Choosing a lender to get a personal loan becomes very difficult when there are two top lenders involved. Both of them offer great deals depending upon the borrower’s needs. The same case is with HDFC personal loan and SBI personal loan.
If you are looking for a speedy loan, both could be the right choice. However, which is preferable as per your current need, depends upon the details. So, here we will share it then you could decide which one you want.
HDFC Personal Loan
HDFC personal loan offers a quantum loan amount with a lower interest rate and process fee. The process is completely translucent with no hidden charges. It also does not require collateral or security to apply.
- HDFC offers a loan amount from Rs 50,000 to Rs 40 lakh.
- The rate of interest starts at 10.75% per annum, going up to 21.45% Per annum.
- The processing fee is up to 2.4% of the loan amount.
- The pre-payment charge is a minimum of 2% and a maximum of 4%.
- The loan term is up to five years.
- The EMI overdue charge is 2% monthly.
- The cheque swapping fee is Rs 500.
- The lowest EMI is Rs 2,187 per lac.
The Eligibility Criteria For HDFC Personal Loan
- To eligible for HDFC personal loan, the applicant’s minimum age should be at least 21 years.
- The applicant should be a salaried individual working in a PSU or MNC company.
- The applicant’s minimum pay should be at least Rs 15,000 per month.
- The applicant should have a minimum of 2 years of work experience.
- The applicant should be present in the current organization for a minimum of 1 year.
Documents Requirement For HDFC Personal loan
- Identity proof – Aadhar card, PAN Card
- Address proof – lease agreement, ration card
- Income proof – Salary slip and bank statement
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HDFC Bank Customer Care Number
You can contact HDFC bank customer care number if you have any queries. The toll-free number is 1800 22 1006. It can be accessed 24*7.
How To Apply For HDFC Bank Personal Loan?
To apply for HDFC personal loan, there are two ways. The first way is to visit the official website or download the app to apply. The second way is to go to the nearest branch to do it. SBI Personal loan
A personal loan from SBI has a high loan amount with a minimal processing fee, lower interest rate, and low charges.
- SBI offers a loan amount up to Rs 15 lac.
- The rate of interest starts at 10.90% per annum. It goes up to 15.30% P.A
- The processing fee is 1% of the loan amount.
- The loan tenure is up to 6 years.
- There is no pre-payment charge.
- The lowest EMI is Rs 1,832 per lakh.
The Eligibility Criteria For SBI Personal Loan
- The applicant’s least age should be 21 years.
- The applicant should be working in a government, private, or MNC company.
- The applicant’s minimum income should be at least Rs 24,000 per month.
- The applicant should have a minimum of 2 years of work experience.
Needed Documents For SBI Bank Personal Loan
- The loan application form
- 4 Passport size photographs
- Identity proof
- Address proof
- Income proof ( ITRs, Salary slip, Bank statement, and Passbook statement)
How to apply for SBI Personal loan?
To apply, visit either SBI nearest branch or download the SBI app from the Google play store to do it.
Comparing SBI and HDFC personal loan
| Bank | HDFC personal loan | SBI Personal loan |
| Parameters | ||
| Loan amount | Up to 40 lakh | Up to 15 lakh |
| Rate of interest | Up to 21.45% P.A | Up to 15.30% P.A |
| Loan tenure | Up to 5 years | Up to 6 years |
| Lowest EMI | Rs 2,187 per lakh | Up to 1,832 per lakh |
| Part-payment charge | Up to 25% | NIL |
| Minimum income | Rs 15,000 per month | Rs24,000 per month |
Conclusion You can decide for yourself which lender you want. For a higher loan amount HDFC personal loan is perfect. But for the lowest interest rate, the SBI personal loan is better. However, there is no doubt; both lenders offer a great deal.
