Compare Personal Loan - Allahabad Bank vs IDFC First Bank

Compare EMI of Allahabad Bank and IDFC First Bank Personal Loan

Which is a better bank for Personal Loan – IDFC First Bank or Allahabad Bank?

IDFC First Bank offers lower Personal Loan EMI at 2149 on a Personal Loan for 60 Months as compared to Allahabad Bank with a minimum EMI of 2232 for 60 Months. Average customer ratings for IDFC First Bank is currently at 4.6/5.0 which makes it a good choice for taking a Personal Loan.

How does IDFC First Bank Personal Loan compare with Allahabad Bank Personal Loan?

It is important to do a detailed comparison of IDFC First Bank and Personal Loan 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 IDFC First Bank Personal Loan is 10.49%, which is lower than the lowest interest rate of Allahabad Bank at 12.15%. Hence, IDFC First Bank is offering a cheaper loan option.
• When compared on other Personal Loan charges such as processing fees, Allahabad Bank charges a processing fees of 1.06%, Min Rs. 1068 while IDFC First Bank charges a processing fees of Upto 2.00%.
• IDFC First Bank offers Personal Loan upto an amount of ₹ 40 Lakh while Allahabad Bank offer Personal Loan upto an amount of ₹ 7.50 Lakh. IDFC First Bank can be a better option if you are looking for a high value amount.
• One feature that makes Personal Loan a better option is foreclosure facility. Allahabad Bank gives the option to close the loan after Zero months at 2.25% and IDFC First Bank gives the option to close the loan after 12 months at 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan. This makes Allahabad Bank a better option for Personal Loan.
• Allahabad Bank and IDFC First Bank allow part payment on Personal Loan after Zero months at 2.25%. Allahabad Bank applies a charge of 2.25% and IDFC First Bank charges Nil charges on Personal Loan.
• IDFC First Bank has an average customer ratings of 4.6, while has an average customer rating of , based on which it is clear that IDFC First Bank has a high customer service focus, an easy Personal Loan process and a quick turnaround.

Which bank offers lower interest rate on Personal Loan – IDFC First Bank or Allahabad Bank?

As per the current rates, IDFC First Bank offers a lower interest rate of 10.49% on Personal Loan when compared to Allahabad Bank which offers a Personal Loan at 12.15%.

How can I transfer my Personal Loan from Allahabad Bank to IDFC First Bank?

You can transfer your Personal Loan from Allahabad Bank to IDFC First Bank with a Personal Loan balance transfer. For this, you need to follow a specific procedure that involves clearing off dues, getting a NOC, application to a new bank, getting approval, etc. The Personal Loan balance transfer is an excellent way to reduce the loan burden as you can switch to a lower Personal Loan interest rate.

How can I choose the best bank for Personal Loan?

You can choose the best bank for a Personal Loan by making a detailed comparison between top lenders on the basis of interest rates, processing fee or Personal Loan offers. Apart from that, you can visit online marketplaces like MyLoanCare to choose the best Personal Loan offer. Here, you will get the option of choosing the best bank amongst the shortlisted ones based on your loan requirement.

Which type of Personal Loan is the cheapest?

The cheapest Personal Loan is the one that is offered at the lowest Personal Loan interest rates. This is because the lowest Personal Loan interest rates mean the lowest EMI, as the interest charged will be less. Thus, these loans can be attained with the least repayment burden. Currently, IDFC First Bank offers the cheapest Personal Loan at 10.49%.

How do I check my eligibility for Allahabad Bank and IDFC First Bank Personal Loan?

You can check your eligibility for Allahabad Bank, IDFC First Bank and Personal Loan by using MyLoanCare Personal Loan eligibility calculator. You have to enter details like required loan amount, occupation, salary, current obligations, work experience etc to check the amount of loan you are eligible for. You can apply loan for the eligible amount to repay the EMI you can comfortably service.

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Compare IDFC First Bank Personal Loan With Other Banks