Which Bank’s Personal Loan is better, SBI or Axis Bank?

Last Updated : Jan. 6, 2020, 3:36 p.m.

To grab a better personal loan deal, you must compare the loan offers of private and public sector banks. As you compare the offers, you’ll come across two giants – State Bank Of India and Axis Bank. So, if you want to take a personal loan from any of the two banks then first compare the interest rate, the loan amount you are eligible for and for how long. Take a look at the comparison of SBI Personal Loan & Axis Bank Personal Loan.

• The interest rate of Axis Bank personal loan is 12% to 24% whereas SBI personal loan interest rate ranges from 11% to 14%.
• The repayment duration of SBI personal loan is up to 6 years, while Axis bank gives you a maximum of 5 years repayment duration
• The penalty interest on the due EMI payment is the same as 2% per annum.
• Both banks provide the loan to individuals earning a minimum monthly income of INR 15,000
• Axis Bank wins over SBI when it comes to prepayment as the former does not charge anything compared to the 3% charge levied by the latter.
• You can borrow a maximum of INR 15 lakh from Axis Bank and INR 20 lakh from SBI

Now that you’ve got all the details to compare, you can choose the better alternative.