Thinking of taking a personal loan and wondering which bank offers the most affordable option. True Scoop brings you a comparison of personal loan offerings from the State Bank of India (SBI) and HDFC Bank. State Bank of India ( SBI) is currently offering an interest rate of 10.30% on its loans. If you take a personal loan of Rs 8 lakh from SBI for 5 years, your monthly EMI will be Rs 17,116.
What will be the total interest and total loan payment?
Suppose, the loan amount of Rs 8,00,000, on an interest rate of 10.30%, for 5 years 60 months. Then the monthly EMI will be Rs 17,116 and the total interest will be Rs 2,26,958. Therefore, the total amount to be repaid will be Rs 10,26,958 (loan+ interest).
By taking a loan from SBI, you will pay Rs 2,26,958 as interest and a loan of Rs 10,26,958. This is a personal loan plan from SBI which looks quite affordable and competitive.
HDFC Bank personal loan
HDFC Bank is offering an interest rate of 10.90% on a personal loan of Rs 8 lakh for 5 years. In this, your monthly EMI will be Rs 17,354.
On a loan amount of Rs 8,00,000 with an interest rate of 10.90%, for 5 years 60 months, its monthly EMI will be Rs 17,354 while total interest would be Rs 2,32,240 and the total amount to be repaid Rs 10,32,240 ( loan+interest). If you take a loan from HDFC Bank, you will pay Rs 2,32,240 interest and a total of Rs 10,32,240. This is slightly higher than taking a loan from SBI.
In comparison, to the personal loans of both banks, the interest rate of SBI is 10.30% while the interest rate of HDFC is 10.90%. This means your EMI will also be less if you take a loan from SBI.
If you take a loan of Rs 8 lakh from SBI, your monthly EMI will be Rs 17,116 and if you take a loan of Rs 8 lakh from HDFC, your monthly EMI will be Rs 17,354. This is a difference of Rs 238 between the two, this means while taking a loan from HDFC, you will have to pay Rs 238 more every month.