I don't think downsampling the 500Hz signal is a good idea. It may result in a loss of information. Whether you need to upsample the 62Hz signal depends on how are you going to do the analysis. If both datasets need to be combined, then upsample the signal, probably using interp1().
"If I resample it the affect is same as downsampling?"
No. Downsampling will definitely result in loss of information that cannot be directly recovered from the signal itself. On the other hand, upsampling (if done properly) has no downside other than using more memory. It can always be reversed using the upsampled signal itself.
