SBI is preferred for a home loan and HDFC bank is the preferred choice when it comes to personal banking. SBI is known for its low-interest rates whereas HDFC bank is the preferred choice when it comes to the quality of banking services. Here are some of the key comparison points between the two banks:
- SBI Personal Loan comes at the lowest interest rate of 9.60%. HDFC Bank interest rates for personal loan range around 10.25%. Hence, SBI is preferred by customers.
- SBI Business Loans can be availed at an interest rate of 11.20%, which is lower than the interest rate charged by HDFC Bank at 11.90%. Thus, SBI offers a cheaper business loan. The Business Loan charges including processing fees are slightly higher in the case of SBI, ranging between 2% to 3%. In the case of HDFC Bank, these charges are fixed at Rs. 499, thus benefiting applicants who want a higher loan amount.
- SBI home loans are available for salaried and self-employed applicants. The loan can be used for purchasing a completely built house or an under-construction property. The bank also provides loans home for home renovation.
- HDFC bank offers home loans to people from all walks of life for buying or constructing a home. The bank has specific loans for farmers, agriculturists, etc. It also offers home loans to both salaried and self-employed individuals.
State Bank of India and HDFC Ltd are leading banks in the country as far as housing loans are concerned. With a wide range of home loan products and low-interest rates, customers often find it difficult to pick one among these two. With the points mentioned above, customers may find it easy to decide the better option among the two, depending on the banking requirement.