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Personal Loans From HDFC Bank, ICICI Bank, Axis Bank: Rates Of Interest, Repayment, Other Features

Rate of interest on the personal loan starts from 10.99% but it can be as high as 24%

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Personal Loans From HDFC Bank, ICICI Bank, Axis Bank: Rates Of Interest, Repayment, Other Features

Personal loan repayment can be anywhere between 12 months and 60 months


If you are getting married, or contemplating a vacation or facing a medical emergency, then you can avail personal loan to sail through these contingencies. The rate of interest in case of personal loan is generally on the higher side since it jumps as high as 24%, but you can get it for a lower rate also if your credit worthiness is high. The repayment is allowed in the time period that ranges between one year and five years. Some banks, including HDFC Bank, offer insurance cover, insurances cover along with the loan. While disbursing the loan amount, they deduct the premium so as to cover you for any accident, illness risk whatsoever. The banks generally charge a processing feethat ranges between 1% to 2.5%. 

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 loanfor 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).

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 Charges5% per annum of principal outstanding plus GST
Additional Interest on late payment24% 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 Charges1.50% to 2.00% + GST as applicable
Cheque Bounce ChargesRs. 500 per cheque bounce + GST as applicable
Cheque/ Instrument Swap chargesRs.500 per instance + GST as applicable
Prepayment/ Forclosure ChargesNil
Default Interest Rate@24.00% 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 ChargesRs 250 per instance + GST as applicable
Cibil Report Issuance Charges Rs. 50/- per instance per set+ GST as applicable
Stamp Duty ChargesAs per State Stamp Act
Issuance Charges for Photocopy of Loan Agreement/ DocumentsRs 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. 

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