Loan comparison of SBI Personal Loan vs HDFC Bank Personal Loan

SBI Personal Loan

HDFC Bank Personal Loan

Interest Rate

11% onwards per annum
10.50% - 21.00% per annum

Loan Amount

Up to 20 Lakhs
Up to Rs. 40 Lakh

Loan Tenure

6 Months to 6 Years
12 to 60 months

Loan Processing fees

Up to 1.5% of loan amount + tax
Up to Rs. 4999

EMI per Lakh

Rs. 1832 Per Lakh
Rs. 1878 Per Lakh

Part Payment Charges

Not allowed
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

Minimum monthly income should be Rs. 15000 or Rs. 24,000
Minimum Rs. 25,000 net income per month

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

* 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

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