SBI Vs HDFC Bank Personal Loan – Instant online Approval
The most sort out Banks are SBI and HDFC Bank in India. A large part of Indian customers hold their accounts with these Banks. So when these customers look for a personal loan they want to compare between them which is best.
SBI or State Bank of India is very active in Home loans and Car loans but is not a dominant player in Personal loan. HDFC Bank is a leader in this segment and does more than 1100 crs disbursal’s per month. HDFC personal loans product is designed best for salaried customers who work in top 10000 companies. They offer rates to their own salaried customers who own accounts with them.
SBI is more conservative in this approach and does loans to select few companies and that too after a lot of formalities.
Let’s compare Personal loans from Both Banks
| Banks | ||
| Interest Rates |
11.29% – 19.50% |
11.90% – 16.55% |
| Loan Amount |
Rs.50,000 to Rs.15 lacs |
Rs.24,000 to Rs.15 lacs |
| Processing Fees |
Rs.999 for special companies else 1% – 2.5% |
2%-3% |
| Pre Payment Charges |
4% |
Upto 1% |
SBI is best bank as per rates in secured segment where as HDFC is considered good in unsecured segment. A customer can get different rates from all banks as personal loan rates are customized on
- Income- The higher the income- the lower the rate
- Company that you work with-Top 1000 companies working employees will get better rates
- Cibil credit score-if the score is high- lower the rates.
So take your quote from both Banks and decide on what is best for you as per rates, emi and other fees.
