% of the principal outstanding after repayment of 12 EMIs + GST

Foreclosure / partial payment Policy : After 1 EMI / Partial payment allowed. Foreclosure zero after 12 months

Minimum Income

For Salaried: Minimum net monthly income should be Rs. 25,000

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

Documents

Application: Application form with photograph

Proof of Identity: Self-attested photocopy of any one of the following: Driving license, Passport, Voters ID, Aadhaar, PAN

KYC: Valid identity/Residence/Signature proof

Income proof: Form 16/ITR for last 3 years/Latest 3 months salary slip

Banking: Latest 3 months’ Salary Credit Bank Statement

Latest 3 months pay slips

Latest 3 months Bank statements

KYC Documents ( PAN & Adhaar)

Form 16 mandatory