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

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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.

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Personal Loan Interest Rates July 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.99% - 18.49%
IndusInd Bank11.25%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank11.50% - 18.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates July 2020
Axis Bank7.75% - 8.55%
Bank of Baroda6.85% - 7.85%
Citibank8.20%
HDFC6.95% - 8.00%
ICICI Bank7.45% - 8.55%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank7.40% - 9.70%
LIC Housing7.40% - 8.85%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.60% - 9.45%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI6.95% - 7.60%
Tata Capital9.20% - 9.35%