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Personal Loans from HDFC Bank, ICICI Bank, Axis Bank compared
HDFC Bank: The financial institution says that a loan seeker can use a HDFC Bank personal loan for a variety of purposes, that include home renovation, travel, wedding expenses or a medical emergency or to even buy a gadget. The interest rates on personal loans range between 10.99% and 16%, says the bank website. You can take a loan upto Rs. 40 lakh and the equated monthly instalments (EMIs) start at Rs. 2,174 lakh. As the process is quick, the loan disbursal can be done in four hours, says HDFC Bank on its official website. For repayment, you can take anywhere between one to five years (12 months to 60 months).
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Another personal loan benefits include personal accident cover and personal loan security. For a premium, one can even get a personal accident cover of up to Rs. 8 lakhs, and critical illness cover of up to Rs. 1 lakh. The premium for these policies will be deducted from the loan amount at disbursal. Applicable taxes and surcharge/cess will be charged extra.
ICICI Bank: The interest rate for personal loan starts at 10.99% and goes upto 20%. The loan repayment schedule can be fixed for anywhere between 12 months and 60 months. The personal loan doesn’t require any collateral against the loan. One can raise as much as Rs. 20 lakh for any requirement whatsoever. In order to circumvent the possibility of missing the EMIs, the bank also offers you the option to give permission to the bank to auto-deduct the EMIs via ECS (electronic clearing service), PDC or auto debit.
|Loan Processing Charges / Origination Charges (Non-Refundable)||Upto 2.25% per annum of loan amount plus GST|
|Prepayment Charges||5% per annum of principal outstanding plus GST|
|Additional Interest on late payment||24% per annum|
|Repayment Mode Swap Charges||₹ 500/- per transaction plus GST|
|Amortisation Schedule Charges||₹ 200/- per schedule plus GST|
|Statement of Account Charges||₹ 200/- per schedule plus GST|
|Prepayment/Foreclosure Statement Charges||₹ 100/- per schedule plus GST|
|Duplicate No Objection Certificate/ No Due Certificate||₹ 500/- per NOC plus GST/₹ 200/- per NDC plus GST|
|Duplicate Prepayment/Foreclosure Statement Charges||₹ 200/- per schedule plus GST|
|Loan Cancellation Charges||₹ 3000/- plus GST|
|^EMI Bounce Charges||₹ 400/- per bounce plus GST|
|Legal and Incidental charges.||At actuals|
|Incidental charges are those expenses that are not budgeted or specified, but are incurred by the bank on behalf of the customer.|
Axis Bank: The personal loan amount offered by Axis Bank can be a minimum of Rs. 50,000 and a maximum of Rs. 15 lakh. The rate of interest that is charged by the bank ranges between 15.5% and 24%. The bank even gives you the scope of transferring the existing loan from some other bank to Axis Bank. However, one can transfer the loan at higher rates only can be transferred to Axis Bank.
|Loan Processing Charges||1.50% to 2.00% + GST as applicable|
|Cheque Bounce Charges||Rs. 500 per cheque bounce + GST as applicable|
|Cheque/ Instrument Swap charges||Rs.500 per instance + GST as applicable|
|Prepayment/ Forclosure Charges||Nil|
|Default Interest Rateemail@example.com% per annum i.e 2% per month on the overdue installment|
|Duplicate Statement Issuance Charges||Rs. 250 per instance + GST as applicable|
|Duplicate Amortization Schedule Charges||Rs. 250 per instance + GST as applicable|
|Duplicate Interest Certificate (Provisional/ Actual) issuance Charges||Rs. 250 per instance + GST as applicable|
|Cibil Report Issuance Charges||Rs. 50/- per instance per set+ GST as applicable|
|Stamp Duty Charges||As per State Stamp Act|
|Issuance Charges for Photocopy of Loan Agreement/ Documents||Rs. 250 per instance + GST as applicable|
However, one must make sure that the personal loan is taken only in the extreme emergency since the rates of interest are high and the penalty for delay in payments are also high. Besides, in case you miss the repayment, your credit worthiness is likely to suffer a setback.