In these hard times, when everyone is facing financial issues due to the Covid pandemic, it would be natural to take a personal loan to help out. However, the critical question is which lender to choose. Thus today, we have brought along two lenders, SBI personal loan and HDFC personal loan, to help us out.  

We look at their details, comparing them to find out which one is better. Of course, you will decide which one is better after reading their details.  

SBI Personal loan  

SBI offers personal loans a significantly lower rate of interest. It has more than 25000 Branches in India. So even you are living in a remote place, you could get a personal loan from SBI.  

• There are five different types of SBI personal loans. They are SBI Saral Loan, SBI Xpress Credit Loan, SBI pension loan, SBI Festival Loan, and SBI Jai Jawan Pension loan.  
• The borrower age should be between 21 Years and 58 Years.  
• The Minimum amount you can get is Rs 50,000, and the maximum is 15 Lakhs.  
• The processing fee is up to 1% of the loan amount. It does not including GST.  
• The rate of interest ranges from 10.55% to 16.60%.  

• The lowest EMI for SBI personal loan is Rs 1,880 Per lakh.  

SBI Personal loan EMI Calculator 

If you want to calculate Monthly EMI for SBI personal loan, then you can use the Calculator. You will need three things to figure.  

• Loan amount 
• Rate of interest  

• Loan Tenure 

The eligibility criteria for SBI Personal loan 

• Your age should be between 21 years and 65 years to be eligible for SBI Personal loan.  
• You should be a salaried individual or self-employed professional. 
• Your income should be at least Rs 15,000 per month.  

• If you are a pensioner, your age should be below 76 years.  

SBI Customer care 

If at any point you want to know more or want to confirm something regarding it’s a personal loan, you can contact SBI personal loan customer care at 1800 11 2211 1800 425 3800, these toll-free numbers.  

HDFC Bank Personal loan  

HDFC Bank‘s loan is among one of the best personal loans in India.  It offers a transparent, quick, and easy process to apply.  

• The minimum loan you can get is Rs 50,000, and the maximum is Rs 75 Lakhs.  
• The loan tenures range from 12 Months to 60 Months.  

• HDFC personal loan interest rate begins from 10.75% 
• The borrower should be a minimum of 21 Years and a maximum of 60 Years to get a loan.  
• The lowest EMI is Rs 2,162 Per lakh.  
• The processing fee is up to 2.50% of the loan amount. It does not include GST.  

The eligibility criteria 

• You should be employed at a private or public company.  
• Your age should be 21 years and 60 years.  
• For an HDFC account holder, the minimum salary requirement is Rs 25,000 per month, and for others, it is Rs 50,000 monthly.  
• You should have at least two years of working experience.  
• You should be working in the current company for at least one year.  

How to apply for SBI Personal loan or HDFC Loan?  

To apply for SBI personal loan or HDFC, you can visit their official website. The alternate way is via using a financial marketplace such as Afinoz.com. Here, you could receive offers from both lenders at the same time.  

Conclusion 

So, as we have compared the details between SBI personal loan and HDFC personal loan, you should look out for suitability as per your financial requirements. Both offer a great deal; you have to choose.