Loan comparison of SBI Personal Loan vs Axis Bank Personal Loan

SBI Personal Loan

Axis Bank Personal Loan

Interest Rate

11% onwards per annum

10.49% onwards per annum

Loan Amount

Up to 20 Lakhs

Up to Rs. 40 Lakh

Loan Tenure

6 Months to 6 Years

Up to 60 months

Loan Processing fees

Up to 1.5% of loan amount + tax

Up to 2% of the loan amount + GST

EMI per Lakh

Rs. 1832 Per Lakh

Rs. 1074 Per Lakh

Part Payment Charges

Not allowed

* 5% for 0 to 12 months * 4% for 13 to 24 months * 3% for 25 to 36 months * 2% for greater than 36 months

Minimum Income

Minimum monthly income should be Rs. 15000 or Rs. 24,000

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

Documents

* Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card

* Ration Card, Bank Account Statement, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties)

* Bank Account Statement, Salary Slips, ITR, Form 16

* 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