Personal loan interest rates: The most sort out Banks are SBI and HDFC and Axis Bank in India. A large part of Indian customers holds 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 disbursals 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

HDFC Bank Personal Loan

SBI Personal Loan
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%

Up to 1%

SBI
SBI’s interest rates on home loan below Rs 30 lakh, is between 8.55% to 8.75% for salaried women and 8.60% to 8.75% for salaried men. Meanwhile, non-salaried women and men will get loans on interest rates between 8.70% to 8.80% and 8.75% to 8.85% respectively. 

For home loans above Rs 30 lakhs but up to Rs 75 lakhs, SBI’s interest rates stand from 8.80% to 8.90% on salaried women and 8.95% to 9.05% on non-salaried women. Whereas the interest rate on salaried men now applies between 8.85% to 8.95%, and non-salaried in this category will be charged with a rate of 9% to 9.10%. If the home loan amount is above Rs 75 lakh, salaried borrowers will get an interest rate between 8.90% to 9.05% including women and men. Whereas, the non-salaried ones will receive 9.05% to 9.25% rates.

HDFC Bank  

For home loans up to Rs 30 lakh, the bank levies interest rate of 8.70% and 8.75% on salaried women and men. While if one is self-employed then, the rate will be 8.85% and 8.90% on women and men respectively. Home loan amount between Rs 30 lakh to Rs 75 lakh, have rates of 8.90% on salaried women and 8.95% on salaried men. In the case of self-employed, the rates are 9.05% and 9.10% respectively. Home loans above Rs 75.01 lakh, the interest rate is set at 8.95% and 9% on salaried women and men, whereas a rate of 9.10% and 9.15% is given on self-employed. 

Axis Bank 
Here a home loan has an interest rate for salaried and self-employed individuals pegged between 8.90% to 9.10%  for a floating rate. Meanwhile, home loan below Rs 30 lakh the interest rate is between of 8.90% p.a, for loan amount up to Rs 75 Lakhs the interest rate is 9.05% p.a, for Loan amount above Rs 75 Lakhs the interest rate is set of 9.10%. 

Axis Bank’s Fixed Rate of Interest (20 years) for home loans is 12%.