Personal loans are an excellent way to achieve financial goals or manage unexpected expenses. Both Axis Bank and HDFC Bank are popular lenders that offer personal loans. In this article, we will compare Axis Bank Personal Loan vs HDFC Bank Personal Loan to help you choose the best option for your needs.
Interest Rates
One of the most important factors to consider when applying for a personal loan is the interest rate. The interest rate is the amount you will be charged for borrowing money, and it can vary depending on the lender and your creditworthiness.
Axis Bank Personal Loan Interest Rates: Axis Bank offers personal loans with interest rates starting from 10.49% per annum. However, the interest rate can vary based on your credit score, income, and loan amount.
HDFC Bank Personal Loan Interest Rates: HDFC Bank offers personal loans with interest rates starting from 10.50% per annum. Like Axis Bank, the interest rate can vary based on your credit score, income, and loan amount.
Winner: Both banks offer similar interest rates, so there is no clear winner in this category.
Loan Amount and Repayment Tenure
The loan amount and repayment tenure are other essential factors to consider when choosing a personal loan. The loan amount refers to the total amount of money you can borrow, while the repayment tenure is the period in which you need to repay the loan.
Axis Bank Personal Loan Amount and Repayment Tenure: Axis Bank offers personal loans ranging from Rs. 50,000 to Rs. 15 lakh, with repayment tenures ranging from 12 months to 60 months.
HDFC Bank Personal Loan Amount and Repayment Tenure: HDFC Bank offers personal loans ranging from Rs. 50,000 to Rs. 40 lakh, with repayment tenures ranging from 12 months to 60 months.
Winner: HDFC Bank offers a higher loan amount, making it the winner in this category.
Processing Fees and Other Charges
Apart from the interest rate, there are other charges associated with taking out a personal loan, such as processing fees, prepayment charges, and late payment charges.
Axis Bank Personal Loan Processing Fees and Other Charges: Axis Bank charges a processing fee of up to 2% of the loan amount, along with prepayment charges ranging from nil to 5% of the outstanding principal. The bank also charges a late payment fee of 2% per month on the outstanding amount.
HDFC Bank Personal Loan Processing Fees and Other Charges: HDFC Bank charges a processing fee of up to 2.5% of the loan amount, along with prepayment charges ranging from nil to 4% of the outstanding principal. The bank also charges a late payment fee of 2% per month on the outstanding amount.
Winner: Axis Bank charges a lower processing fee, making it the winner in this category.
Eligibility Criteria
The eligibility criteria for a personal loan can vary depending on the lender. Generally, lenders consider factors such as your age, income, employment status, credit score, and credit history.
Axis Bank Personal Loan Eligibility Criteria: To be eligible for an Axis Bank Personal Loan, you need to be between 21 and 60 years old, have a minimum monthly income of Rs. 15,000, and have a credit score of at least 700.
HDFC Bank Personal Loan Eligibility Criteria: To be eligible for an HDFC Bank Personal Loan, you need to be between 21 and 60 years old, have a minimum monthly income of Rs. 25,000, and have a credit score of at least 650.
Winner: Axis Bank has lower eligibility criteria, making it the winner in this category.
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