When you’re in need of funds for an emergency, a big purchase, or any personal requirement, banks like Axis Bank and HDFC Bank offer personal loans that can be incredibly helpful. In 2024, both banks provide a wide range of features, including competitive interest rates, easy repayment options, and a quick loan disbursal process. However, deciding which bank is best for your personal loan needs can be tricky. In this blog post, we'll compare Axis Bank and HDFC Bank across different categories to help you make an informed decision.
Minimum and Maximum Loan Amount
|
Bank |
Minimum Loan Amount |
Maximum Loan Amount |
|
Axis Bank |
₹50,000 |
₹40 lakhs |
|
HDFC Bank |
₹50,000 |
₹40 lakhs |
Both banks offer a similar range for loan amounts, making them suitable for both small and large borrowing needs.
Interest Rates Charged Per Annum
|
Bank |
Interest Rate (p.a.) |
|
Axis Bank |
10.49% to 20.00% |
|
HDFC Bank |
10.75% to 21.00% |
Axis Bank tends to offer slightly lower interest rates, especially at the upper end, which might make it a better choice for borrowers seeking more favorable terms.
Processing Fees
|
Bank |
Processing Fees |
|
Axis Bank |
Up to 3.5% of the loan amount (minimum ₹499) |
|
HDFC Bank |
Up to 2.50% of the loan amount (minimum ₹999) |
While HDFC Bank has lower processing fees, Axis Bank’s minimum fee is lower, so the final cost may vary depending on the loan amount.
Loan Tenure
|
Bank |
Loan Tenure |
|
Axis Bank |
12 months to 60 months |
|
HDFC Bank |
12 months to 60 months |
Both banks offer the same tenure range, giving borrowers flexibility in choosing the repayment period that suits them best.
Repayment Options
|
Bank |
Repayment Options |
|
Axis Bank |
EMIs via post-dated cheques, ECS, or direct debit |
|
HDFC Bank |
EMIs via ECS, direct debit, or post-dated cheques |
Both banks offer similar repayment options, making it easy for borrowers to repay through their preferred method.
Loan Disbursal Time
|
Bank |
Loan Disbursal Time |
|
Axis Bank |
2 to 3 working days |
|
HDFC Bank |
24 to 48 hours |
If speed is a priority, HDFC Bank is generally faster at disbursing loans once approved.
Which Bank Is Better: HDFC or Axis?
|
Feature |
Axis Bank |
HDFC Bank |
|
Interest Rates |
Generally lower |
Slightly higher at upper end |
|
Processing Fees |
Higher, but lower minimum fee |
Lower overall |
|
Disbursal Time |
2-3 days |
24-48 hours |
- Axis Bank is better for those looking for slightly lower interest rates.
- HDFC Bank is preferable if you need fast loan disbursal and lower processing fees.
Minimum Amount Due Charges on Credit Cards
|
Bank |
Minimum Amount Due |
|
Axis Bank |
5% of the total outstanding (minimum ₹200) |
|
HDFC Bank |
5% of the total outstanding (minimum ₹200) |
Both banks have similar minimum payment terms, so this factor is unlikely to influence your decision significantly.
Payment Delay Charges (Late Fees)
|
Bank |
Late Payment Charges |
|
Axis Bank |
₹500 to ₹1,200 depending on the total due |
|
HDFC Bank |
₹500 to ₹1,300 depending on the total due |
Both banks impose similar late payment fees, so timely payment is crucial to avoid these additional costs.
Credit Card Billing Dates
|
Bank |
Billing Cycle |
|
Axis Bank |
Every 30 days (monthly cycle) |
|
HDFC Bank |
Every 30 days (monthly cycle) |
Both Axis and HDFC have monthly billing cycles, and you can typically adjust the billing date based on your preferences.
Benefits of Using Axis Bank and HDFC Bank Credit Cards
|
Benefit |
Axis Bank Credit Cards |
HDFC Bank Credit Cards |
|
Fuel Surcharge Waiver |
1% waiver on fuel transactions |
1% waiver on fuel transactions |
|
Reward Points |
Earn 1 point per ₹200 spent |
Earn 2-4 points per ₹150 spent |
|
Lounge Access |
Free access for select cards |
Free domestic/international lounge access |
|
EMI Conversion |
EMI conversion for large purchases |
EMI conversion for large purchases |
|
Cashback Offers |
N/A |
Frequent cashback on dining, shopping, travel |
HDFC Bank offers a stronger rewards program with more points for spending, along with better lounge access benefits.
Reward Points Comparison
|
Bank |
Reward Points Earned |
Redemption Options |
|
Axis Bank |
1 point per ₹200 spent |
Gifts, vouchers, or cash |
|
HDFC Bank |
2 to 4 points per ₹150 spent |
Travel, shopping, lifestyle, air miles |
HDFC’s credit cards are more rewarding in terms of points per spend, and they offer more diverse redemption options, including travel benefits.
Credit Card Closure Procedure (Online and Offline)
|
Bank |
Online Closure |
Offline Closure |
Customer Service Email / Phone |
|
Axis Bank |
Request closure via NetBanking |
Visit a branch or call customer care |
Call customer care (number below) customer.service@axisbank.com |
|
HDFC Bank |
Request closure via NetBanking |
Visit a branch, send an email, or call customer care |
Toll-free 24/7 customer support (number below) loansupport@hdfcbank.com |
Credit Card Customer Care Numbers:
|
Bank |
Customer Care Number |
|
Axis Bank |
1860-419-5555 |
|
HDFC Bank |
1800-202-6161 / 61606161 |
These numbers will connect you to customer service representatives who can assist with credit card closure, payment inquiries, or general account information.
Summary
Both Axis Bank and HDFC Bank offer comprehensive personal loan products and credit card services with various benefits. However, the choice between the two will depend on your unique financial needs and preferences. If you prioritize a lower interest rate and wider loan amount options, Axis Bank might suit you better. On the other hand, if you value quick loan disbursal and a strong credit card rewards program, HDFC Bank may be the better option.
Always compare interest rates, processing fees, and repayment flexibility before deciding. Whichever you choose, both banks are reliable and well-established, providing peace of mind and financial support for your personal loan and credit card needs in 2024.
