SBI vs IDFC First Personal Loan — Which is Better in 2026?

SBI personal loan rate is 11.00% vs IDFC First at 10.75%. IDFC First is cheaper — you save roughly ₹59/month on a ₹5L, 3-year loan. Apply with the lower-rate bank first; a hard inquiry from one bank does not affect your CIBIL score significantly.

Last updated: April 6, 2026

SBI

11.00%

Interest rate p.a.

IDFC First

10.75%

Interest rate p.a.

✓ Better deal

SBI vs IDFC First Personal Loan — Detailed Comparison

Interest Rate

SBI

11.00%

IDFC First

10.75%

Processing Fee

SBI

1.50% (min ₹1,000)

IDFC First

3.50% + GST

Tenure

SBI

6 months – 6 years

IDFC First

12 months – 4 years

Eligibility

SBI

Salaried, 21-56 yrs, min net salary ₹15,000/month

IDFC First

Salaried, 23-58 yrs, min net salary ₹20,000/month

Verdict

IDFC First wins on personal loan rate (10.75%) against SBI (11.00%). Personal loan rates are highly credit-score-dependent — a CIBIL score above 750 can get you 1-2% lower than the advertised rate. Compare the actual APR (which includes processing fees) rather than just the interest rate before signing.

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Frequently Asked Questions

Which bank offers cheaper personal loan — SBI or IDFC First?+
IDFC First offers a lower rate. SBI charges 11.00% p.a. while IDFC First charges 10.75% p.a. On a ₹5L loan for 3 years, the cheaper rate saves you roughly ₹59/month.
Does applying for a personal loan at SBI and IDFC First simultaneously hurt my CIBIL score?+
Each hard inquiry reduces your CIBIL score by 5-10 points. Apply to one bank first; if rejected, apply elsewhere. Use eligibility checkers (soft inquiries) before applying to avoid multiple hard pulls.
What is the minimum salary required for a personal loan from SBI?+
SBI typically requires a minimum net monthly salary of Salaried, 21-56 yrs, min net salary ₹15,000/month. Requirements vary by city and employer category. Employees of PSUs and listed companies often get preferential rates.

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Disclaimer: Interest rates shown are indicative as of April 2026 and subject to change without notice. Actual rates depend on your credit score, income, and bank policy. This is for informational purposes only and does not constitute financial advice. Always verify rates with the bank before applying.