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Compare Loan Against Property - Cholamandalam vs IDFC First Bank

Bank
Parameters
Interest Rate
Interest Rate
% - %
11.80% - 11.80%
Processing Fees
Processing Fees
NIL
Upto 1.00%
Min ₹ 5,000;
Maximum Loan Amount
Maximum Loan Amount
₹ 5 Cr
₹ 5 Cr
Loan to Property Value Ratio
Loan to Property Value Ratio
Upto %
Upto 60%
Maximum Tenure
Maximum Tenure
15 Years
15 Years
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 0
₹ 1,187
Benchmark Rate
Benchmark Rate
PLR
RLLR
Minimum Age
Minimum Age
21 Years
21 Years
Maximum Age
Maximum Age
65 Years
65 Years
Overdraft Facility
Overdraft Facility
N
Y - Short and Sweet
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of Cholamandalam and IDFC First Bank Loan Against Property

Loan Amount Cholamandalam IDFC First Bank
₹ 10 Lakh ₹ 11,873
₹ 15 Lakh ₹ 17,810
₹ 30 Lakh ₹ 35,620
₹ 50 Lakh ₹ 59,367

Which is a better bank for Loan Against Property – Cholamandalam or IDFC First Bank?

IDFC First Bank offers lower Loan Against Property EMI at ₹ 1,187 on a Loan Against Property for 15 Years as compared to Cholamandalam with a minimum EMI of ₹ 0 for 15 Years. Average customer ratings for IDFC First Bank is currently at /5.0 which makes it a good choice for taking a Loan Against Property.

How does Cholamandalam Loan Against Property compare with IDFC First Bank Loan Against Property?

It is important to do a detailed comparison of Cholamandalam and Loan Against Property on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of Cholamandalam Loan Against Property is %, which is lower than the lowest interest rate of IDFC First Bank at 11.80% and hence, Cholamandalam is offering a cheaper loan option.
  • When compared on other Loan Against Property charges such as processing fees, Cholamandalam charges a lower processing fees of Nil vs IDFC First Bank with a processing fees of 1.00% of loan amount.
  • IDFC First Bank offers Loan Against Property upto 60% of the property value while Cholamandalam offers mortgage loan upto % of property value. Hence, IDFC First Bank can be a better option if you are looking for a high value amount.
  • IDFC First Bank is a Private Bank with its Loan Against Property rates benchmarked to RLLR. Cholamandalam is a NBFCs with its home loan rates benchmarked to PLR.
  • has an average customer ratings of , while has an average customer rating of , based on which it is clear that has a high customer service focus, an easy Loan Against Property process and a quick turnaround.
  • One unique feature of IDFC First Bank is its overdraft facility which allows borrowers to minimize their interest outgo by paying interest only on the loan amount utilized. This scheme makes it an apt choice for self-employed and businessmen with fluctuating fund requirements.

Which bank offers lower interest rate on Loan Against Property – Cholamandalam or IDFC First Bank?

As per the current rates, Cholamandalam offers a lower interest rate of % on Loan Against Property when compared to IDFC First Bank which offers a Loan Against Property at 11.80%.

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Loan Against Property News - Apr 2021
  • 2021-04-13 : Bank credit rise 5.56%; deposits 11.4% in FY21
    RBI reported that the Bank credit which includes retail loans like home, personal, business, car, two-wheeler, education and doctor loan along with business and mudra loans grew 5.56% to Rs 109.51 lakh crore in the financial year ending March 31, 2021. Further, the deposits include fixed and recurring deposits and rose 11.4% to Rs 151.13 lakh crore.
  • 2021-04-13 : Bandhan Bank’s collection efficiency ratio at 96% in Q4
    Bandhan Bank reported an overall collection efficiency of 96% for the quarter ending March 2021. Total advances which include retail loans like home, personal, business, car, two-wheeler education and doctor loan along with business and mudra loans grew by 21% at ₹87,054 crores. Deposits which includes fixed and recurring deposits grew by 37% at ₹77,972 crores. Further, CASA deposits increased by 61 per cent at ₹33,827 crores.
  • 2021-04-07 : IIFL Home Finance signs co-lending agreement with Standard Chartered Bank
    IIFL Home Finance and Standard Chartered Bank have entered into a co-lending arrangement for extending credit. Under this agreement, IIFL Home Finance and the Standard Chartered Bank will co-originate these loans and the IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing.
  • 2021-04-05 : Yes Bank Jan-March deposits up 54% to 162, 947
    Yes Bank reported that the bank’s loan and advances which include home, personal, LAP, gold, two-wheeler, car and doctor loans along with business and mudra loans increased by 0.8% in year-on-year (YoY) terms to Rs. 172,850 crores. In addition to this, the bank deposit which includes fixed and recurring deposits grew 54.7% to Rs. 162,947 crores as compared to ₹105,364 crores on a yearly basis. The CASA(current and savings account) was up 51.8% to Rs. 42,587 crores against Rs. 28,063 crores YoY.
  • 2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
    Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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