HDFC Personal Loan VS SBI Personal Loan. Which One is Better?



When you think of a personal loan, SBI personal loanHDFC personal loan or ICICI personal loan, etc comes to your mind first. These banks offer the best personal loan products to suit your desires/needs. Here, we will help you compare and choose the right option for yourself. 

 HDFC vs SBI

BanksHDFC Personal LoanSBI Personal Loan
Interest Rate14.75 % to 20.70%11.95 % to 14.55%.
Loan Amount50000 to Rs 15 LacsRs 10000 to Rs 15 Lacs
Processing Fee1 % to 2.5%2% to 3%
Pre Payment Charges 4 %Up to 1%

 Comparative insight between two best personal loans available today - HDFC personal loan and SBI personal loan.

 Offer 
-  Though both the banks bring forth offers at regular intervals if you apply at the Afinoz platform you earn 1% cashback on the disbursed loan amount.

Interest rates

A personal loan interest rate is different for different customers, depending on their income, credit profile, bargaining power, etc. Interest rate of the HDFC personal loan is currently in the range of 14.75 % to 20.70 % for the salaried and self-employed class.
When it comes to the SBI personal loan, the rates are in the range of 11.95 % to 14.55 %.

Loan amount

You can apply for HDFC personal loan amount from Rs 50000 to Rs 15 Lacs. If you need a bigger loan amount, you may add the income of your spouse and can apply for a joint loan.
Whereas, you can apply for SBI personal loan amount from as low as Rs 10000 to Rs 15 Lacs. The approval depends on your repayment history and financial record. 
Processing fees
When you apply for HDFC personal loan, you will be asked for a processing fee in the range of 1% to 2.5 % of the approved loan amount.
When you apply for SBI personal loan, the processing fee is charged in the range of 2 % to 3 %, along with the applicable service tax.

Prepayment charges

If you belong to the salaried class, no prepayment is allowed for an HDFC personal loan until you repay at least 12 EMIs. Afterward, prepayment charges are levied in the following manner-
Between 13 to 24 months- 4 % of the outstanding principal
Between 25 to 36 months- 3 % of the outstanding principal
Beyond 36 months- 2 % of the outstanding principal
In a personal loan by SBI, the prepayment charges are levied in the following manner-
Between 13 to 24 months- 4 % of the outstanding principal
Between 25 to 36 months- 3 % of the outstanding principal
Beyond 36 months- 2 % of the outstanding principal

Loan Tenure

HDFC personal loan provides convenient options to repay your loan within a minimum period from 12 months to a maximum of 60 months.
In a personal loan by SBI, your loan tenure is stretched up to 84 months.
The bottom line:
Afinoz.com can help you get the best personal loan with its best in class supports and equitable comparison insights.  Through our online platform, you can have the instant approval of your loan with real-time tracking facility. On top of that Afinoz offers 1% cashback on the disbursed loan amount, irrespective of the bank you choose as a lending partner. 
The dedicated experts in Afinoz will provide you with the best possible financial advice, tailored to your specific needs so that you can avail the best benefit. Our best services are offered to you absolutely free of cost