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.
Comments are closed.